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US Banks in Death Spiral- Check Your Bank NOW!

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posted on Jul, 28 2008 @ 04:14 PM
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Martin D. Weiss writes: The truth may be unthinkable, but the reality is undeniable: Much of our nation's financial structure is collapsing, and our government's only response is phony money, bogus bailouts and a litany of false promises.




Irrefutable fact #1: Ours is a debt-addicted society ,and weeding out the bad debts is the first step toward true recovery.

Irrefutable fact #2: By far the biggest pile-up of debts is in mortgages — $14.7 trillion, according to the Federal Reserve's latest Flow of Funds report (see PDF page 64, Table L.4, line 9).

Irrefutable fact #3: Among those mortgages, a quarter to a third could go bad: Their terms are high risk for both borrower and lender. Their collateral is shaky. Most should never have been created in the first place.

Irrefutable fact #4: When bad debts go into default, there is no free lunch. Somebody has to pay the price. The only question is: Who?

Irrefutable fact #5: The overwhelming bulk of the bad mortgages were created to help Americans move into homes that were priced far above their means. But the only way to correct this problem is to let natural market forces drive home prices back down to much lower levels.

Do most of our leaders have the wisdom and moral fiber to confess to these truths? Not yet. But in the not-too-distant future, they will have no other choice. Reason: America's housing marketplace is bigger than any government; its power, greater than any law. It is the single largest asset class in the world. It packs the most powerful forces of supply and demand ever assembled in history.



I have said it before, and I will say it a gain. Keep an aye on your banks!

Some people have asked me how, well, this is a nifty little resource!

Check you own bank HERE.

It will rate the current strength of your bank.

This isn't doom and gloom folks, it is reality and you need to watch your money.



[edit on 28-7-2008 by TruthWithin]



posted on Jul, 28 2008 @ 04:42 PM
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Martin D. Weiss writes: The truth may be unthinkable, but the reality is undeniable: Much of our nation's financial structure is collapsing, and our government's only response is phony money, bogus bailouts and a litany of false promises.


If the Government is not fixing the problems realistically for the mortgage crisis then what does this mean for America?
How can they (gov't) fix this with phony money?
How come when an average person cant pay their credit card bills they are sent to a collection agency and the collection process starts. But these big companies are going bankrupt, or falling behind on payments. and the govt helps them out. Not really fixing it but making it worse.

Didnt America do this to itself for being materialistic. People live on credit cards and paycheck to paycheck. So any increase in anything is going to affect these people. But isnt it their own fault for not saving money and living beyond their means. If everyone just bought what they could afford we (America) wouldnt be in this big of problem now.

edit to *star and flag this thread

Also because I live in Hawaii I wasnt able to check our banks here. Bank of Hawaii and First Hawaiian Bank didnt register on it.


[edit on 28-7-2008 by isa75]



posted on Jul, 28 2008 @ 08:54 PM
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reply to post by TruthWithin
 


Honestly there is one line in this article that rings true to the REAL bottom line problem with our society.. not just houses..

I recently bought a $20k car. Not to expensive, to be quite honest for the quality I would be hard pressed to find a better/cheaper car..

Nice little Scion, gets great mpg's.. I can make the payments fine, but honestly.. why am I making payments?

The car, as cheap as it was, it way outside of a realistic "cash purchase" that is to say, few people at all could actually buy one. So I got a 10yr loan to pay it off.

Why is something priced so expensive it takes 10 years to pay off?

I bought a house for 300k .. it will take me 30yrs to pay it off.. with my and my fiance's combined income with out spending a single penny on anything else except the mortgage it would take us 6 years to pay it off because of taxes taking 30% of our income.

Is that realistic? Hell no, because we both got cars that are also take years to pay off..

If you go out and buy a TV, or you buy a Stereo, or in many cases you buy groceries .. it put on plastic, not cash, because no one has cash it's being funneled into debt payments..

When Europeans first founded this country, merchants would pay for men and women to come to America and work on a farm. They did what ever they had to do for years on end. For no money. They needed to pay their debts. Afterwards they where given money and a piece of land, they had no more debts.

Today we work for a corporation to make money to pay the debts on our standard of living. The objective is, if you work for the corporations for 25+ years and retire, you will have enough to finally live, hopefully debt free.

WTF is the difference?

If the median income in America is 32k a year, why is the median price of a home 200+ thousand, and the median price of a car 28k, and the price of necessities combined = 25% of your gross income?

Inflated prices that, once debt to income ratio is expired and consumed to it's maximum .. the purchase power must come to an end..

If Americans bought only what they could afford, if credit cards where outlawed, and if you couldn't borrow more then 20% of the total equity of a home and or car ...

The American economy would disappear.

And I believe we are seeing this purchasing power being eroded..

It's a complex issue and it's dynamics are far reaching into all aspects of our society, our thought process and our expectations. We WANT to own a house, we WANT to own a car, we WANT to be able to enjoy our selves on weekends, we WANT to take vacations.. god damnit that's the American dream.. It's just a shame that we need to borrow at criminal interest rates to achieve that..

In the end, even our indentured ancestors had more freedom from debts... No, this is not the same country my family first came to..



posted on Jul, 29 2008 @ 05:57 AM
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Very odd! I couldn't get Bank of America to show up on a ratings search on the above site. In addition, they are only using a set criteria for their analysis. Let's not forget the Fed has a watch list of 90 "troubled" banks they are ready to move on if needed. (Of course they can't publish this for obvious reasons). But there is one thing we do know. IndyMac was not even on it.


Anyway, if anyone is interested, this guy has been analyzing banks every which way for the past week or so and posting his findings. It's rather in depth, but worth a look at if anyone has the stomach for it - lol.

The different analysis' can show excactly where the weaknesses are (they seem fine via one particular trand, but show up as exposure in another).

I think he's expanded this to a dedicated posting site (with the help of another member), but I am only following him on this board, which he is continuing to add to.

www.tickerforum.org...



posted on Jul, 29 2008 @ 06:06 AM
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I guess this search doesn't include credit unions?

If our banks are in trouble so goes the rest of us, but the NAU will save us all.




posted on Jul, 29 2008 @ 05:22 PM
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You can check your credit unions here:

www.ncua.gov...



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