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Gone in 60 days? Bank of America and Citigroup expected to fail within 60 days.

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posted on Feb, 20 2009 @ 09:06 AM
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It looks like both Bank of America and Citigroup are poised to be bought out by the government after sucking up a half a trillion dollars of taxpayer money.

Gone in 60 Days: Citi and Bank of America Wont Live to See May

Here it goes, the full nationalization of banks is underway. How can anybody claim that this is NOT a completely orchestrated collapse is beyond me.




posted on Feb, 20 2009 @ 09:08 AM
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reply to post by nydsdan
 


Ive been happy from the start that my money is in a credit union...



posted on Feb, 20 2009 @ 09:19 AM
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Thank GOD! I only wish that it would have happened sooner!

Any time the government claims that an organization is "Too big to fail" simply demonstrates that they have NOT done their job. Enforcement of Anti-trust and anti-monoply laws would have prevented this crap in the first place. But, then again, all that money flowing from the corporate lobby looked way better than actually doing their job of enforcing the law and protecting the American people.

I just hope these people are ready for the public lynchings that are likely to come their way by the end of the year!



posted on Feb, 20 2009 @ 09:20 AM
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Not trying to be smart but I said this in october.
"I don't know how Citi is still alive, is rating is poor, at the end of 2007 it had huge derivatives leveraged against its asset base at nearly 40 to 1(Bear Stearns had something similar i think), and massive exposure to Credit Derivatives at something like 250%. Much higher than Wachovia, Merrill Lynch, Lehmans, etc, with the current value of market, these derivatives are worth squat, leaving Citi carrying heavy, how are they still going? I don't get it. JPM Chase was something Like 70 to 1 and Bank of A was similar to Citi, these banks have been swallowing others wholesale? what is 700billion going to do, JPM had 92 trillion in Derivatives. Citi had 34 till last finacial year ending 2007.
Maybe this is a little off topic, but the stock market plummeting should have seen these Banks topple over, I don't get it?
I think Citi will go next, and the bailouts will get bigger. What do you guys think."

On this thread here....www.abovetopsecret.com...

I can't see how these banks have lasted this long, the bailouts where useless given how huge these banks where leveraged. Nationalisation anyone.



posted on Feb, 20 2009 @ 09:22 AM
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Don't hold your breaths my friends, remember the Obama stimulus package was just his first bail out, the next one will be again for the car industry and the banks again.

As they during the hearings in congress told very very clear that they need more money.

Remember they are to big to fail, so bailing out we will go again and again and again.



posted on Feb, 20 2009 @ 09:24 AM
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reply to post by marg6043
 


I don't think they will continue bailing out. The UK has nationalised some of its banks, I think the US will do something similar with Citi and BofA.



posted on Feb, 20 2009 @ 09:28 AM
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Well I have been looking for a reason to move out of Bank of America into the federal employees credit union and this is it.

Recently NPR has aired a couple of stories that referred to Bank of American and others like Citigroup as zombie banks... all but dead in the water but still gobbling up money.

Let em fail... see my signature.



posted on Feb, 20 2009 @ 09:32 AM
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Is the United States government too big to fail???

Who is going to step up and take responsibility for bailing the government out?

I think we as an independent nation are in deep doo-doo.



posted on Feb, 20 2009 @ 09:32 AM
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....Just yesterday, i did a print out for a Direct Deposit Authorization

as i'm undertaking the start of a Checking Account at
Carolina Trust - Federal Credit Union


its such a bother to switch the direct deposit routing addresses,
& the electronic bill payments...and get another Debit-Card issued


i'm being forced to wait for a check i expect in the mail ...
and to wait till after the 3rd of March when my next direct deposit is scheduled... or else everything will get balled up in the switchover
& my bills might not get paid... nor my April direct deposit be made.



posted on Feb, 20 2009 @ 09:43 AM
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Marg you said a mouthful there. They would not keep saying the stimulus is a start if the plans are not already laid for more of OUR money going to these busturds!

I can honestly say this is the first time that being dirt poor is a benefit. When I had that major surgery that put me out of work in 01 I thought that things could never get worse. In some ways I am lucky, I have nothing to loose now, but see my mother's life savings shrinking and she is now becoming very afraid.

I don't care what anyone says, this has ALWAYS been part of the plan to bankrupt the common man and to put ALL the money in the hands of the already wealthy. red



posted on Feb, 20 2009 @ 09:45 AM
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reply to post by pyrytyes
 


this is just what i have been wondering!!!
How can a government that is using borrowed money for daily operation and now has mortgaged our future to the tune of trillions continue? Iceland anyone???



posted on Feb, 20 2009 @ 09:46 AM
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reply to post by atlasastro
 


I work for a Bank in the UK , I won't say which one.
Today I saw the account balances of HSBC , US branch and the Fed. reserve of NY and the figures are £400+Billion and £40+Billion respectively OVERDRAWN and thats just with us , who knows what other banks they have accounts with.
I don't hold up much hope for any bank in the world at the moment. Seems all the money is being taken from the pots around the world, the only safe place is under the mattress.
Until TPTB come a callin'.

[edit on 20/2/09 by DataWraith]



posted on Feb, 20 2009 @ 09:50 AM
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reply to post by redhead57
 


As long as the generous "lenders" keep buying our debt, but in oirder to lure those generous "lenders" our nation's government have to offer something attractive enough to lure them.

As we know our nation has been sold one piece at a time.



[edit on 20-2-2009 by marg6043]



posted on Feb, 20 2009 @ 09:52 AM
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The problem is two fold. On the one hand, its rediculous that we (the tax payers) are throwing money at these failing private companies. I run a small business; however, I'm sure that no one will bail me out as this depression deepens.

On the other hand, nationalizing these companies is classic fascism. Its the blending of government and private industry. Musollini coined the term "corpratocracy" which is another way of saying fascism.

When corporations run the government or the government runs the corporations, you get 1939 Germany.

I think we are headed towards a really ugly future. All those NWO conspiracy theory guys are going to proven right, and we will all be worse off as a result.



posted on Feb, 20 2009 @ 09:56 AM
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reply to post by atlasastro
 


I am amazed that there hasn't been a run on B of A yet. Their shares have lost 40% of their value since Monday. I know if I had money in there, it would have already been moved. What happens when the nationalization occurs (if it does)? Will it still be business as usual? Will you still have access to your money? Will their rules change?

If there is no nationalization, and they get seized, its my understanding that FDIC kicks in. How long would a depositor have to wait for their settlement from FDIC?



posted on Feb, 20 2009 @ 10:03 AM
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The problem is finemanm that the propaganda been play by the government while bailing this banking institutions is that now the tax payer has ownership of the bank, but we know that is nothing than a scam.

Our government nationalizing them is nothing far from corporate America making sure that the tax payer will always keep them afloat in the name of public ownership.

But trust me you or me will never see a penny on that money in our lifetime.

The same way that we funnel money to the Federal reserve that has nothing to do with public ownership and neither government.

Just a scam with a nice name so Americans can sleep better every night and think happy thoughts.



posted on Feb, 20 2009 @ 10:06 AM
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So lets say i owed citibank 5000 $ via a credit card.
What happens to the debt if citigroup fails?



posted on Feb, 20 2009 @ 10:10 AM
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Georgethegreek, I believe that somebody else will take the bill and you still will be owning somebody else with a different name.


Unless the financial system completely collapse you will still have to pay.



posted on Feb, 20 2009 @ 10:23 AM
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Originally posted by marg6043
Unless the financial system completely collapse you will still have to pay.


There chnaces of that occuring are rather high. if that does happen expect detention camps and head chopping off with sharpies



posted on Feb, 20 2009 @ 10:37 AM
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Originally posted by redhead57
reply to post by pyrytyes
 


this is just what i have been wondering!!!
How can a government that is using borrowed money for daily operation and now has mortgaged our future to the tune of trillions continue? Iceland anyone???


americas economy is 5 times larger then chinas...the world have massive investments in the NYSE...these 2 things will stop our demise...however, in the future, after all the dust settles, countries of the world will be alot more cautious about america, and will have safety valves. and if this happens again, america will become a 3rd world nation.

right now, too many billions from all over the world are trying to be saved to let america fail



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