US Economy diving, All major bank stock prices dropping like a ROCK

wait, thirty more minutes till stocks open. haha. But pre market is open.

reply to post by ghostlandseller


By all means let us know how it looks like in Europe and Asia usually depending how they do that is how we in the US will be following.

Yeah European markets weren't too friendly to the banking sector either.

Most were down on average of about 5-6% on the day, but that is likely on the back lash of what happened last Friday when the banking sector got spanked!

But im curious to see what today will bring, and much more curious to see this next week! could be a very unpredictable and turbulent week ahead for the stock market.

this is not just a US problem. Over here in Ireland, the Bank of Ireland has dropped 76% of its share value since this time last year. Last year shares in BOI were worth 18 euro a share. Last friday they were worth 4.50 euro a share.
The national papers over pretty much declared the Recession official about 2 weeks ago on the back of an economic report by the ESRI (Economic and Social Research Institute).
Jobs are being lost left , right and center and for some reason the Government have gone on holiday for the summer (since Friday) in the middle of the biggest crisis to hit the state in 20 years.

We could wake up one morning and Marshall Law declared and the issuance of the Ameridollar in place. Never say never most thought what is happening presently with our economy could or would never happen. Rik Riley

The Federal Reserve has the power to create all the money they need to prevent a deflationary collapse like happened in the Great Depression. But that doesn't mean things won't get bad. We could very well see hyper-inflation instead.

reply to post by Distractions4Nothing


the federal reserve created this s---show. and yes they will probably inflate the dollar to zimbabwean levels (heck they almost have already!)

in summary...screw the federal reserve.
lets get rid of them like we did with the first two central banks our nation had.

I started a thread that was similar to this and there are some pretty stark predictions out there. This one for example says:

Before it's over, I estimate a total of about $10 trillion in losses as a result of Greenspan's real estate bubble - $1.5 to $2.0 trillion in direct losses by banks and mortgage companies (much more than Wall Streets ever increasing estimates that are now up to $500 billion), $7 trillion in paper losses due to real estate devaluations, and $1.0 trillion in lost incomes (and decreased consumer spending resulting in income losses for others) due to job losses and lay-offs in the real estate, mortgage, banking and construction industries, as well as non-real estate related job losses due declining economic conditions attributed to the real estate and banking crisis. In total, I would roughly estimate a loss of around 6 million jobs from 2007 to 2011.

Source

Could you imagine those kind of losses? That's the entire sume of the US National Debt!

Well it may not be a bad thing on all fronts. Families will be like they were back in the Great Depression. They will all live together in one home. Now you have 4000 sq ft homes for a family of three or four. A lot of people can live in that one home and share the expences.

My Grandma is still alive today and she lived through the Great Depression last time. She is 92 now and still sharp as a tack. I was talking to her yesterday and she said this financial crisis is exactly what was happening back in her day. She was surprised I noticed what was going on. Most of the people she talks to are oblivious to the entire situation or they don't mention it. Her older friends notice it though. They are well aware of what may come.

She saves tin foil after using it... She saves everything and always has! If it has the least bit of value or reusability she saves it. It used to drive me nuts as a kid. Now I find myself doing some of that.

She said you will really get to know your neighbors. Barter will be the norm and what your neighbors have is going to be a resource. It will no longer be just waving hi as you go to work. It will be a team effort in your neighborhood. For instance I have newborns all over my block. I don't know what they have saved but if they didn't save anything they will cooperate in a barter system.

It will also build character if you don't go nuts with the I am entitled mentality. You are going to have to hunker down for a while and keep your cool. You think you are angry about gas prices? Wait until there are limited supplies of everything and rationing. She was telling me about shoe coupons. Can you imagine that? Coupons for shoes?

She has also told me stories of the long lines and the people that were rude or the "buiiles" as she like to call them were taken care of not by the police but by the citizens. What worries me is this generation and the last few are fat cats and we don't like waiting for anything. A basic bowl of soup and a 2 hour wait is going to suck for a lot of people.

reply to post by Perplexed


My grandmother also lived through the depression and so my father still remembers.

But this time it will not be in the power of the people to take care of each other, that is when the government and their private army of goons will come in.

Blacks opts from private security firms carrying automatic rifles to keep the people in line or else is detention camps for us.

[edit on 13-7-2008 by marg6043]

Originally posted by marg6043
reply to post by Perplexed

 

My grandmother also lived through the depression and so my father still remembers.

But this time it will not be in the power of the people to take care of each other, that is when the government and their private army of goons will come in.

Blacks oops from private security firms carrying automatic rifles to keep the people in line or else is detention camps for us.

I think we give these people too much credit. I don't think you will see the goon squad on every corner of America. I think that the majority will be keeping order in the riot torn areas but for those areas that are struggling to survive I doubt we will see stuff like that on a large scale.

You have to remember we too have guns. I would bet you would be surprised at the amount of guns in your average Middle American neighborhood. They don't want an insurgency of that kind. Middle American could do some damage if you think about it. Sure we will be shocked at first but after the shock wore off there would be hell to pay for sure. Can you imagine if they tried that in Texas? I would give it a week.

The government or "FEMA" as they are called can't deliver clean water in a timely manner. If they can't do that I doubt they could equip and feed thousands if not millions of "goons" to keep us from doing what? Surviving?

Look at it this way... The United States Military is having a hard time in Iraq. What makes you think that FEMA or even the US Military on US soil could do any better?

There is no way they could even attempt something like that here. The end result would be war crime trials by a weary and pissed off nation of people. People in power would hang and they know it.

Originally posted by marg6043
reply to post by Perplexed

 

My grandmother also lived through the depression and so my father still remembers.

But this time it will not be in the power of the people to take care of each other, that is when the government and their private army of goons will come in.

Blacks oops from private security firms carrying automatic rifles to keep the people in line or else is detention camps for us.

and yet americans believe its democracy , and go bombing ME at will.
and then expect the world to thank them for help

if american military is going to behave like this :

www.abovetopsecret.com...

then its going to lose moral authority and respect in the eyes of its allies and people

The banks are doing it, already without much attention from the media and the government as usual, that is how IndiMac greeted its worry costumer on Friday after the collapse, with closed doors and posted goons with automatic riffles.

Yes it is happening and its bound to get worst.

reply to post by marg6043


I expect a bloodbath in Asia in just a few hours. If so, tomorrow will not be good for the stock market in the US.

reply to post by manson_322


No, I don't think you will see the military act like that. Even the blackwater types are Americans and there are less of them that the United States Military. They may be good but they are not that good. The military from what I understand is pissed at those types working in Iraq anyway.

I suspect you would see a splinter of the US military at that point. Those following orders and those that know this is some sort of end game for the United States. I remember the oath I took when I was in... "All enemies foreign and domestic." I suspect some leaders in the military would have a huge problem with killing Americans on American soil just for the sake of law and order or what some people say the new law is in at that time.

I don't know how it would end up but you can bet damage will be done to more than just your common man and this is why I doubt something like this would happen. What we are talking about here is revolution and I don't think the people in "power" want to see that. No, this will be a great depression. I suspect nations will fight nations once again but I would hope we could avoid that this time as well..

reply to post by marg6043


Where were the posted goons with automatic weapons? I didn't see that link.

I can tell you that this guy is going to get screwed... Can you imagine losing 100k on this deal? He shouldn’t have left that much money in one bank but I suspect he is one of those that had his head in the sand about all of this.

He had no idea what was happening in the financial world. What was he thinking? Didn't he follow the stock market and banking?

I can tell you that he will probably close his account on Monday and I suspect many more wll do the same no matter what the "new bank" tells them.

At another branch down the road, a man who said he had more than $200,000 (100,000 pounds) in an account -- twice what is normally FDIC guaranteed -- argued with a security guard who was closing up.

uk.news.yahoo.com...

And then you have this... Does this mean we won’t have the money after September to get all of our troops back home? This is a huge shift in policy that really doesn't make since unless they are thinking we are not going to be able to afford for us to be over there. We have a lot of equipment over there that I doubt that we would just leave as well.

I doubt it means they are coming home to patrol our streets as some have said here. I would bet a majority would refuse that order seeing how they have families here too. You would see a desertion on a mass scale.

At any rate this is a strange turn of events from what was the standard mantra of staying the course? This is really strange if you ask me and should be a new thread in of itself if someone hasn't already started it...

www.iht.com...

[edit on 01/01/2008 by Perplexed]

reply to post by Perplexed


You are not going to find any links as this story was presented in CNBC by Suze Orman, she was outraged by what she saw in front of the banks posted guards with guns.

While the costumers were trying to figure out what was going on.

The only link to the story doesn't present the guards neither the worry costumers the only thing they show on the news was the workers inside the banks smiling while looking outside.

She made very strong comments about the IndyMac situation and to tell you the truth I never seen a spoke woman so angry like that before.

I tried to find the link to the media clip but is not where to be found in their side, the story was shown on and off yesterday in the news.

Sorry for the lack of a link I guess I am relying on the news clip of Suze Orman and what she was reporting yesterday along with her coments.

Originally posted by Perplexed

Originally posted by marg6043
reply to post by Perplexed

 

My grandmother also lived through the depression and so my father still remembers.

But this time it will not be in the power of the people to take care of each other, that is when the government and their private army of goons will come in.

Blacks oops from private security firms carrying automatic rifles to keep the people in line or else is detention camps for us.

I think we give these people too much credit. I don't think you will see the goon squad on every corner of America. I think that the majority will be keeping order in the riot torn areas but for those areas that are struggling to survive I doubt we will see stuff like that on a large scale.

You have to remember we too have guns. I would bet you would be surprised at the amount of guns in your average Middle American neighborhood. They don't want an insurgency of that kind. Middle American could do some damage if you think about it. Sure we will be shocked at first but after the shock wore off there would be hell to pay for sure. Can you imagine if they tried that in Texas? I would give it a week.

The government or "FEMA" as they are called can't deliver clean water in a timely manner. If they can't do that I doubt they could equip and feed thousands if not millions of "goons" to keep us from doing what? Surviving?

Look at it this way... The United States Military is having a hard time in Iraq. What makes you think that FEMA or even the US Military on US soil could do any better?

There is no way they could even attempt something like that here. The end result would be war crime trials by a weary and pissed off nation of people. People in power would hang and they know it.

No offense my friend but you are quite delusional. For one thing the majority of you will turn in your guns, sad but true - Food for guns ring a bell? FEMA can quite effectively do anything in its agenda including feed its troops. While people were starving in N.O. contractors, military and Law enforcement were eating very well I assure you. I had at least one hot meal a day and never touched an MRE. The ice was initially stopped at the Louisiana border and turned back by - you guessed it FEMA. Remember it was "TOO" dangerous to go in. Your neighbors don't care about you "in general" all they are concerned about is protecting what is theirs and possibly taking yours. (a bit of intel) there is not one single solitary contractor I am aware of who is not currently deployed somewhere right now - not one. And why not, I mean Iowa for instance is paying $3000.00 a week (after per diem etc.)

Understand that for me personally, The only reason I will shoot you will be because you shot at me or my buddy. The trick is to not reach that point of some form of standoff. These guys (like myself can agree with everything you believe) and still kill you dead as a doornail because of the brotherhood we have developed over many assignments.

The danger will not be the Constitutionalists or even the NWO set, it will be the yuppies who instantly discover they have been lied to. Remember their God is money and you can be assured a violent reaction once those ATMS say NO GO!