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Old 05-02-2023, 12:10 PM
 
7,752 posts, read 3,791,421 times
Reputation: 14656

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Quote:
Originally Posted by Sunbiz1 View Post
Only 1 bank failed during the "Great Recession", and now 3 have failed.
One only has to go back in time, and remember the fallout from Washington Mutual; to see we're in real trouble.
Just like 2007, they will not own the crises until...lol
564 banks failed from 2001 through 2023.

As near as I can tell, not one depositor has lost a penny. In every instance, the FDIC-insured $250K was available the next day, and everything else was available within 1 week (2 at most). I'm not positive on that last bit, as I'm synthesizing information from disparate sources, but it appears to be true.
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Old 05-02-2023, 12:25 PM
 
Location: Flyover part of Virginia
4,232 posts, read 2,455,407 times
Reputation: 5066
Quote:
Originally Posted by Hoonose View Post
What's recent is more main stream talk. This has been going on gradually since 1971.

https://www.bis.org/publ/qtrpdf/r_qt2212x.htm
https://www.reuters.com/breakingview...ws-2023-02-28/
The world should have completely ditched the dollar standard in 1971. If they have not woken up by now, they likely never will.
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Old 05-02-2023, 01:32 PM
 
Location: USA
95 posts, read 50,484 times
Reputation: 278
Quote:
Originally Posted by Sunbiz1 View Post
It makes no difference how old you are, even boomers have only witnessed 4 major bank failures.
3 just having occurred, the 4th being Washington Mutual. This is what I had meant to post earlier.
Let this sink in, one major bank for the "great recession"; we now have 3.
And if I'm still not making sense, PBS news hour just ran their lead story on this topic less than an hour ago.
By this time Friday you may be adding pac west, and western alliance bancorp to the list.
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Old 05-02-2023, 02:21 PM
 
26,191 posts, read 21,574,273 times
Reputation: 22772
Quote:
Originally Posted by Sunbiz1 View Post
Only 1 bank failed during the "Great Recession", and now 3 have failed.
One only has to go back in time, and remember the fallout from Washington Mutual; to see we're in real trouble.
Just like 2007, they will not own the crises until...lol
Quote:
Originally Posted by Sunbiz1 View Post
It makes no difference how old you are, even boomers have only witnessed 4 major bank failures.
3 just having occurred, the 4th being Washington Mutual. This is what I had meant to post earlier.
Let this sink in, one major bank for the "great recession"; we now have 3.
And if I'm still not making sense, PBS news hour just ran their lead story on this topic less than an hour ago.

We probably would be hard pressed to put together a series of worst post. You don’t have a clue what you are speaking of and have no factual reference to work from. It’s shocking how much ill informed people will pretend they know how things work despite evidence otherwise
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Old 05-02-2023, 02:49 PM
 
Location: Victory Mansions, Airstrip One
6,750 posts, read 5,049,080 times
Reputation: 9184
Quote:
Originally Posted by Sunbiz1 View Post
It makes no difference how old you are, even boomers have only witnessed 4 major bank failures.
3 just having occurred, the 4th being Washington Mutual. This is what I had meant to post earlier.
Let this sink in, one major bank for the "great recession"; we now have 3.
This is nothing compared to the Great Recession. For starters, you are forgetting about Bear Stearns and Lehman Brothers. Lehmann failed in 2007, so it's not listed on the Wikipedia page I mentioned above.

Then there's Wachovia, which technically did not fail but would have. At the time it was the fourth largest U.S. bank, as measured by deposits.

Quote:
The acquisition of Wachovia by Wells Fargo was completed on December 31, 2008, after a government-forced sale to avoid Wachovia's failure. The Wachovia brand was absorbed into the Wells Fargo brand in a process that lasted three years.
https://en.wikipedia.org/wiki/Wachovia


Then Citigroup, which was probably too big to be purchased by another company. It would have failed without government intervention.

Quote:
By July 2008 Citigroup was described as struggling,[99] and by November they were insolvent, despite their receipt of $25 billion in taxpayer-funded federal Troubled Asset Relief Program funds. On November 17, 2008, Citigroup announced plans for about 52,000 new job cuts, on top of 23,000 cuts already made during 2008 in a huge job cull resulting from four quarters of consecutive losses and reports that it was unlikely to be in profit again before 2010. The same day on Wall Street markets responded, with shares falling and dropping the company's market capitalization to $6 billion, down from $300 billion two years prior.[100] Eventually staff cuts totaled over 100,000 employees.[101] Its stock market value dropped to $20.5 billion, down from $244 billion two years earlier.[100] Shares of Citigroup common stock traded well below $1.00 on the New York Stock Exchange.

As a result, late in the evening on November 23, 2008, Citigroup and Federal regulators approved a plan to stabilize the company and forestall a further deterioration in the company's value. On November 24, 2008, the U.S. government announced a massive bailout for Citigroup designed to rescue the company from bankruptcy while giving the government a major say in its operations. A joint statement by the US Treasury Department, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced: "With these transactions, the U.S. government is taking the actions necessary to strengthen the financial system and protect U.S. taxpayers and the U.S. economy."
https://en.wikipedia.org/wiki/Citigroup


I could go on, but I'll leave it at that. Do some reading to see how scary it was. Yes, the banks failing this year are significant in size, but not the scale of the giants which required bailouts or rescuing during the Great Recession.

Last edited by hikernut; 05-02-2023 at 04:15 PM..
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Old 05-02-2023, 07:53 PM
 
14,400 posts, read 14,292,176 times
Reputation: 45726
Quote:
Originally Posted by Lycanmaster View Post
We already seeing massive moves from other countries away from the dollar as the reserve currency for international transactions recently.

Even the mainstream media could no longer ignore the issue.
There is no alternative but to use the dollar right now as a world reserve currency. I'm not saying that couldn't change. However, Chinese yuan are not an option. Nor, is the euro for that matter. Plus, the euro closely tracks the dollar in terms of value.
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Old 05-02-2023, 08:03 PM
 
Location: Flyover part of Virginia
4,232 posts, read 2,455,407 times
Reputation: 5066
Quote:
Originally Posted by markg91359 View Post
There is no alternative but to use the dollar right now as a world reserve currency. I'm not saying that couldn't change. However, Chinese yuan are not an option. Nor, is the euro for that matter. Plus, the euro closely tracks the dollar in terms of value.
All fiat currencies are essentially garbage, but the USD is the most rotten of them all.
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Old 05-02-2023, 10:07 PM
 
14,400 posts, read 14,292,176 times
Reputation: 45726
Quote:
Originally Posted by Taggerung View Post
All fiat currencies are essentially garbage, but the USD is the most rotten of them all.
Which is based on nothing, but your opinion.
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Old 05-03-2023, 04:24 AM
 
Location: Pennsylvania
31,340 posts, read 14,254,824 times
Reputation: 27861
Quote:
Originally Posted by Lowexpectations View Post
We probably would be hard pressed to put together a series of worst post. You don’t have a clue what you are speaking of and have no factual reference to work from. It’s shocking how much ill informed people will pretend they know how things work despite evidence otherwise
Perhaps instead of trashing his post, you would like to refute it with facts instead.

Bottom line is, our horrible political leadership is about ready to implode the system.
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Old 05-03-2023, 04:30 AM
 
106,603 posts, read 108,757,383 times
Reputation: 80091
the fed has no political affiliation .

put blame where it belongs.

they didn’t see the unintended consequences of their actions or lack of actions.

having banks making long term loans at low to zero rates was bound to bite them when they reversed direction

Last edited by mathjak107; 05-03-2023 at 04:45 AM..
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