Thar she blows: The last hurrah for the banking system

[Mullenite]

Thar she blows: The last hurrah for the banking system






The Bush administration will be mailing out another batch of “stimulus” checks in the very near future. There’s no way around it. The Fed is in a pickle and can’t lower interest rates for fear that food and energy prices will shoot to the stratosphere. At the same time, the economy is shrinking faster than anyone thought possible with no sign of a rebound. That leaves stimulus checks as the only way to “prime the pump” and keep consumer spending chugging along. Otherwise business activity will slow to a crawl and the economy will tank. There’s no other choice.

[Loudmouth_Mormon]

I really wish people would get a sense of history when talking about this stuff. A valid point of comparison is the Savings & Loan crisis of the 1980's. That happy little issue resulted in the FSLIC or the RTC closing over a thousand financial institutions, holding $519 billion in assets. In other words, it was far worse back then by several orders of magnitude than it is today. America didn't fall off the end of the earth then, and it won't now.

Another good point of comparison would be some sense as to how many banks fail in an average 3-yr period. I have no idea, but I'm guessing it's not zero.

LM
p.s. - Thank you Mullenite for clearly identifying your source. It really does add to your credibility to be able to tell the difference between stuff you have to say, and stuff you're cutting and pasting. One additional hint - when you cut and paste from the link you posted, stick it in quotes. One might be led to believe the unquoted words are yours, but I see they're actually from the article.

[Mullenite]

This money they are "giving" us is really a "gift" from our grandchildren because they are the ones that are still going to be paying for it. Take the money and buy them a savings bond or invest it in some way for them because it is really their money. This is just ridiculous.

[Hemidakota]

I noticed the top three banks are in trouble. Sad to see the latest news with B of A losses is now over 40 percent from the last quarter...to summarize, I would expect a complete meltdown will come as we draw closer to the closer of the Telestial order.

[Bookmeister]

This reminds me of the lyrics to the Darth Vader theme music from "Star Wars".

Doom, doom, doom
Doom and gloom, Doom and gloom.
Doom, doom, doom
Doom and Gloom in the room.
Doom and gloom and gloom and doom and gloom, gloom, gloom
Doom and gloom, doom and gloom.

[Loudmouth_Mormon]

Originally Posted by Hemidakota

I would expect a complete meltdown will come as we draw closer to the closer of the Telestial order.

I agree completely. However, I don't have the faintest clue whether this will come sooner, later, or sometime in the year 3095.

LM

[Moksha]

Bush might be misunderstanding the expression about "going down in history".