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View Full Version : The European bank Fortis is about to fail.Wachovia may well fail next week.



megimoo
09-28-2008, 05:19 PM
A Genuine and Immediate Crisis What Congress has to do now.

I've received phone calls in the last hour from two economists I respect, one of them Larry Lindsey, the other in a position where he'd prefer not to be named.

snip

The huge European bank Fortis is apparently about to fail. The ripple effect on the American banking system could be disastrous, with bank runs, liquidity crises, and stock sell offs possible Monday.

Wachovia may well fail next week.

As Larry put it, this really will be 1933 soon if we don't move rapidly to stabilize the banking system.

And here's the bad news: the current bailout bill, whatever its merits and likelihood of passage, does nothing to address this.

Congress should pass by Monday simple legislation doing two things:

1. Giving the FDIC authority to provide unlimited deposit insurance through the FDIC for transaction accounts in banks.

2. Authorizing the Secretary of the Treasury to provide unlimited protection of principal in money market funds through the Treasury's exchange stabilization fund.

Maybe my acquaintances (and I) are too worried; maybe this legislation wouldn't quite be the right solution. But I wanted to sound what may be, unfortunately, a needed alarm.
http://www.weeklystandard.com/Content/Public/Articles/000/000/015/636zbhel.asp

Cold Warrior
09-28-2008, 05:24 PM
Don't worry. Be happy. As I and a few others who have been discussing this for months here have been told, STFU, you doom and gloomer, you! There is ABSOLUTELY no crisis. It's all the liberal media making this stuff up to influence the elections. After all, the housing market in the swamps is booming. And, I've go mine, so....

linda22003
09-28-2008, 05:26 PM
I've got mine, but a chunk of it is at Wachovia. :rolleyes: We've banked at several institutions as they combine and swallow each other; we just keep going to the same branch building. It's Signet, or First Union, or Wachovia, and we'll just see what it is next.

Bubba Dawg
09-28-2008, 07:08 PM
I've got mine, but a chunk of it is at Wachovia. :rolleyes: We've banked at several institutions as they combine and swallow each other; we just keep going to the same branch building. It's Signet, or First Union, or Wachovia, and we'll just see what it is next.

Ain't it the truth.

Soon there will only be One Big Bank, One Big Gas Company, One Big Store, and the only restaurant will be Taco Bell.
:D

Bubba Dawg
09-28-2008, 07:10 PM
Don't worry. Be happy. As I and a few others who have been discussing this for months here have been told, STFU, you doom and gloomer, you! There is ABSOLUTELY no crisis. It's all the liberal media making this stuff up to influence the elections. After all, the housing market in the swamps is booming. And, I've go mine, so....


http://http://www.youtube.com/watch?v=rSjK2Oqrgic

Cold Warrior
09-28-2008, 07:13 PM
I've got mine, but a chunk of it is at Wachovia. :rolleyes: We've banked at several institutions as they combine and swallow each other; we just keep going to the same branch building. It's Signet, or First Union, or Wachovia, and we'll just see what it is next.

Ain't it the truth.

Soon there will only be One Big Bank, One Big Gas Company, One Big Store, and the only restaurant will be Taco Bell.
:D

This guy ain't gonna go down to any Mexican that easily...


http://images.businessweek.com/ss/06/09/ceo_socnet/image/burger-king.jpg]

megimoo
09-28-2008, 08:32 PM
This guy ain't gonna go down to any Mexican that easily...


http://images.businessweek.com/ss/06/09/ceo_socnet/image/burger-king.jpg]You are amazing !

Cold Warrior
09-28-2008, 08:33 PM
You are amazing !

It's a gift. :D

Bubba Dawg
09-28-2008, 08:35 PM
I posted the youtube as a URL but it still looks like it screwed up the formatting. :confused:

megimoo
09-28-2008, 09:33 PM
It's a gift. :Dreturn it quick!