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INSIDERS AGREE: BANK RUNS IMMINENT
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Anonymous Coward
User ID: 331956
7/18/2008 4:44 PM
Report abusive post | INSIDERS AGREE: BANK RUNS IMMINENT
| Quote |
from poster at DR :
"I had a very interesting conversation today with a friend who used to be a mortgage broker (until the company he started imploded) and now works at a bank selling REO property. Now, this is a guy who made millions flipping, and when I told him two years ago that the whole house of cards was going to collapse shortly, he laughed at me.
He ain't laughing anymore.
I get on the phone with him, and he immediately tells me that his wife just got laid off from Indy Mac, so life is kind of sucking for them right now. Then he proceeds to tell me that both he and his wife (who have very close contacts at banks) have heard from reliable sources that the industry FULLY expect a massive run on savings and loans in the very near future. We're talking weeks, if not days. We are now officially on Banking System Deathwatch, ladies and gentlemen, because the next big bank that falls will be the domino that unleashes the runs on the other banks.
He said WaMu is certifiably D.O.A and will almost certainly be the next victim. He said the industry would be surprised if WaMu makes it another 30 days. Downey Savings and First Federal are the next dogs to die, according to him.
If it hadn't been so sad and scary, I would have actually enjoyed my I-told-you-so moment. But this guy is genuinely frightened now. You can hear the panic in his voice. He told me, point-blank: "It's all coming down. The whole system is crashing." He is quickly turning into an urban survivalist -- outfitting his home with solar, buying biodiesel, stocking up on food. It's truly fascinating to watch the variations in human behavior as this unfolds. This guy needed some prompting, but after the Fannie/Freddie news broke last week, he immediately got the clue. On the other hand, I work with a lawyer, and he's married to another lawyer. She banks at WaMu. I've been telling him for months, "Man, you've got to tell your wife to get her money out of that bank." Even after Indy failed, she was resisting because it was a "pain" to decouple her billpay and set up new auto debits and other crap. It's just pure laziness. So here you have someone who has SEEN the lines snaking around the corner, has clearly heard that people are having trouble getting their money, and she thinks, "Nah, I'll just wait and see what happens with WaMu." Finally, he put his foot down and basically demanded that she yank her money out. So she's beginning the "transition" this week.
WTF??
There is going to be a LOT of roadkill before this thing is over. Be prepared to step over the bodies, my friends. They will be littering the streets."
[link to 2cents.dailyreckoning.com] |
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Anonymous Coward
User ID: 458129
7/18/2008 4:47 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
 |
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Anonymous Coward
User ID: 470129
7/18/2008 4:51 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
PIN THIS!!!! |
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Anonymous Coward
User ID: 331956 (OP)
7/18/2008 4:56 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Quoting: Anonymous Coward 458129
1. There are more insolvent banks than the gubbermint or FDIC is telling the public.
2. Many banks have a lot of impaired loans which are unlikely to become unimpaired.
3. Many banks are hiding many losses "off" their balance sheets.
4. Many banks are refusing to sell their foreclosures for fear that once they do.. those losses will be realized on their books, thus further impairing their capital ratios. |
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Mary Pops In
User ID: 251874
7/18/2008 4:58 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Anyone who paid attention to Mary Poppins would have seen this coming. |
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Doomamatrix 
User ID: 386470
7/18/2008 5:28 PM
 | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Why isn't this pinned yet? |
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Anonymous Coward
User ID: 470129
7/18/2008 5:37 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Here is also a fun little rumor posted at TickerForum:
[link to acrossthecurve.com]
Flight to Quality?
July 18th, 2008 4:25 pm
This an interesting item which someone forwarded to me. One large dealer which happens to have a very large retail network has reported an upsurge in small tickets ($250K to $1.5M) as depositors with concerns about banks have shifted some of their uninsured deposits to the safety of bills.That would be an ominous development if the practice became widespread. |
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Anonymous Coward
User ID: 331956 (OP)
7/18/2008 5:45 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
In an interview with RTT News, Nouriel Roubini, Professor of Economics and International Business at NYU's Stern School of Business and Chairman of RGE Monitor stresses that we are in the middle of a "severe recession that is deepening" and will cause "at least a couple hundred small banks," to go "belly up," a third of regional banks to be in "severe trouble" and "at least a couple" major national banks to become "insolvent."
Roubini says there is "no doubt" that the FDIC's reserve will be "drained 100-percent" and stresses that there is "nothing that can be done" to prevent this financial crisis and recession.
In addition, Roubini predicts that Lehman Brothers "won't be able to survive" as an independent broker dealer. |
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Anonymous Coward
User ID: 470296
7/18/2008 5:51 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
so if WAMU goes banckrup who do I pay my 4000 loan? |
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Anonymous Coward
User ID: 458302
7/18/2008 5:57 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
so if WAMU goes banckrup who do I pay my 4000 loan? Quoting: Anonymous Coward 470296
Hope they find the FEDs non and void. Keep ur money to wipe your ass. Tiolet paper is $4.65 a roll. |
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Doomamatrix
User ID: 386470
7/18/2008 5:58 PM
| | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
so if WAMU goes banckrup who do I pay my 4000 loan? Quoting: Anonymous Coward 470296
The Govt., the Feds.
As HAWK would say, "hello, glove!" |
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Anonymous Coward
User ID: 327491
7/18/2008 6:00 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
so if WAMU goes banckrup who do I pay my 4000 loan? Quoting: Anonymous Coward 470296
Yeah, I have a 450k mortgage with WAMU. What happens if they belly up? |
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Anonymous Coward
User ID: 470243
7/18/2008 6:03 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Memo:
Bank runs and financial collapse are so LAST week, so passe.
The crisis is over. |
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Anonymous Coward
User ID: 418035
7/18/2008 6:03 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
I don't understand why people are keeping any of their money in a bank.
I've canceled all auto-pay accounts and pulled every last dime out. Not gonna give the banks a chance to screw me out of getting my hands on what's mine. |
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Matrix
User ID: 461701
7/18/2008 6:04 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
[link to www.investmentu.com]
U.S. Personal Savings Rate
The Trader's U E-Letter: Issue # 182
Wednesday, April 5, 2006
U.S. Personal Savings Rate: Americans Can't Save - What Opportunities Does This Provide Investors?
What happens when you spend more than you make? There are typically three responses when outflows exceed inflows:
"We have a problem. We need to spend less until we can earn more."
"That was a one-time event. We'll pay for it out of savings or take out a loan to ride out the storm and get back to normal next month."
"Problem? What problem? We're nowhere near the credit card limit! Besides, the value of our house is still going up…"
 In April of last year(2005), Americans, as a whole, spent more than they made for the first time since the Great Depression. And to top that off, Americans have continued to spend more than they make for the past 10 months! The U.S. Personal Savings Rate has not been positive for the U.S. since March of 2005.....
You get out of life what you put in! |
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Anonymous Worrywart
User ID: 317795
7/18/2008 6:06 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Okay, so I just went out and raided my kids' savings accounts for CASH. (Since they have more liquidity than hubby and I, haha) I will repay them if the economy rights itself and we're not in a disaster scenario by next month.
but I have a question: I can see how cash can be useful in an emergency (e.g. Hurricane Katrina), or at the grocery store, but if the system eliminates other forms of transaction entirely, how are we going to pay our mortgages? One mortgage payment would basically wipe out my cash reserves.
So isn't the whole cash thing a moot point? |
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Anonymous Coward
User ID: 470129
7/18/2008 6:06 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
so if WAMU goes banckrup who do I pay my 4000 loan?
Yeah, I have a 450k mortgage with WAMU. What happens if they belly up? Quoting: Anonymous Coward 327491
FDIC will try to patch up and sell WAMU. Your loans will be sold on as part of the package.
That's what they are doing with Indy. |
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Anonymous Coward
User ID: 410466
7/18/2008 6:06 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
I CONCUR! |
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Anonymous Coward
User ID: 470299
7/18/2008 6:09 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
My plan is falling right into place, giggle |
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Anonymous Coward
User ID: 331956 (OP)
7/18/2008 6:09 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Memo:
Bank runs and financial collapse are so LAST week, so passe.
The crisis is over. Quoting: Anonymous Coward 470243
you are obviously one of the sheep mesmerized by the MSM talking points and the Paulson/Bernanke lies.
wake up. |
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Anonymous Coward
User ID: 117166
7/18/2008 6:09 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
OK, points for writing skills. Good dramatic effects. Not over blown - which lends to its tempting credibility.
ONE MAN has an opinion and the whole world is suppose to elevate him to instant Nostradamushood.
I have an opinion too. Rather, it's a point of fact. It's called the FDIC. It insures depositors from loss. Banks can fail, but that does not mean people lose their money. (But it would be prudent to stay under the $100,000 limit on simple deposit accts per institution. That's just common sense.)
Let's relive that galactic tsunami - mass extinction thread from years ago if you all want to run around like chickens with their heads cut off.
Now that was a hum dinger of a fear generator..... |
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Anonymous Worrywart
User ID: 317795
7/18/2008 6:10 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
BTW people like me are contributing to the whole panic/bank failure scenario. I just grabbed a couple thou so I don't have to worry so much. If a lot of people start doing that, buh-bye banks!
If things continue to get worse, I'll do it again next week, too. |
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Treasure Bound
User ID: 358243
7/18/2008 6:11 PM
 | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
I feel kinda naughty, dirty, and yet smarter than the average bear............just went up to my bank and withdrew everything we had 'cept under a $100.00.
Kinda felt like I had to lie to the teller LOL.....how ignorant is that LOL?
I went on the on-line bank server today and in big red letters was a warning that debit card purchases would now be limited to under $1000.00 per day. (Not that I would ever have to worry about that particular criteria), but it made me nervous so I went up and pulled it all.
*The problem with the gene pool is that there is no lifeguard.
*You have the right to remain silent. Anything you say will be misquoted then used against you |
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Anonymous Coward
User ID: 375101
7/18/2008 6:12 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
Okay, so I just went out and raided my kids' savings accounts for CASH. (Since they have more liquidity than hubby and I, haha) I will repay them if the economy rights itself and we're not in a disaster scenario by next month.
but I have a question: I can see how cash can be useful in an emergency (e.g. Hurricane Katrina), or at the grocery store, but if the system eliminates other forms of transaction entirely, how are we going to pay our mortgages? One mortgage payment would basically wipe out my cash reserves.
So isn't the whole cash thing a moot point? Quoting: Anonymous Worrywart 317795
Give ur kids back their college money. In a post-american economy, the dollar will be useless. |
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Anonymous Coward
User ID: 470129
7/18/2008 6:14 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
I feel kinda naughty, dirty, and yet smarter than the average bear............just went up to my bank and withdrew everything we had 'cept under a $100.00.
Kinda felt like I had to lie to the teller LOL.....how ignorant is that LOL?
I went on the on-line bank server today and in big red letters was a warning that debit card purchases would now be limited to under $1000.00 per day. (Not that I would ever have to worry about that particular criteria), but it made me nervous so I went up and pulled it all. Quoting: Treasure Bound
Where do you bank? |
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Anonymous Coward
User ID: 375101
7/18/2008 6:14 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
from poster at DR :
"I had a very interesting conversation today with a friend who used to be a mortgage broker (until the company he started imploded) and now works at a bank selling REO property. Now, this is a guy who made millions flipping, and when I told him two years ago that the whole house of cards was going to collapse shortly, he laughed at me.
He ain't laughing anymore.
I get on the phone with him, and he immediately tells me that his wife just got laid off from Indy Mac, so life is kind of sucking for them right now. Then he proceeds to tell me that both he and his wife (who have very close contacts at banks) have heard from reliable sources that the industry FULLY expect a massive run on savings and loans in the very near future. We're talking weeks, if not days. We are now officially on Banking System Deathwatch, ladies and gentlemen, because the next big bank that falls will be the domino that unleashes the runs on the other banks.
He said WaMu is certifiably D.O.A and will almost certainly be the next victim. He said the industry would be surprised if WaMu makes it another 30 days. Downey Savings and First Federal are the next dogs to die, according to him.
If it hadn't been so sad and scary, I would have actually enjoyed my I-told-you-so moment. But this guy is genuinely frightened now. You can hear the panic in his voice. He told me, point-blank: "It's all coming down. The whole system is crashing." He is quickly turning into an urban survivalist -- outfitting his home with solar, buying biodiesel, stocking up on food. It's truly fascinating to watch the variations in human behavior as this unfolds. This guy needed some prompting, but after the Fannie/Freddie news broke last week, he immediately got the clue. On the other hand, I work with a lawyer, and he's married to another lawyer. She banks at WaMu. I've been telling him for months, "Man, you've got to tell your wife to get her money out of that bank." Even after Indy failed, she was resisting because it was a "pain" to decouple her billpay and set up new auto debits and other crap. It's just pure laziness. So here you have someone who has SEEN the lines snaking around the corner, has clearly heard that people are having trouble getting their money, and she thinks, "Nah, I'll just wait and see what happens with WaMu." Finally, he put his foot down and basically demanded that she yank her money out. So she's beginning the "transition" this week.
WTF??
There is going to be a LOT of roadkill before this thing is over. Be prepared to step over the bodies, my friends. They will be littering the streets."
[ link to 2cents.dailyreckoning.com]
YOU SIR, are a government shrill.
We all know that the U.S. dollar is not backed by ANYTHING, so hence the banks will never fail. Unless that is, we run out of paper for the printing presses.
Now get back to work, and do something GOOD for our country for a change. |
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Anonymous Coward
User ID: 331956 (OP)
7/18/2008 6:15 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
[link to www.geocities.com]
Troubled Bank List as of 3/31/08
Im sure these ratios are worse now as foreclosures have increased. |
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Anonymous Coward
User ID: 375101
7/18/2008 6:15 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
I feel kinda naughty, dirty, and yet smarter than the average bear............just went up to my bank and withdrew everything we had 'cept under a $100.00.
Kinda felt like I had to lie to the teller LOL.....how ignorant is that LOL?
I went on the on-line bank server today and in big red letters was a warning that debit card purchases would now be limited to under $1000.00 per day. (Not that I would ever have to worry about that particular criteria), but it made me nervous so I went up and pulled it all.
Where do you bank? Quoting: Anonymous Coward 470129
Hey moran, the 1000 dollar limit is instituted to limit the damage that can be done by stolen debit card use. It has NOTHING to do with the "state of the economy". |
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Anonymous Coward
User ID: 470129
7/18/2008 6:17 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
OK, points for writing skills. Good dramatic effects. Not over blown - which lends to its tempting credibility.
ONE MAN has an opinion and the whole world is suppose to elevate him to instant Nostradamushood.
I have an opinion too. Rather, it's a point of fact. It's called the FDIC. It insures depositors from loss. Banks can fail, but that does not mean people lose their money. (But it would be prudent to stay under the $100,000 limit on simple deposit accts per institution. That's just common sense.)
Let's relive that galactic tsunami - mass extinction thread from years ago if you all want to run around like chickens with their heads cut off.
Now that was a hum dinger of a fear generator..... Quoting: Anonymous Coward 117166
Nouriel Roubini, Professor of Economics and International Business at NYU's Stern School of Business and Chairman of RGE Monitor stresses that we are in the middle of a "severe recession that is deepening" and will cause "at least a couple hundred small banks," to go "belly up," a third of regional banks to be in "severe trouble" and "at least a couple" major national banks to become "insolvent."
Roubini says there is "no doubt" that the FDIC's reserve will be "drained 100-percent" and stresses that there is "nothing that can be done" to prevent this financial crisis and recession. |
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Anonymous Coward
User ID: 418035
7/18/2008 6:20 PM | | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
OK, points for writing skills. Good dramatic effects. Not over blown - which lends to its tempting credibility.
ONE MAN has an opinion and the whole world is suppose to elevate him to instant Nostradamushood.
I have an opinion too. Rather, it's a point of fact. It's called the FDIC. It insures depositors from loss. Banks can fail, but that does not mean people lose their money. (But it would be prudent to stay under the $100,000 limit on simple deposit accts per institution. That's just common sense.)
Let's relive that galactic tsunami - mass extinction thread from years ago if you all want to run around like chickens with their heads cut off.
Now that was a hum dinger of a fear generator..... Quoting: Anonymous Coward 117166
No need for an ATM when you keep your money out of the bank. Why the hell should any of us let the bank hold/use our money? To hell with that. Those days are over. |
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Treasure Bound
User ID: 358243
7/18/2008 6:20 PM
| | Re: INSIDERS AGREE: BANK RUNS IMMINENT | Quote |
I feel kinda naughty, dirty, and yet smarter than the average bear............just went up to my bank and withdrew everything we had 'cept under a $100.00.
Kinda felt like I had to lie to the teller LOL.....how ignorant is that LOL?
I went on the on-line bank server today and in big red letters was a warning that debit card purchases would now be limited to under $1000.00 per day. (Not that I would ever have to worry about that particular criteria), but it made me nervous so I went up and pulled it all.
Where do you bank? Quoting: Anonymous Coward 470129
a small mom and pop bank from the midwest---hawthorn
*The problem with the gene pool is that there is no lifeguard.
*You have the right to remain silent. Anything you say will be misquoted then used against you |
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