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(Bloomberg)   1-2-3... 123 failed banks. Ah Ah Ah   (bloomberg.com) divider line 15
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1327 clicks; posted to Business » on 14 Nov 2009 at 6:05 AM (5 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



15 Comments   (+0 »)
   

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2009-11-14 03:55:54 AM  
It's not quite to where the Countess von Backwards starts counting down banks that haven't failed yet, right?
 
2009-11-14 09:35:53 AM  
Can we please blame the banks for their own bad decisions? Seriously, learn how to run your business there banksters instead of trying to make an easy buck. Banking is NOT ABOUT EASY MONEY.

Whenever I read into these stories about failing banks I'm always led to one or two conclusions over and over. Either the bank had a large number of "sub-prime" type loans out OR they were in the habit of investing into some risky prospecting stock market sillyness.

Banks worked much better when they invested their money in small business and car loans instead of trying to make the most money as quick as possible and then charging their customers ridiculous fees to recoup the losses from bad investments.

/my semi-informed rant
 
2009-11-14 09:44:48 AM  
Reverend Monkeypants

Can we please blame the banks for their own bad decisions? Seriously, learn how to run your business there banksters instead of trying to make an easy buck. Banking is NOT ABOUT EASY MONEY.

Whenever I read into these stories about failing banks I'm always led to one or two conclusions over and over. Either the bank had a large number of "sub-prime" type loans out OR they were in the habit of investing into some risky prospecting stock market sillyness.

Banks worked much better when they invested their money in small business and car loans instead of trying to make the most money as quick as possible and then charging their customers ridiculous fees to recoup the losses from bad investments.

/my semi-informed rant


Unfortunately, it's been shown time and time again that unless someone is forced to think long-term, they will almost always go for short-term immediate gains, even if it's detrimental to them in the long run.
 
2009-11-14 09:56:59 AM  
The Recession is over! There is nothing to see here! You're being racist!
 
2009-11-14 10:16:38 AM  
Reverend Monkeypants Can we please blame the banks for their own bad decisions? Seriously, learn how to run your business there banksters instead of trying to make an easy buck. Banking is NOT ABOUT EASY MONEY
================================================

In a lot (probably most) of the cases, yes. But remember, interest rates were very low about 5 years ago. Banks can't make a lot of money from loans when they're that low unless they lie and deceive you. Interest rates went up, customer's couldn't pay (not to mention that unemployment skyrocketed) and now banks were screwed again.

Now that interest rates are even lower than they were before, banks again can't make up their losses. This is why we have overdraft fees, it's the easiest way for banks to make money. People being complete idiots.

But now even THAT is being taken away... we'll end up seeing more fees to just sign up for things, fees to cancel things, fees for not using things, etc.
 
2009-11-14 10:21:24 AM  
Within 18 months, 43% of the banks that havn't failed yet will fail, and the other 57% will merge into one ultra-bank, Citibank Of America.

/Numbers courtesy of Gluteus Maximus Consulting, LLC
 
2009-11-14 11:11:47 AM  
jake3988: In a lot (probably most) of the cases, yes. But remember, interest rates were very low about 5 years ago. Banks can't make a lot of money from loans when they're that low unless they lie and deceive you. Interest rates went up, customer's couldn't pay (not to mention that unemployment skyrocketed) and now banks were screwed again.

Banks make their money by the difference in rates between savings and loans. So if the savings rate is 4% and loan rate 6%, or 2% and 4% makes zip difference. The bank still takes 2%.

The banks are in ultra-greedy mode, because they made bad investment bets.
 
2009-11-14 02:32:51 PM  
King Something: Numbers courtesy of Gluteus Maximus Consulting, LLC

I'ma steal this. Is cool. kthxbye
 
2009-11-14 06:48:45 PM  
The Count was my Halloween costume this year. Probably my favorite one ever.

/Cool story, bro
 
2009-11-14 06:54:15 PM  
ParadigmLeftShift: jake3988: In a lot (probably most) of the cases, yes. But remember, interest rates were very low about 5 years ago. Banks can't make a lot of money from loans when they're that low unless they lie and deceive you. Interest rates went up, customer's couldn't pay (not to mention that unemployment skyrocketed) and now banks were screwed again.

Banks make their money by the difference in rates between savings and loans. So if the savings rate is 4% and loan rate 6%, or 2% and 4% makes zip difference. The bank still takes 2%.

The banks are in ultra-greedy mode, because they made bad investment bets.


It wasn't a bad bet. Payday advance companies make the same kinds of wagers on a smaller scale.
/ No money? Job? Substantive property? Future prospects?
// DO WE HAVE A DEAL FOR YOU!!
///Answer: No. Not a chance in hell
 
2009-11-14 08:26:05 PM  
i38.tinypic.com
Go back to your own country!!
 
2009-11-14 09:05:52 PM  
we are never going to break the record at this pitiful pace!
 
2009-11-15 03:23:41 AM  
...and we're still at less than 2% of the total FDIC-insured banks failing, right?

/yawn
 
2009-11-15 08:17:25 AM  
Funny how they give you 1.55% on your savings, then charge you 21.99% on your credit card. A day late on your credit card payment? That will be $39 please.
 
2009-11-15 01:25:29 PM  
jake3988: In a lot (probably most) of the cases, yes. But remember, interest rates were very low about 5 years ago. Banks can't make a lot of money from loans when they're that low

You have no idea what you are talking about. Please stop typing.
 
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