Fogbuster

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Can't make this stuff up, either. To think that Frank and the rest of those who caused the economic holocaust in America are still not only walking around free, but are also actually in charge of the "fixing" of the mess they created is stupefying. Words are inadequate to express the lunacy of this.


1,000 Banks to Fail In Next Two Years: Bank CEO

By: Natalie Erlich
Writer/Producer

The US banking system will lose some 1,000 institutions over the next two years, said John Kanas, whose private equity firm bought BankUnited of Florida in May.

“We’ve already lost 81 this year,” Kanas told CNBC. “The numbers are climbing every day. Many of these institutions nobody’s ever heard of. They're smaller companies.” (See the accompanying video for the complete interview.)

Failed banks tend to be smaller and private, which exacerbates the problem for small business borrowers, said Kanas, who became CEO of BankUnited when his firm bought the bank and is the former chairman and CEO of North Fork bank.

1,000 Banks to Fail In Next Two Years: Bank CEO - Private Equity and Hedge Funds * US * News * Story - CNBC.com


I guess because they are "only small banks", nobody should care much. If anyone ever wants to know why America is suffering economically, spiraling into oblivion, they can get a three minute snap-shot answer right here.



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"All that is required for evil to triumph is for good to do nothing."

Harry Boy

Jesus they thought Bush was bad, Stupid Obama has only been around for 7 or 8 months and the whole f-cking country is going crazy, the wars are still going, he wants to take my Doctor away from me and the Muslims are satill playing Soccer By The Seashore down in Gitmo, where the Hell is the change we can all beleive in.

For Christ Sake bring Bush back and let him get things straightened out.

BARACK HUSSEIN OBAMA (a great bull***** artist)

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Harry Boy (Genius)

In The Absence Of Law And Order Society Will Surely Destroy Itself

sdaniels7114

Yeah, but just how many of those 'failed' banks are, in fact, banks that are gonna get bought out? Shawmut Bank used to be pretty big in the Eastern Mass area, they went away but didn't fail. They got bought by somebody who got bought by somebody who got bought by somebody else entirely. I'd bet that somewhere in the deep recesses of Bank of America there's records of my very first savings account with Shawmut from like 1981.

I came close to losing my truck years ago 'cause the bank I was financing with got bought out and the billing address I'd been sending checks to became like a massage parlor or something. I was young and stupid and didn't put a return address on my checks and didn't pay enough attention to my bank balance. Over the life of the loan I sent checks to three different places.

Lets say ESPN came along and offered Ian $2,000,000 for Patsfans and he dived on the opportunity the way a Jets fan goes after an excuse for failure, would that mean Patsfans failed? Hardly.

IcyPatriot

This current story is a story that will haunt a future administration. The big banks that failed are somewhat healthy now and they are being allowed to get bigger as they gobble up their prey. So if they were to big to fail before - what will happen next time? This is way ugly.

sdaniels7114

Scary point, but lets keep in mind that 'too big to fail' can be a proactive declaration too, IE if the only way the banks can be healthy is by being huge, lets make it illegal for them to invest their money like a bunch of crackheads. Some might call that over-regulation. I'd call it common sense.

Fogbuster

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When you screw up the entire mortgage lending ethic -- which for *centuries, if not millenia* had based collateralized loans on a "good faith" down payment of 10 or 20% -- by removing all such "good faith" safe-guards who can then act "surprised" that unscrupulous people would figure out a way to game the system and steal TRILLIONS of dollars????

Barney Frank and his cohorts Chris Dodd, Nancy Pelosi, Harry Reid, Jimmy Carter, and Bill Clinton are criminally naive and stupid at best, and willfully criminal as co-conspirators, at worst. To not look ahead and realize that removing good faith from the transaction was a carte blanche for abuse and corruption is simply inexcusable. These people need to be thrown out of office at least, and prosecuted for the criminal malfeasance, as warranted. This economic melt down is unacceptable.



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"All that is required for evil to triumph is for good to do nothing."

PressCoverage

reflex? Fog is back at it, perpetuating the CRA myth. Can you repost that classic debunker again?

Fogic, banks are failing because they over-extended in a desperate attempt to maintain liquidity amid a global energy downturn. It's much more complicated than just that, but that's the short of it. This meltdown was predicted 15 years ago by your heroes in the last administration, which is why they insisted on invading sovereign nations and taking by force what's left.

Those banks will collapse. But this crash is much, much bigger than some pieces of legislation by the gay Congressman you can't hate enough. Perhaps you'll get it through that thick dome of yours some day, but probably not.

Fogbuster

You consistently prove that you can't be too wrong, no matter how hard you try; you keep topping yourself with wrongness each time you post.

So, it "wasn't" the failed concept of the CRA???? That's all a big "myth"???? Removing all responsibility from the borrower and compelling banks to give loans they KNEW were bad risks is " a good thing" to you??? Furthermore, compelling banks under threat of massive penalties to give out taxpayer-insured loans to people that were clearly scamming the market for personal gain, NOT because they were "poor and in need", as the CRA advocates say it was designed to address ..... this is all just hunky-dory wit YOU???

Tell us all you never saw one of those ubiquitous TV infomercials for "How to make a Million in Real Estate, Without investing a dime of your own money!!" in the 90s.

Well, we all know where you're at now: Josef Stalin, Mao, Castro, and Hoooogo Chavey Chavez must all be sending their warmest regards; you're doing all their work of destroying America, turning it into a 3rd World toilet.



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"All that is required for evil to triumph is for good to do nothing."

godef

Well that's funny... I read the link, watched the interview. Absolutely no mention of Barney Frank or the CRA, and yet you place these references in the title of the thread... bait and switch? The housing market is mentioned in passing and is not even the main topic of discussion... did you actually watch the entire thing? Or did you just fail to be clear that what you implied in your thread title was just your opinion?

Bullets don't fit in a squirt gun.

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See you at Super Bowl XLVI!

Fogbuster

Dude, don't bring a knife to a gun fight and expect to walk out alive. The genesis of the entire economic meltdown started with the idiotic removal of any personal stake in securing mortgage loans. No stake, no care; no care, much abuse; much abuse, eventual total collapse.

It ain't hard at all to follow those dots.


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"All that is required for evil to triumph is for good to do nothing."