Jul
Report: 150 Banks Could Fail Over Next 18 Months
Financial analysts are projecting that as many as 150 banks could fail over the next eighteen months as the nation’s financial crisis worsens. … Billionaire investor George Soros said Monday that the current financial market turmoil represents the most serious financial crisis of our lifetime.
http://www.democracynow.org/2008/7/15/he…
And this:
The Australian
http://www.theaustralian.news.com.au/sto…
The bank was the fifth FDIC-insured failure of the year, and is expected to cost the FDIC between $US4 billion and $US8 billion, wiping out as much as 10 per cent of its $US53-billion Deposit Insurance Fund.
I think it is worth repeating, the IndyMac bailout cost 10% of the entire Federal Deposit Insurance Fund. What happens if these banks keep failing, if 150 banks fail!!?!?!?
Answer:
I think we are headed towards another depression. The last one in 1929 lasted for 10 years.
Answer:
Don't take advice from Debbie Downer. We'll be fine. Report Abuse
Answer:
The government needs to halt stepping in to “save” these companies. They took risks they shouldn't have taken if they had good judgement. Often for every bad choice, there is a bad reaction.
There has to be a point where the government stops bailing out these companies!!! And if it doesn't, then the people need to step up and say “Enough is enough!” That probably won’t happen though because no one wants to loose it all.
Answer:
The 1929 depression was triggered by a bank failure in Austria.
History is a cycle.
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