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Eli
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Joined: Jun 18, 2005
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Location: In a van down by the river
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Zardoz
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Joined: Dec 02, 2005
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Location: Oil-addicted Southern Californucopia
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 Posted: Mon Jul 14, 2008 9:47 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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| seldom_seen wrote: | | ...PS: I would guess that the market will "rally" tomorrow. Seems like everytime something bad happens we have a "rally" in the market. |
Not this time, apparently. Stocks are flat, at best. Maybe the Fannie and Freddie soap opera is too "bad" for even a phony rally.
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Eli
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Location: In a van down by the river
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| Posted: Mon Jul 14, 2008 10:05 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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NCC bank just halted stocks are now headed south.
edit now denying rumors they are experiencing a bank run, IMHO we are hitting panic levels.
Who in their right mind would keep any money over the FDIC limits in the banks that are listed as being in trouble.
We are in the midst of a modern Bank Run folks
Last edited by Eli on Mon Jul 14, 2008 10:08 am; edited 1 time in total |
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shortonoil
Fission
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Posts: 2684
Location: VA USA
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| Posted: Mon Jul 14, 2008 10:07 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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Zardoz said:
| Quote: | | Not this time, apparently. Stocks are flat, at best. Maybe the Fannie and Freddie soap opera is too "bad" for even a phony rally. |
NYSE down 46
New Highs 26
New Lows 349
Looks like Ben and Buddies are out of ammo, and the Bear is trying to tear the cabin door off! |
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roccman
Fusion
Joined: Apr 27, 2007
Posts: 4344
Location: The Great Sonoran Desert
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| Posted: Mon Jul 14, 2008 10:13 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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| shortonoil wrote: | Zardoz said:
| Quote: | | Not this time, apparently. Stocks are flat, at best. Maybe the Fannie and Freddie soap opera is too "bad" for even a phony rally. |
NYSE down 46
New Highs 26
New Lows 349
Looks like Ben and Buddies are out of ammo, and the Bear is trying to tear the cabin door off! |
Last I heard Bennie and the Inkjets went for an arctic cruise...
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"There must be a bogeyman; there always is, and it cannot be something as esoteric as "resource depletion." You can't go to war with that." Emersonbiggins
"... hope is a rotten-thighed whore" Niko Kazantzakis
We are going back to roccland - me |
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Eli
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Location: In a van down by the river
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| Posted: Mon Jul 14, 2008 10:17 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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Wamu denying they are seeing any unusual depositor activity.
Translation, we are screwed.
down 30% this am. |
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UncoveringTruths
Intermediate Crude
Joined: Nov 04, 2004
Posts: 890
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| Posted: Mon Jul 14, 2008 10:18 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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| Eli wrote: | NCC bank just halted stocks are now headed south.
edit now denying rumors they are experiencing a bank run, IMHO we are hitting panic levels.
Who in their right mind would keep any money over the FDIC limits in the banks that are listed as being in trouble.
We are in the midst of a modern Bank Run folks |
NCC carries my small mortgage which is FHA backed. Guess I'll get a letter on whom to write the check to next time. I wonder if it will be "Please make checks payable to FDIC"?
I better pay attention and make sure they are paying the escrow on taxes. At this point I could cancel the PMI and pay the taxes myself.
Any advice?
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It's a cold cold world when a man has to pawn his shoes. |
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emersonbiggins
Moderator
Joined: Jul 10, 2005
Posts: 5047
Location: Dallas
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| Posted: Mon Jul 14, 2008 10:19 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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I've got my direct deposit going into WaMu, and I am SERIOUSLY considering switching that over to my other bank, on a dormant account that I now barely use.
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Specop_007
Expert
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Joined: Aug 12, 2004
Posts: 6221
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| Posted: Mon Jul 14, 2008 10:25 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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| Eli wrote: | NCC bank just halted stocks are now headed south.
edit now denying rumors they are experiencing a bank run, IMHO we are hitting panic levels.
Who in their right mind would keep any money over the FDIC limits in the banks that are listed as being in trouble.
We are in the midst of a modern Bank Run folks |
This is what we call a self fulfilling prophesy.
If the MSM tells you "Its bad!" then guess what? People panic and it really does become "Its bad!"
Any bets we make it to Wednesday without any major problems?
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"Battle not with monsters, lest ye become a monster, and if you gaze into the
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كا&# |
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3895
Location: In a van down by the river
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| Posted: Mon Jul 14, 2008 10:26 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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No not really, your exposure is pretty limited to them.
People banking at WaMu are should be more concerned their balance sheet is terrible and they could easily go under. This was true back when CFC decided to sell out to Bank of America.
If your bank is on that list I sure would make sure to have some cash on hand. |
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jdmartin
Intermediate Crude
Joined: May 19, 2005
Posts: 795
Location: Merry Ol' USA
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| Posted: Mon Jul 14, 2008 10:28 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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Hmmm....I checked and didn't see National's stock halted - couldn't find more info - any links?
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After fueling up their cars, Twyman says they bowed their heads and asked God for cheaper gas.There was no immediate answer, but he says other motorists joined in and the service station owner didn't run them off. |
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jbrovont
Intermediate Crude
Joined: Jun 16, 2006
Posts: 646
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| Posted: Mon Jul 14, 2008 10:28 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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| Quote: |
``They're ruining what has been one of the greatest economies in the world,'' Rogers said. Bernanke and Paulson ``are bailing out their friends on Wall Street but there are 300 million Americans that are going to have to pay for this.''
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Bloomberg |
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Eli
Fusion
Joined: Jun 18, 2005
Posts: 3895
Location: In a van down by the river
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| Posted: Mon Jul 14, 2008 10:33 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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Spec I disagree, with you.
The Indy Mac story was buried this weekend most National papers did not put it on the front page or barely mentioned it.
The Treasury coming out early Sunday with the Fan/Fre bailout was very unusual.
Things are that bad, the official story is all is well, very similar to PO, when in fact things could hardly be more FUBAR right now. |
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dorlomin
Light Sweet Crude
Joined: Aug 05, 2007
Posts: 1061
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| Posted: Mon Jul 14, 2008 10:34 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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"Wash Mutual will have to add 'substanial' reserves: Lehman"
From market watch. |
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Iaato
Intermediate Crude
Joined: Mar 12, 2007
Posts: 999
Location: As close as I can get to the beginning of the pipe.
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| Posted: Mon Jul 14, 2008 10:44 am Post subject: Re: Housing & Economic Collapse - In Progress - #2 |
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| UncoveringTruths wrote: | I better pay attention and make sure they are paying the escrow on taxes. At this point I could cancel the PMI and pay the taxes myself.
Any advice? |
Good thinking. Any way you can separate yourself from this mess and take care of business directly is the way to go. There have been reports of mess-ups with escrow for failed mortgage banks in the past year. Go on a "disconnect from paper" campaign.
And this has been posted before, but it's timely now.
http://www.bankrate.com/brm/safesound/ss_home.asp
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