Finance Crisis

[SteamWake]

Pelosi says "Hey its not the Dem's fault".

Why dont we just look into this and see whos 'fault' it really is.:hmm:

[UnderseaLcpl]

Originally Posted by Gorduz

In Norway allmost all banks must pay into a fund that the state control. This fund is used to guarantee that all deposits upto 400.000$. This means that you don't get panic withdrawal of money when the banks are in enough trouble allready.
There is nothing wrong with socialistic approaches in a market economy, but they need to be clear and equal for all partisipants, so that the goal of a free competition is conserved.

Oil makes up almost half of Norway's total exports, and the oil business is nationalized, and Norway is still in debt. Almost 500 billlion dollars in debt, in fact.

Norway may be on the up now, but they'lll have to come up with something else when their oil resources are exhausted or demand for them falls.

[bookworm_020]

Well banks here in Australia are doing fine, Billion dollar profits for each mid and full year report! They just keep uping the fees and charges!

I'm with a credit union, no fees, no charges, and all profits returned to members through improvements in services. I'm not going near a bank again if I can help it!

[Happy Times]

Originally Posted by Happy Times

Great book indeed.

I just think present situation has other factors also. But searching what to blame just becomes irrelevant, when people have to survive trough this. I spent last day sitting down with my father and brother, talking honestly about each others economic situation. We made plans and promised to support each other if need be. This was just in case, because people, do not underestimate the seriousnes of the situation. Do not keep large sums of money, atleast in the bank, keep cash home, trade it to something that keeps its value or make a long term investment(careful).
EU isnt immune and if i lived in US, i would prepare for the worst case scenario.
People take insurances normally from a company, but if you cant trust the company to even be around long, you have to create your own insurances. Food and other essentials, physical protection of lives and property(guns, security), something that doesnt loose value to trade with(gold is the best).
Now someone might laugh, but if the threat realizes itself, you will be the one laughing.
I just hope all the Subsim people get trough this and lets hope/pray that we get a small miracle, just dont leave it to just that.

My gold is going up. Its not too late people to get some today, move!
WaMu, AIG, Wachovia and Citigroup are on danger, its not just the investors. FED has used half its capability, it cant save all! Its hyperinflation or recession! You dont want to be the last in line of a bank run! Finland had a Great Depression size depression in the early 90s. FED people have been to Finland to study how that was hadled. One way was establishing a "rubbish bank" where all the "rubbish loans" were gathered. But we still have people who are affected by those times!

[Happy Times]

EU is going to follow suit, especially UK, Spain and Baltics.

[Tchocky]

And HBOS is bought out by Halifax.

[Skybird]

Hm. It certainly is to be expected that banks buy other banks in this crisis. However. Imagine the ba´nks reuslting from these fusions! Even bigger banks! Even more power and influence concentrated in even less institutions and hands! It's not that these institutions are driven by wellmeaning and altruism, but by profit-craving. If you go to a bank today to buy one of their "products", you get told a lot of crap and worthless misinformation, and whenever some investigators examine their business practices with private customers, they find in very very many cases the hidden costs of a product to be three times as high than what people get told and persuaded with in the high-gloss advertising.

Do I really want such institutions without any democrati legitimation for their enormous power in economics and politics to become even more powerful? the fewer players there are, the more monopolism - and it already is a swamp right now.

Looking beyond the imidiate things and watching how our civilisation as a whole gets influences by the banking "culture", it seems it can only become worse, seen that way.

[Happy Times]

Im pumping my next paycheck to gold, you cant loose!

[Skybird]

A mishap:

http://www.spiegel.de/international/...578924,00.html

[Happy Times]

Originally Posted by Skybird

A mishap:

http://www.spiegel.de/international/...578924,00.html

Small change tough, New York today will be chaos.

[joegrundman]

Originally Posted by Skybird

A mishap:

http://www.spiegel.de/international/...578924,00.html

this is just a nightmare

[Skybird]

But it's not Sparta.

Obviously.

[joegrundman]

So what is the conclusion?

Finance is too important to be left to the bankers?

An expensive lesson, if so.

[Happy Times]

I dont know but this is getting ridicilous, FED got other central banks "printing" money.
They have pumped a trillion in few days, they are only delaying the ineviteble, making the bill bigger for us to pay.
This is madness.

[McBeck]

Banks here in Denmark are facing problems as well.

One has already gone .... bankrupt.

The problem here in Denmark has been the housing market. It has been rising so fast that everybody wanted a piece of the action and the banks has not been careful enough with their risk portfolio. They used to have 1 in 5 loans that was deemed a risk.
Their greed has made them accept a much higher value.
At this point you can not loan money for a house unless you can prove you have a buyer for your existing one.
There are more houses for sale at this point than there has been for many many years!