Comments on: Banking Disaster Largely Ignored By Mainstream Media

By: Greg

Greg — Sat, 05 Feb 2011 06:11:08 +0000

Hey Jacko,
You know as well as I do the FDIC makes buying a bank a can’t-miss proposition. We can settle everything if we just go back to mark to market accounting. Thank you for your comment even though you disagree the bankers are robbing the country blind.
Greg

By: jocko

jocko — Sat, 05 Feb 2011 04:49:20 +0000

Pretty weak understanding of the loss share in the article. Also, pretty weak evidence that banks would sell for “pennies on the dollar” without it… as just a quote was given. Easy to contradict that where there have been several failed banks that have sold without loss share in the past 2 years for significant amounts. In these auctions, banks often submit loss share and non loss share bids at the same time. The FDIC picks the bids that result in the least amount of loss to the fund. Remember than the acquiring institution is taking on all of the liabilities (deposits) of the failed bank, which almost always exceed the asset values in these situations. Why would they do that? Because the FDIC either bridges the difference with cash (a non loss share bid) or they do it with 20% cash and 80% cash on the come when the expected losses are actually realized (a loss share bid).

By: Greg

Greg — Sat, 07 Aug 2010 21:23:57 +0000

Clayton,
I thought your first comment was kinda giving me a hard time but I can now clearly see you were not. I am sorry I was harsh. You make excellent points here. I have often said Clinton was the most “Republican” Democrat in history. But I firmly believe both parties share equal blame for the catastrophe we face. At this point, I also believe we cannot avoid what is coming. It will be unlike ANY financial storm the country has ever faced. More coming on Monday about the timing of this financial storm on USAWatchdog. Thank you for your comments and support.
Greg

By: Clayton

Clayton — Sat, 07 Aug 2010 10:49:18 +0000

I understand the situation completely, like you, but if not the tea party, who would you choose to lead the country out of this mess. I have a good enough memory to know that it wasn’t Clinton that left us with a surplus. Most people didn’t know or care to remember that things were so bad after Clinton’s firt 2 years in office, that we had a Republican landslide which gave the Repubs control of the house and senate. Newt pushed the welfare reform and the skirt chaser vetoed the bill (twice I think) until there were enough votes to overide his veto, so knowing that the bill was going to pass anyway, he signed it with fanfare and it morphed into becoming “Bill Clinton’s Welfare Reform”.
I changed my registration from Republican to unafiliated 5 years ago, because I didn’t like the way things were going then. Now the Republicans are the lesser of the two evils. I wish we could elect more people like Jim Demint.

By: Greg

Greg — Fri, 06 Aug 2010 18:59:37 +0000

Clayton.

Do you not understand the deep financial problems the country is facing now? Do you not understand how pompous it is to take a vacation to Spain or throw a three million dollar wedding when a record 40.8 million Americans are on food stamps? Do you know how tired I am of all the partisan crap from both sides? Do you know I strongly feel both Democrats and Republicans are of equal blame for causing the depression we are in? To all of these I say, no, no, no and no. Thank you for your comment.
Greg

By: Clayton

Clayton — Fri, 06 Aug 2010 11:21:41 +0000

Are you a fan of the tea party? Do you believe Glenn Beck? Do you like Sara Palin? Do you like Newt? To all of these I say yes! Yes!

By: Greg

Greg — Sun, 01 Aug 2010 18:25:47 +0000

Steven,
The FDIC added a few more to the list of this weeks failures. Now 108 for the year. Thank you for watching this for us all!!
Greg

By: Steven

Steven — Sun, 01 Aug 2010 06:21:14 +0000

Greg;

3 more biggest losers added on Friday. 106 for the year.

Thanks for the great articles. I run a small ammunition manufacturing company on the West Coast, and, like most small (and large) businessmen am afraid to further invest in my business as we have no idea what the lunatics in Washington and Sacramento are going to do next. Here in CA we have nearly 25% unemployment, nearly $40 billion in the hole, no state budget and they are arguing over the merits of banning single-use grocery bags!

Keep un the good work!

By: Greg

Greg — Fri, 30 Jul 2010 01:22:39 +0000

Doug,
Having a portfolio without gold is like driving your care with no insurance. You are thinking right sir. Thank you for the comment.
Greg

By: Doug

Doug — Thu, 29 Jul 2010 17:01:00 +0000

Having all of your money, retirement accounts, etc. in the banks or stock market does not make much sense right now. It is not like the banks are paying interest rates even above actual inflation. This is one of the best reasons to buy some gold and have real investment diversification. It can’t hurt if things get worse.