U.S. economy going to he!!

[Diesel99]

If you are a responsible with your money, investments and credit you have nothing to worry about. I'm not sure why you think banks have no money to loan, I'm refinacing no problem. The banks are paying for loaning money to people they should'nt have but theres still plenty to go around if you have your sh!t together. I'm tight like everyone but it's going to be a great time to buy soon.

"Buy low sell high" that's now!

It's not rocket science. You can check out the Bank reserves here at the Federal Reserve web site they keep track of deposit institutions (banks) reserves money they should have on hand from deposits.
All banks should have a required amount held at their insitutions. if you look at the chart in the link you can see quite clearly that banks have gone to sh*t starting in Nov 07 when they needed to have around 40 billion on hand and were right around that amount.
Right now they need to have around 42 billion in reserves and they are at
minus "-120 billion" .
They have traded in worthless mortage paper for 120 billion to the Federal Reserve rolling it over every 30 or 60 days to try and stay afloat.
A couple more runs on the banks like the Indymac one last week and the FDIC will go broke and the bank deposits might not be insured unless congress gives them more taxpayer dollars to bail out more banks.
Link to the Fed
http://www.federalreserve.gov/releases/h3/Current/

 

[modsledr]

.... I hope you speak spanish and like chinese food !

I love chinese food and my housekeeper is bi-lingual, so I just need to change her job description to include interpreting...does that mean I'll be OK?

I'm not saying there aren't problems....what I AM saying is that there are ALWAYS problems...the banks are just the flavor of the day.

It will correct, just like it ALWAYS does!! The banks who made bad financial decisions will be gone, and there will be tighter restrictions on lending meaning less people will be borrowing meaning less need for money in the system meaning less of a drain on the Fed, etc...etc...etc...

The market will correct itself, and the sky isn't falling. The world as we know it isnt coming to an end...the Chinese aren't taking over the world...the immigrants aren't taking over the country, etc...etc...etc...

BUT, if you believe any of this is happening and want to dig your shelter and hide away, let me know and I'll get in line behind ericbigbore and buy your land!!

 

[TS Drag Racer]

99 you have made some vital points. Things have always turned around in the past after a recession, although in our current situation I'm with you. We'll eventually get squared away again, it's just going to take twice as long as before, due to the hole we have dug ourselves into. This whole save the world, give all the free loaders a free living IE (welfare), loan money to any unqualified dirt bag that wants some, has us in a real mess. I'm thinking three to five years to get out of this one and that's only if our elected officials start pulling their heads out of their @ss!! The people that don't spend foolishly, limit their debt and save when they can, will all be just fine. The one's that don't, well GOOD LUCK..............

 

[POLZIN]

I love chinese food and my housekeeper is bi-lingual, so I just need to change her job description to include interpreting...does that mean I'll be OK?

I'm not saying there aren't problems....what I AM saying is that there are ALWAYS problems...the banks are just the flavor of the day.

It will correct, just like it ALWAYS does!! The banks who made bad financial decisions will be gone, and there will be tighter restrictions on lending meaning less people will be borrowing meaning less need for money in the system meaning less of a drain on the Fed, etc...etc...etc...

The market will correct itself, and the sky isn't falling. The world as we know it isnt coming to an end...the Chinese aren't taking over the world...the immigrants aren't taking over the country, etc...etc...etc...

BUT, if you believe any of this is happening and want to dig your shelter and hide away, let me know and I'll get in line behind ericbigbore and buy your land!!

OK!!!! 500k and its all yours! I am not one of the stupid ones that lives beyond my means!