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Large U.S. banks on edge of insolvency, experts say
- Text size
Steve Lohr
The International Herald Tribune
February 13, 2009
Some of the large banks in the United States, according to economists and other finance experts, are like dead men walking.
- A d v e r t i s e m e n t
A sober assessment of the growing mountain of losses from bad bets, measured in today’s marketplace, would overwhelm the value of the banks’ assets, they say. The banks, in their view, are insolvent.
None of the experts’ research focuses on individual banks, and there are certainly exceptions among the 50 largest banks in the country. Nor do consumers and businesses need to fret about their deposits, which are insured by the U.S. government. And even banks that might technically be insolvent can continue operating for a long time, and could recover their financial health when the economy improves.
But without a cure for the problem of bad assets, the credit crisis that is dragging down the economy will linger, as banks cannot resume the ample lending needed to restart the wheels of commerce. The answer, say the economists and experts, is a larger, more direct government role than in the Treasury Department’s plan outlined this week.
The Treasury program leans heavily on a sketchy public-private investment fund to buy up the troubled mortgage-backed securities held by the banks. Instead, the experts say, the government needs to plunge in, weed out the weakest banks, pour capital into the surviving banks and sell off the bad assets.
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February 13th, 2009 at 10:59 am
A message to the poor and hungry who have been left behind by those you voted into power and adore so much:
It’s survival of the fittest and only the fittest will survive. . .
Primitive George Reply:
February 13th, 2009 at 4:34 pm
I will start doing my Wii aerobics.
whaaaaaaaaat? Reply:
February 14th, 2009 at 5:52 am
lmao!
February 13th, 2009 at 11:00 am
They already are insolvent,as is the federal government,it is just a confidence game(and lots of printing of money)that keeps it all going…for a little while more at least.
Only a fool would have their currency in the bank and not transferred into gold by now.
mrmakymkay Reply:
February 13th, 2009 at 12:30 pm
i vote no-confidence!!!!
ICE FARMER Reply:
February 13th, 2009 at 1:59 pm
there are lots of fools out there
G. Kinney Reply:
February 13th, 2009 at 2:09 pm
I am a new listener and trying to get caught up to speed. Will someone please offer me simple advice of what I need to do to protect my family and also what information to use to present to any elected officials?
I love my left foot Reply:
February 13th, 2009 at 4:36 pm
part one of your question… get storable foods, guns, ammo, seeds, and inform the family.
part two of your question… good luck, they’re already bought.
godbluff Reply:
February 14th, 2009 at 6:37 am
you said it dave, and they have been insolvent since 1988 at the least. I saw a banner headline in the philadelphia Inquirer back then, that wrote in huge letters. AMERICAN BANKS ON THE EDGE OF INSOLVENCY. there was no follow up after that story ran. ( this was when over 500 banks collapsed) lots of people lost lots of money. Our banks could collapse at any time keep as little as you can in there. peace
February 13th, 2009 at 11:48 am
DAVE YOUR RIGHT. BUT I WOULD PUT MOST OF MY MONEY IN GUNS AND FOOD…
February 13th, 2009 at 11:54 am
Well DUH! Do ya think so???
Any money you keep in a bank, either an account OR safe deposit box, MUST be considered “AT RISK”. Sure it’s “insured” by the FDIC, but that’s only as good as the government is solvent. Has there been any discussion of the federal money woes? Or will they just fire up those presses to make good?
February 13th, 2009 at 11:55 am
Off topic, but here’s an opinion on another [better?] way to spend the 827 Billion Dollar Stimulus money: http://www.youtube.com/watch?v=jrJBJxKvHFc .
I found it quite interesting, you might too.
February 13th, 2009 at 12:15 pm
I’ve done my part. Will you do yours? The enemy uses BILLIONS of YOUR HARD-EARNED MONEY every year in the agenda to keep us enslaved. Yes, HALF of your income and even MORE in the future will go to these CRIMINALS running the show in DC and the BANKS. How much more are we going to take before we join together and push back? I know there are at least 2 million Infowarriors out there who can contribute 5 bucks to the cause. That’s a $10 million injection into the Infowar which will help get the word out to more people$$. It’s ONLY awareness by the masses that will stop this in it’s tracks! This is a war, people, and as we all know from Iraq, wars need funding–except I’m not lying to justify my case!!! The only difference is we’re not able to steal from the citizens to fund our war. It has to come from US! Please donate today! Thanks for your support…
http://www.youtube.com/watch?v=Uns4n_Rd1do
What’s 5 bucks today for a chance at freedom the rest of your lives…?
February 13th, 2009 at 12:27 pm
Whodathunkit. Fetch em a drool cup.
February 13th, 2009 at 12:37 pm
Because, there aren’t enough placeholders in the computers.
February 13th, 2009 at 12:50 pm
Buy FOOD, GUNS, AMMO. Or, be rich enough to buy a self seficiant house in some foreign land like damn near everyone else on capital hill.
February 13th, 2009 at 1:32 pm
2 plane crashes in New York…….in less than a month……….very very suspicious. The first ‘miracle on the Hudson’ crash was suspicious enough…..with a ‘flock of birdies’ bringing down a jet liner with prominant Bank of America staff on board (the only bank that seems to be weathering the Illuminati attempts to bring down economy and US). The second crash in two months is also pretty damn suss!! Are we stupid sheeple? That was a rhetorical question!!
February 13th, 2009 at 1:45 pm
Our banking system is only prevented from complete collapse by an influx in heroin money from Afghanistan.
February 13th, 2009 at 1:50 pm
http://www.john-f-kennedy.net/.....r11110.htm
February 13th, 2009 at 2:02 pm
America wants to keep ignoring my family and their civil rights, along with our freedom. This is what you country is worth, nothing, the gold stays in the ground. Every single bank in this country can go broke for all I care. You have stolen every dollar of mine, you have stolen the dignity of this country. Since America thinks the dollar is going to save you, this is what I hope your stupidity brings you. Anger, hunger, fear, and sex becuase that is all what you really deisire. So bring it on America. You like Fraudian and deny us our freedoms under the Constitution after several generation of my families hard work, and you wasted and still are wasting every dollar of it. Good Luck with begging!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! I want a lawyer, you have no right to abuse us and steal evey dollar we make.
February 13th, 2009 at 2:36 pm
Well said Jennifer………but will the sheeple wake up in time to realize that they are being a*** f***** or do they enjoy being shafted? As long as you get your sex on tap, your Mcdonalds…..and your trash TV……you don’t care if the whole sodding world crumbles around you. Shame on U…..what will you tell your Grandchildren who have to live in a facist State run by maniacs?
February 13th, 2009 at 3:48 pm
Let all the fuckers fail!
February 13th, 2009 at 7:59 pm
On the edge? Banks were insolvent early last year. They are leveraged 26 to 1. I’ve learned that so-called “economists” and “experts” are quite stupid people. They are Keynesians. A failed experiment.
February 13th, 2009 at 8:15 pm
Married and 10 on your w-4! Do not file your taxes for 09,start it now,the first step of this impending revolt starts with taxes.
February 13th, 2009 at 9:46 pm
my wife works for a local bank owned by a company in DC, they have been acting like everything is ok but now the lies are bubbling up to the surface quick. Her position has just been eliminated although she still is employed they turned her position into a McJob (no benefits, hourly wage from salary). they just cut branch hours, and today have eliminated more positions.
Local banks are trying to distance themselves from this mes but they are affected too. My guess more is to come,,,,
DO NOT trust any company’s reassurance and especially do not trust your bank, when things get bad they are going to “slam the window” in the event of a run on the bank meaning no money for you even if you do still have some deposited. Two weeks ago (today Feb 13th 2009) we took all our money out of the bank and bought a safe. I’m considering buying silver. My wife has been in banking her entire adult career and she will not keep any money in the bank right now.
Good luck.
February 13th, 2009 at 10:04 pm
http://www.abovetopsecret.com/.....436136/pg1
February 13th, 2009 at 10:06 pm
read the above link and tell me if your not ready to take up arms……
February 14th, 2009 at 1:02 am
I’m hoping Bank of America blows soon, followed by Wells Fargo. Yes, I am hoping they blow. I don’t care if they are too big to fail, I just want them to fall. I am tired of them always screwing me, and them always getting the victory. Now, it is time to pay scum. Now look at what happens to the bully! Maybe it won’t happen now, but sooner or later these failed institutions will fall. Better sooner than later.
February 14th, 2009 at 10:21 am
We had to file bankruptcy. My several job losses and the creditors jacking up the rates to 32% left us no other choice. I’m also an ex employee of Citigroup’s call center. What they do to people’s rates should be illegal. It was nothing short of depressing telling a sweet old lady who had to use her card for presriptions that her 29-32% rate could not be lowered till she made at least 6 months of on time payments. Then it would be reviewed. I despise what these thieves are getting away with.
February 14th, 2009 at 11:43 pm
Now y’all just calm down cracka’s! We gonna’ steal ev’ry last mutha’ fuckin’ penny from y’alls asses befo’ dem big ass banks fail! And if dat don’t work den we gonna’ kill most of y’alls off. Banksta’s ain’t gonna let other connected banksta’s fail, dat’s just how it is. So chill da’ fuck out!
March 22nd, 2009 at 4:57 pm
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