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  #46  
Old 02-19-2014, 08:06 AM
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Originally Posted by Skid Row Joe View Post
Hundreds, if not a thousand banks failed since this thread started in March 2009. Nothing's changed, other than a few bank workers out of work as they failed. Things have just gotten more consolidated, that's all.
When you say those banks failed it is possibly misleading. That could be viewed as business as usual for the entities aquiring those "failed" banks. Just paperwork.

Lobbyists are constantly busy writing this story as we play on the forum. Change a rule here or there and a requirement or two and all of the sudden there are assets ripe for the picking.

A banking system failure is another situation, civilization tanks.

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  #47  
Old 02-19-2014, 10:40 AM
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Originally Posted by Skid Row Joe View Post
Hundreds, if not a thousand banks failed since this thread started in March 2009. Nothing's changed, other than a few bank workers out of work as they failed. Things have just gotten more consolidated, that's all.
FDIC: Failed Bank List

Bank failures since 2009
Year Bank failure cost to DIF ($ billions) Number of bank failures
Total: 466
2014 (estimated) 2
2013 (estimated) 24
2012 (estimated) 51
2011 (official) 92
2010 (official) 157
2009 (official) 140
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  #48  
Old 02-20-2014, 12:00 AM
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Originally Posted by TwitchKitty View Post
When you say those banks failed it is possibly misleading. That could be viewed as business as usual for the entities aquiring those "failed" banks. Just paperwork.

Lobbyists are constantly busy writing this story as we play on the forum. Change a rule here or there and a requirement or two and all of the sudden there are assets ripe for the picking.

A banking system failure is another situation, civilization tanks.
No, they failed. Period. The regulators would swoop in and take control of the banks on one day, then open with a different name the next business day. Dozens and dozens of banks failed for well over a year, because of their insolvency. Nothing misleading about those facts. I realize some ppl paid no attention to this - but the announcements weren't paid any mind since the U.S. Gov't. closed 3, 4, 5, or up to maybe 10 to 15 or so banks every 15 days or so. They didn't want to panic the public, again. There were into the hundreds of failed banks.
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  #49  
Old 02-20-2014, 02:43 AM
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This keeping confidence went too far. Up here in Canada the government announced there was no problems in about 2009. This was far from the truth at the time. They gave a lot of banks emergency money. Probably afraid of a run starting even with deposit insurance.
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  #50  
Old 02-20-2014, 07:10 AM
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Originally Posted by Skid Row Joe View Post
No, they failed. Period. The regulators would swoop in and take control of the banks on one day, then open with a different name the next business day. Dozens and dozens of banks failed for well over a year, because of their insolvency. Nothing misleading about those facts. I realize some ppl paid no attention to this - but the announcements weren't paid any mind since the U.S. Gov't. closed 3, 4, 5, or up to maybe 10 to 15 or so banks every 15 days or so. They didn't want to panic the public, again. There were into the hundreds of failed banks.
I think that's right.
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  #51  
Old 02-20-2014, 09:14 AM
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I'm sure it happened both ways. They have been at this for a long time. I know that the S&L crisis back when Neil Bush was in the news was largely just legalized bank robbery. I think banking criminals are now just more discrete and have more hold on the gov.
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  #52  
Old 02-20-2014, 02:45 PM
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FDIC: Failed Bank List

Fasten your seatbelt before scrolling the list - if hundreds of failed banks is news to you.
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  #53  
Old 02-20-2014, 05:59 PM
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A banker once told me that the standard way of closing a bank was for the federal regulators to come in and look at the books. Nothing unusual about this as it is a routine thing.

Then the regulators make some suggestions and the bank is free to follow them or ignore them or go beyond what is required.

Then the regulators look at the book again and see if things are getting better. Either they are or they or not.

And if they decide the bank is beyond hope they line up a buyer, rent an office nearby, open up a phoney storefront, and then, whey they are ready, they call the local police and say we need some help out here. Then the regulators walk across the street and tell everyone to go home while they secure the place. The new owners are also at the storefront so as soon as the building is clear they come in and take over.

In a lot of cases they even have new signs ready to put up, at least in the windows.

A press release is issued and the public and customers go along just like it is business as usual. Because it is.

I have never seen a bank panic first hand, but my Grandfather did. He lost millions in one day of a panic and was in total agreement with the new way of doing things. The system as it is may not be perfect, but I bet for most people it beats losing a few million in one day.

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