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alstry (35.00)

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November 08, 2008 – Comments (5)

Security Pacific Bank, Los Angeles, California, was closed today by the Commissioner of the California Department of Financial Institutions.......The FDIC estimates that the cost to the Deposit Insurance Fund will be $210 million.

Franklin Bank, S.S.B., Houston, Texas, was closed today by the Texas Department of Savings and Mortgage Lending....The FDIC estimates that the cost of today's transaction to its Deposit Insurance Fund will be between $1.4 billion and $1.6 billion.

Two institutions were institutionalized this weekend.  Billions evaporating out of the FDIC.....Jobs being cut by the millions......Ten million people looking for work and that number is growing.....

My guess is that in the next few weeks to few months......most in America will begin to realize how difficult things really are.....

“The September decline in the Restaurant Performance Index was the result of broad-based declines across the index components, with both the Current Situation and Expectations indices falling to record lows,”

It really is not very hard to analyze.....And you know it is likely going to get a lot worse.  A LOT WORSE!!!!!!

Some of us saw it coming and warned you.  We did our best to give you a heads up and prepare you for what will likely be the biggest economic implosion in human history. 

We are simply starting to deal with a generation of accumulated  debt from excess borrowing and consumption.  Cleaning it up will cause revolutionary disruptions.  All will not be lost but many will lose most.  Most of us were beneficiaries of the system...rising stock markets, growing businesses, lots of money flowing everywhere.

5 Comments – Post Your Own

#1) On November 08, 2008 at 12:47 PM, LordZ wrote:

Take away the King crab legs

and give us spoiled tuna....

 

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#2) On November 08, 2008 at 5:34 PM, jegr5347 (< 20) wrote:

Keep your King crab legs, I'll go down punching with my stone crab claws.

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#3) On November 08, 2008 at 5:53 PM, biotechmgr (36.37) wrote:

I share your sentiment in spades. The cumulative evidence since July 2007 should be enough to convince any rational mind that the Greater Depression is at hand. Yet the masses are too busy with their lives and untrained in economics and finance to heed the glaring warning lights flashing in front of them.

People will not be able to fathom the depths of this depression. It will hurt many and most. I shudder to think of the social unrest and related ramification.

The chickens have come home to roost and there is a lot of messy CS to clean up.

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#4) On November 09, 2008 at 8:30 PM, zygnoda (26.69) wrote:

Some of us saw it coming and warned you.  We did our best to give you a heads up and prepare you for what will likely be the biggest economic implosion in human history. 

I looked at Franklin the other day.  It's been trading at a dollar or less since may.  What took the fdic so long?

 

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#5) On November 09, 2008 at 9:29 PM, alstry (35.00) wrote:

Just the order of things according to some random decision making process.

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