Discussion in 'Current Events' started by Party Rooster, Oct 19, 2011.
B of A is in a world of shit me thinks...
Awesome! Thank you Congress. Is there even $75 trillion in wealth in the entire fucking world?
It's really not Congress (right now). It's the Fed. But the FDIC is against it. I really don't know a lot about a lot of it, but I've been hearing rumblings for months that B of A has been on the verge of going belly-up for months now. And then they got downgraded by Moody's. They've been fudging their financial statements to make them look a lot better than they are. A lot of economists are predicting this to be really bad for them, but we'll see. This is a great read:
Considering there are about 600 trillion dollars in derivatives in the world (world economy is about 65 trillion) 95% of which are held by US banks.
We is FUCKED.
Yeah, but just ask Herman Cain, all Congress has to do is call up the Fed and ask to see their books:icon_cool
wow, nothing more needed to say
I couldn't wait to get home from work and post the Bill Black piece but I see OAPC saved me the trouble. The Occupy movement would be very smart to pay attention to his work and get him to represent them in the media, too bad they are against that kind of thing.
You boys all stocked up on shotgun shells and canned food? There is a shit storm coming, make sure you have an umbrella.
I had trouble believing those Zero Hedge articles saying BofA was on the verge of collapse. Now I sorta believe it.
The more I read ZH, the more they scare me.
I've heard BOA is teetering on the brink for a few months now myself. Hopefully someone has the balls to stand up this time and not let the American taxpayer take it in the shorts.
BOA just posted a 2+ Billion profit for 3rd Qtr today...
and they have over 1.2 Trillion in deposits...fell to #2 in USA...
Not after Little Barry's bag man put 5 billion in BOA
I have no doubt BOA will get what they need to stay afloat.
Just 1% of $75T is $750 billion. That's a lot of floats.
Democracy Now watermark at 00:01. Thank you for saving my time in not watching 18:03 of epic fail.
Speaking of America taking it in the shorts....
Why doesn't the Fed just short BofA stock...that way when it fails they are covered
Leave B of A alone! You all know that privatizing profits and socializing losses is the new American way of doing business.
Yeah. The FDIC was set up so that taxpayers would be forced to bail out the popular market participants. Not the unpopular ones.
That's the problem, the fact that the Fed is ignoring political sentiment and using the FDIC in a way that's gonna generate negative headlines. Not that the FDIC is by definition relying forced taxation to mitigate risks for privileged participants.
The FDIC was set up in 1933, and it's been used pretty much the same way the whole time. As long as it exists, financial institutions will continue to use it to pass off risks onto taxpayers.
If you want that to end, vote for a libertarian. But then you'll have to also deal with your own bank deposits being at risk. And you'll probably have to become self-reliant in other areas as well.
Four US banks hold a staggering 95.9% of U.S. derivatives: The $600 Trillion Time Bomb That's Set to Explode
Tick tick tick...
Bank of America at this point should be looked obtoband charged with some criminal acts. This is complete bullshit and the fucking with the balance sheets is illegal for any business but the banks can do it and expect people to not know or be happy about it
sent from my incredible
Can one of you economic professors, or at least one of you economics majors please explain what exactly will happen if Bank of America fails. What can I expect to happen if the FDIC is held up by these fucking criminals for their losses?
How does this shit even happen? Why aren't these white collar stick up men all sitting in prison?