We are within 100 days of financial doomsday

[nergee]

2 more banks fail...First National Bank of Nevada & First Heritage Bank in CA...
There are roughly $6.84 Trillion in total bank deposits. $2.60 Trillion of that total is uninsured....
There is only $53 billion in FDIC insurance to cover the $6.84 Trillion in bank deposits...

Make sure none of that uninsured money is yours......

 

[nergee]

Wait a minute....of the $6.84 Trillion in bank deposits, the total cash on hand at banks is a mere $273.7 Billion.
Where is the rest? The answer is in off balance sheet SIVs, imploding commercial real estate deals, Alt-A liar loans,
Fannie Mae and Freddie Mac bonds, toggle bonds where debt is paid back with more debt, and all sorts of other
fraudulent financial schemes that have bank and brokerage firms leveraged at 30-1 or more. Those loans cannot be paid back.

What cannot be paid back will be defaulted on. The entire US banking system is insolvent......

 

[LegendKiller]

Originally posted by: nergee
Wait a minute....of the $6.84 Trillion in bank deposits, the total cash on hand at banks is a mere $273.7 Billion.
Where is the rest? The answer is in off balance sheet SIVs, imploding commercial real estate deals, Alt-A liar loans,
Fannie Mae and Freddie Mac bonds, toggle bonds where debt is paid back with more debt, and all sorts of other
fraudulent financial schemes that have bank and brokerage firms leveraged at 30-1 or more. Those loans cannot be paid back.

What cannot be paid back will be defaulted on. The entire US banking system is insolvent......

Because it's off balance sheet doesn't mean it's a SIV. All sivs are off-bs, but not all off-bs are sivs. It's an ignorant statement to say otherwise.

Fraudulent? How is it fraudulent?

No it isn't, and total cash on hand is far more than that in cash and liquid assets.

 

[nergee]

Well, maybe not fraudulent...i'll take that back but there are certainly tons
of financial schemes out there that bump the leverage of various firms
up to 30 to 1......Is that a recipe for failure?...no but it shows
a certain level of risk in this very precarious time.....

 

[LegendKiller]

Originally posted by: nergee
Well, maybe not fraudulent...i'll take that back but there are certainly tons
of financial schemes out there that bump the leverage of various firms
up to 30 to 1......Is that a recipe for failure?...no but it shows
a certain level of risk in this very precarious time.....

Just because it is levered doesn't mean it's dangerous.

 

[retrospooty]

Originally posted by: yllus
I really wonder how some people manage their personal finances in the real world when they exhibit such a poor grasp of reality online.

That is a realy good point. Either this was an inflammatory trollbait post, or the poster has several screws loose.

Let me repeat a quote from a popular economist I heard last week. "We need to relax and realize the American economy is like sex. Even when its bad, its good. It has a way of constantly reinventing itself and always comes out on top"

Even in this downswing, we are strong, buying up iphones, and hybrids, and PC's and all the other crap that we buy. All we have to do is breath... just keep breathing.

 

[Moonbeam]

How many days left now? The thread is a month old but the 100 days stays the same. Maybe somebody mentioned that already. I don't read these dooms day threads any more because I've lost count of how many 'ends of the world' I've lived through already

 

[ProfJohn]

We're down to 98 days and I still have started to get ready!!!!!!!

 

[blackangst1]

Originally posted by: Perry404

We just aren't as wealthy as some would like to believe.
For those of you just itching to look back in a 100 days and say "I told you so"...
I really couldn't care less so get a life.:laugh:
It's possible they can hold all this off another quarter or two but I highly doubt it.

We are wealthier than you would like to believe. The status of wealth in 2007 is at record levels. Google works, but you can start here.

Their projected sales figures for 2007 range from $4.6 million to $220 million. And these 25 entrepreneurs representing 13 businesses haven't even turned 40 yet. In fact, the youngest is 25 years old. While they have success at a young age in common, their businesses couldn't be more diverse. Our slideshow begins with a granola manufacturer and ends with a green residential builder, with more variety in between.

Or this:

June 27, 2007, 10:01 am
More Millionaires Than Ever

While the rich got richer and more numerous in 2006, the super-rich did even better, according to a new report.

The 2007 World Wealth Report, issued this morning by Merrill Lynch and Cap Gemini, showed a record number of millionaires in North America and abroad. The survey said there were 9.5 million millionaires in the world at the end of 2006. (By millionaires, Merrill and Cap Gemini mean people with financial assets of $1 million or more ? not including primary residences.)

The millionaire population increased 8.3% between 2005 and 2006. And these millionaires controlled $37.2 trillion in wealth. By 2011, that wealth is expected to grow to $51.6 trillion.

In North America, the number of financial millionaires grew 9.2% to 3.2 million. Their total wealth grew by 10% to $11.3 trillion.




Read up kiddo.

 

[GrGr]

You wouldn't believe how many millionaires there are in Zimbabwe

 

[SleepWalkerX]

Originally posted by: GrGr
You wouldn't believe how many millionaires there are in Zimbabwe

Lol I was about to say the same thing. I wonder how the people of the Weimar Republic liked being millionaires.

Wealth is not about the amount of money you have, but purchasing power.

 

[DomS]

Hey I've been on vacation all weekend, did I miss FINANCIAL DOOMSDAY 2008 PRESENTED BY PEPSI ?

 

[blackangst1]

Originally posted by: Perry404

Originally posted by: blackangst1

Originally posted by: Perry404

Bob Barr Chuck Baldwin

Both leave something to be desired but are nonetheless a start.

You arent serious are you? You think the electoral college would vote for an independant?

Iceberg is correct. You're dense.

I see. Perhaps you might point out to me where I said that because I don't remember.

uh...you did put Bob Barr Chuck Baldwin links to suggest we could vote for them correct? Theyre independent. Therefore, wont get elected.

Get it genius?

 

[HeXploiT]

Originally posted by: blackangst1

Originally posted by: Perry404

We just aren't as wealthy as some would like to believe.
For those of you just itching to look back in a 100 days and say "I told you so"...
I really couldn't care less so get a life.:laugh:
It's possible they can hold all this off another quarter or two but I highly doubt it.

We are wealthier than you would like to believe. The status of wealth in 2007 is at record levels. Google works, but you can start here.

Their projected sales figures for 2007 range from $4.6 million to $220 million. And these 25 entrepreneurs representing 13 businesses haven't even turned 40 yet. In fact, the youngest is 25 years old. While they have success at a young age in common, their businesses couldn't be more diverse. Our slideshow begins with a granola manufacturer and ends with a green residential builder, with more variety in between.

Or this:

June 27, 2007, 10:01 am
More Millionaires Than Ever

While the rich got richer and more numerous in 2006, the super-rich did even better, according to a new report.

The 2007 World Wealth Report, issued this morning by Merrill Lynch and Cap Gemini, showed a record number of millionaires in North America and abroad. The survey said there were 9.5 million millionaires in the world at the end of 2006. (By millionaires, Merrill and Cap Gemini mean people with financial assets of $1 million or more ? not including primary residences.)

The millionaire population increased 8.3% between 2005 and 2006. And these millionaires controlled $37.2 trillion in wealth. By 2011, that wealth is expected to grow to $51.6 trillion.

In North America, the number of financial millionaires grew 9.2% to 3.2 million. Their total wealth grew by 10% to $11.3 trillion.




Read up kiddo.

If the dollar falls another 80%, one of every five banks fail, the market falls by 50% and unemployment rocketed to 30% the U.S. would still probably have more millionaires than any other nation on earth.
The upper class does not represent the wealth of a nation. At least not in my eyes.

 

[blackangst1]

Originally posted by: Perry404

Originally posted by: blackangst1

Originally posted by: Perry404

We just aren't as wealthy as some would like to believe.
For those of you just itching to look back in a 100 days and say "I told you so"...
I really couldn't care less so get a life.:laugh:
It's possible they can hold all this off another quarter or two but I highly doubt it.

We are wealthier than you would like to believe. The status of wealth in 2007 is at record levels. Google works, but you can start here.

Their projected sales figures for 2007 range from $4.6 million to $220 million. And these 25 entrepreneurs representing 13 businesses haven't even turned 40 yet. In fact, the youngest is 25 years old. While they have success at a young age in common, their businesses couldn't be more diverse. Our slideshow begins with a granola manufacturer and ends with a green residential builder, with more variety in between.

Or this:

June 27, 2007, 10:01 am
More Millionaires Than Ever

While the rich got richer and more numerous in 2006, the super-rich did even better, according to a new report.

The 2007 World Wealth Report, issued this morning by Merrill Lynch and Cap Gemini, showed a record number of millionaires in North America and abroad. The survey said there were 9.5 million millionaires in the world at the end of 2006. (By millionaires, Merrill and Cap Gemini mean people with financial assets of $1 million or more ? not including primary residences.)

The millionaire population increased 8.3% between 2005 and 2006. And these millionaires controlled $37.2 trillion in wealth. By 2011, that wealth is expected to grow to $51.6 trillion.

In North America, the number of financial millionaires grew 9.2% to 3.2 million. Their total wealth grew by 10% to $11.3 trillion.




Read up kiddo.

If the dollar falls another 80%, one of every five banks fail, the market falls by 50% and unemployment rocketed to 30% the U.S. would still probably have more millionaires than any other nation on earth.
The upper class does not represent the wealth of a nation. At least not in my eyes.

Well, Im not sure what you define as wealth then.....

And for the record...a millionaire is NOT wealthy. Rich, yeah,. Wealthy? not by a long shot.

 

[glugglug]

Originally posted by: Vic
Given the necessity that things must get worse before they get better, 100 days is an easy guess. 'Doomsday' though will never occur so long as the country remains intact.

I would like a clarification of how exactly you define 'intact' in this context.

 

[Thump553]

Slow day here, I calculated it out. Doomsday is November 1, 2008. Mark your calendar.

I wonder how it will affect the national elections occuring a few days later.

I concede that if the dollar falls another 80% OR 20% of the banks fail OR the market falls by 50% (from July 24th) OR unemployment rockets to 30%, then the economic doomsday has arrived. Any one alone of the above will be sufficient.

 

[conehead433]

Originally posted by: Thump553
Slow day here, I calculated it out. Doomsday is November 1, 2008. Mark your calendar.

I wonder how it will affect the national elections occuring a few days later.

I concede that if the dollar falls another 80% OR 20% of the banks fail OR the market falls by 50% (from July 24th) OR unemployment rockets to 30%, then the economic doomsday has arrived. Any one alone of the above will be sufficient.

Thanks for letting us know the date. We can all especially enjoy Halloween this year.

 

[JEDIYoda]

96 more days and counting....

 

[shira]

Originally posted by: conehead433

Originally posted by: Thump553
Slow day here, I calculated it out. Doomsday is November 1, 2008. Mark your calendar.

I wonder how it will affect the national elections occuring a few days later.

I concede that if the dollar falls another 80% OR 20% of the banks fail OR the market falls by 50% (from July 24th) OR unemployment rockets to 30%, then the economic doomsday has arrived. Any one alone of the above will be sufficient.

Thanks for letting us know the date. We can all especially enjoy Halloween this year.

Will Perry's head explode if on November 2, 2008, the U.S. is (still) majorly F'ed up, but still afloat?

 

[DomS]

how many days we at now?

 

[SpunkyJones]

Originally posted by: DomS
how many days we at now?

Crap, I haven't supplied my bunker yet. I hope I can still find tater tots in bulk.

 

[Oric]

is that man days .. I mean workdays

 

[jonks]

Perry has a higher pitched voice than I thought:

http://www.todaysbigthing.com/2008/08/04

 

[RU482]

If this is real (OP's theory), do you think people will start to cannibalize the rich?