Anyone keeping track of all the "bank"ruptcy's?

Merryl Lynch filed for bankruptcy but luckily Bank of America merged with them and got them out of their fate.

Leahman Brothers filed and actually went under..

Not good...

http://www.fdic.gov/bank/individual/failed/banklist.html

Any idea why Leahman is not on that list?

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NetAdmin2436

They probably just haven't updated that page in the last few days.

Real estate just has absolutely been killing not only the US market, but global markets as well. It's a shame this could have been avoided if the people in the housing/mortgage industry weren't so dam greedy. It's amazing to see the effect of a bank or mortgage company going under and it sends shock waves throughout markets.

Luckily i sold 80% of what little stock I have in BAC (Bank Of America) last Thursday or Friday before it dropped like $8.

Buy low, sell high my friends.....but stay away from financial's right now. Way too much volatility.

Ahriakin

My wife is the investor of the family. I was up 'til 5 this morning doing a lab, then got woken at 9 with her frantic about Lehman Brothers....because yes I could put on my cape and save the day...em...not.....especially when my eyes are burning out the front of my skull.

Real Estate manipulation, credit overselling and a govt. (both sides) that are all too happy to profit from the shadow game to correct it and now we have a perfect-storm of financial crap that I'm pretty sure won't leave any of the executives involved out in the cold as people lose their homes and life savings.

Kaminsky

I have never had time for the moaning, lefty sociologist types (I’m not even in a union) and I have no more than a layman's knowledge of stock markets etc, but ....

/rant on
Hopefully after this recession is finally over and more than enough people have been driven into poverty, governments and national banks will be given enough clout to stop this happening again.

The greed driven bonus culture of the stock market serves nobody but the shareholders, stockholders and the pure greed culture of the brokerage houses themselves.

What are they there for ? They certainly aren’t there to serve the people (not that that is what it is meant to do obviously) and only seems to have a detrimental affect on them. We are the one's that have to bite the bullet when their dollar filled eyes obscure the reality of what they are betting on and we have to pay for their mistakes from the knock on effects.

Thousands of people losing their jobs & potentially their homes through no fault of their own but because of someone else's greed should be made a criminal (and imprisonable) offence for the company making the cock-up and the actual trader themselves .. surely! It certainly won't be these people on the bread line, you can guarantee that. Then again, jailing Nick Leason didn't work as a deterrent.
/rant off

Pash

Kaminsky wrote:

I have never had time for the moaning, lefty sociologist types (I’m not even in a union) and I have no more than a layman's knowledge of stock markets etc, but ....

/rant on
Hopefully after this recession is finally over and more than enough people have been driven into poverty, governments and national banks will be given enough clout to stop this happening again.

The greed driven bonus culture of the stock market serves nobody but the shareholders, stockholders and the pure greed culture of the brokerage houses themselves.

What are they there for ? They certainly aren’t there to serve the people (not that that is what it is meant to do obviously) and only seems to have a detrimental affect on them. We are the one's that have to bite the bullet when their dollar filled eyes obscure the reality of what they are betting on and we have to pay for their mistakes from the knock on effects.

Thousands of people losing their jobs & potentially their homes through no fault of their own but because of someone else's greed should be made a criminal (and imprisonable) offence for the company making the cock-up and the actual trader themselves .. surely! It certainly won't be these people on the bread line, you can guarantee that. Then again, jailing Nick Leason didn't work as a deterrent.
/rant off

+1

It's the greedy banks that push for consumer debt with their "affordable" loans etc and then due to poor administration and greedy shareholders they file for bankruptcy only for the goverment to offer to bail them out with our taxpayer money. It's swings and roundabouts tbh.

This is not a golden age to be in is it, im 26, poor and the future doesnt look bright

But yes I do have my health and I can afford to eat I guess

RussS

+2

The unfortunate thing about modern US society is that more people make money from 'gambling' and playing with the fates and futures of others than make mony from actually making things. I hate to say it, but this could get pretty damned ugly, but on the up side it may signal a shift back to a balanced economy.

/usr

This is not a golden age to be in is it, im 26, poor and the future doesnt look bright icon_sad.gif But yes I do have my health and I can afford to eat I guess

You can say that again...

Except I'll be 26 in about a month.

gojericho0

Pash wrote:

Kaminsky wrote:

I have never had time for the moaning, lefty sociologist types (I’m not even in a union) and I have no more than a layman's knowledge of stock markets etc, but ....

/rant on
Hopefully after this recession is finally over and more than enough people have been driven into poverty, governments and national banks will be given enough clout to stop this happening again.

The greed driven bonus culture of the stock market serves nobody but the shareholders, stockholders and the pure greed culture of the brokerage houses themselves.

What are they there for ? They certainly aren’t there to serve the people (not that that is what it is meant to do obviously) and only seems to have a detrimental affect on them. We are the one's that have to bite the bullet when their dollar filled eyes obscure the reality of what they are betting on and we have to pay for their mistakes from the knock on effects.

Thousands of people losing their jobs & potentially their homes through no fault of their own but because of someone else's greed should be made a criminal (and imprisonable) offence for the company making the cock-up and the actual trader themselves .. surely! It certainly won't be these people on the bread line, you can guarantee that. Then again, jailing Nick Leason didn't work as a deterrent.
/rant off

+1

It's the greedy banks that push for consumer debt with their "affordable" loans etc and then due to poor administration and greedy shareholders they file for bankruptcy only for the goverment to offer to bail them out with our taxpayer money. It's swings and roundabouts tbh.

This is not a golden age to be in is it, im 26, poor and the future doesnt look bright But yes I do have my health and I can afford to eat I guess

I agree the banks pressure and use smoke and mirrors with their creative financing that suckered many people into taking sub prime loans, BUT consumers are to blame as well for not properly educating themselves and signing their financial lives away without doing any due diligence.

Slowhand

See, this is why I'm poor. If I had money, I'd be jumping out off a skyscraper by now. Nuts to all you rich people. :P

TechJunky

Right now is a great time to buy if you can afford it.

Come Jan 1 the banks are requiring 5% down period in order to purchase a home. They are upping the mortgage insurance almost double too to cover future loan investments due to this big forclosure problem.

I am looking at puchasing another home and renting out my current one. No one wants to buy, but everyone wants to rent.

GT-Rob

Why not buy 2 houses?

http://www.reuters.com/article/businessNews/idUSN0339643220080603?rpc=92

Kaminsky

TechJunky wrote:

Right now is a great time to buy if you can afford it.

Come Jan 1 the banks are requiring 5% down period in order to purchase a home. They are upping the mortgage insurance almost double too to cover future loan investments due to this big forclosure problem.

I am looking at puchasing another home and renting out my current one. No one wants to buy, but everyone wants to rent.

In the UK you practically have to give them you first child to get a mortgage now. Interest rates are at 4.7% and some places are offering a fixed rate on that if you can give 15% up front but some are expecting house prices to drop by 25% in value over the next two years all adding up to a complete nightmare scanario.

With an all time low of available council houses, most waiting lists are running into years. There are going to be a lot of people losing their homes with nowhere to go but the street or bunking in with family. There are schemes where you can sell your house but then pay rent to the new owner to stay there but these are typically a scam and it's not long before the letter arrives on the doorstep apologising that they "have" to now sell it on and out you go.

Of course, those that have capital will clean up big time with all of this ...

You really do have to ask yourself how we got into this mess and why in hell our prospective governments let it happen to the population they are supposedly there to look after.

I am so glad I gambled a couple of years ago and deliberately gave up my job so I could get my family into a council house and safe from all this nonsense. Best thing I ever did for my young family.