The Economy and Kung Fu

[MasterKiller]

Bush tried to reign it in in 2003, but people like Barney Frank said Fannie May and Freddie Mac were doing just fine.

LOL!

http://www.youtube.com/watch?v=eW9viaJatpo

[1bad65]

I work in high tech. We are notorious for being an 'up-and-down' industry. My company is making money big time. My next bonus should be pretty big. The rest of the industry is doing good as well.

And the two schools I train at are growing as well.

[Shaolinlueb]

FDIC insures up to 100,000. correct MK, but there are insurance companies that cover the rest.

my bank has insurance that saves all savings for the the money that FDIC won't cover. so everything above 100,000 is also insured at my bank.

[MasterKiller]

FDIC insures up to 100,000. correct MK, but there are insurance companies that cover the rest.

my bank has insurance that saves all savings for the the money that FDIC won't cover. so everything above 100,000 is also insured at my bank.

There is not enough money in the insurance system to pay everyone who would be owed if the majority of banks fail.

[1bad65]

Which candidate got over $100,000 in campaign money from Fannie Mae and Freddie Mac?

Franklin Raines, Bill Clinton's White House budget director, ran Fannie Mae and made $50 million dollars.

Jamie Gorelick, Clinton Justice Dept official, worked for Fannie Mae and made $26 million dollars.

Jim Johnson, served on Obama's VP search committee, was a Fannie Mae CEO.

[1bad65]

There is not enough money in the insurance system to pay everyone who would be owed if the majority of banks fail.

The only banks that are in danger of failing are those that made horrendous business decisions.

[MasterKiller]

Which candidate got over $100,000 in campaign money from Fannie Mae and Freddie Mac?

Franklin Raines, Bill Clinton's White House budget director, ran Fannie Mae and made $50 million dollars.

Jamie Gorelick, Clinton Justice Dept official, worked for Fannie Mae and made $26 million dollars.

Jim Johnson, served on Obama's VP search committee, was a Fannie Mae CEO.

You forgot McCain's campaign manager Rick Davis.

[MasterKiller]

The only banks that are in danger of failing are those that made horrendous business decisions.

Decisions that were spurred by the Bush admin trying to prop up the economy with housing after 9/11.

[mkriii]

Well that seems to be quite a few banks.

Also, people who have money invested in the stock market are going to be hurt, people who have money in mutual funds are going to be hurt, people who have money in CD's are going to be hurt. People with CD's can't get thier money out without taking a penalty. So if they have a CD with a bank thats about to go under their screwed.

[lkfmdc]

one of the major martial arts business consulting groups just sent out an article saying when the small schools go under, the bigger schools will get even more members from those schools....

in NYC, this may finally bring down the absurd residential and commercial real estate rates. I live in a city where studio aparments sell for a million dollars

those who had big fat bonuses on wall street are definitely going to take a hit, and some of those guys are my clients, but isn't it about time they started living in the real world?

[1bad65]

Decisions that were spurred by the Bush admin trying to prop up the economy with housing after 9/11.

Like what?

[SanHeChuan]

one of the major martial arts business consulting groups just sent out an article saying when the small schools go under, the bigger schools will get even more members from those schools....

The banks going under are getting bought out cheep by the banks still on top and growing at the losers expense just like it should be. The bailout is not needed, let them go under, so others can take their place.

[MasterKiller]

Like what?

The Office of the Comptroller of the Currency (OCC) has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function.

In 2003 the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks.

[BoulderDawg]

I work in high tech. We are notorious for being an 'up-and-down' industry. My company is making money big time. My next bonus should be pretty big. .

They give you bonus for sitting at your computer and posting here 50-60 times a day??????

Ain't American grand!!!!!

[BoulderDawg]

The banks going under are getting bought out cheep by the banks still on top and growing at the losers expense just like it should be. The bailout is not needed, let them go under, so others can take their place.

Doesn't work without legislation. The less competition (Failed business) the more strenght the few left will have. A new company would not stand a chance to survive. This leads to monopoly.