The banking crisis and how it seems to stand now.

Well right now with banks shuting down because of bank runs , Subprime Mortgages, and Idoits running the whole thing we are currently in an economic clusterfuck. Indy Mac and Fanny mae just got Picked up by the FDIC. I’ve been passively watching other banks and noticed that wacovia bank has lost over 72% of its value in the last 9 months.  My bank which i have a savings account through Has lost over 63% of its value in the same time.

It bothers me that you turn on the news and the financial news says “Everythings great! the housing market is up .5% , when year to date its actually down ALOT! If you go to sites that are out of the US basically you get the message of Hold on to your ass cuz your going for ride

The US needs to stop trying to save the banks and try to save the people. As far as i see it they have been screwing off and making inflation go batshit.

Every time we bail out a bank we are just setting up for a higher fall, every time the Interest rate is cut we are getting higher up. We are going to be up shits creek if we keep on saving banks. Unfortunatly at this time we keep doing this we if a major closure happens that we cant control , we are just going to go into freefall from all the propping up of the econimy , Its better off to slowly Fix the issues at hand , irony has it when i was a kid there was a cartoon that perfectly made sense of inflation . Its like a balloon, for every time you cause inflation the balloon inflates. cause too much inflation and it burst. we need to figure out how to slowly deflate the econimy and defuse the banking crisis. which Rather than gov bail out . they should fix it for themselves.

Sure jobs will be lost, but in the end by not keep bailing them out the landing will not be like jumping off a skyscraper

but overall the banks are to blame on this one. they are the ones that went out and offered dirtcheap mortgages that were effectively poisoned from the start. the ARM… will literaly cost you an arm and leg.

The US gov wants to give money to the banks. Why not do the more sound thing.. give the money to the people to save there houses, or at least give them an option to get out free if they can not prove a sound economic stance.  Its really bad that people loose there houses and yet the banks profit by getting huge bail outs.

Times are tough… even myself i’ve cut down on coffee =p