let them wipe out all common on banks. i assure you 99% of people will selle verything and enver buy another stocks. 3 months ago jim cramer and the world told us bac was a fortress bank and today its worth nothing. bs and it means can trust no company ever adn mkt goes to 2k
2 years ago? I doubt your I.D. is more than 3 days old.
My condo was worth 925K, but dropped. I bought near the water, so as to avoid a larger drop. Long term, it will go over 1.1M.
AS far as the CA government, I can't help the idiots running the state. I try to vote them out, but too many SFO liberal pillow biters like the free stuff.
The sooner everyone admits "game over" and starts looting and pillaging, the better. What needs to be done for humanity to survive, is to first reduce the world population by 4 billion people. That buys us another 60-80 years. Anyone who has no clue what I'm talking about, grab a highschool biology book and look up "carrying capacity". The human race is likely to experience the "boom and bust" phenomenon due to the volume of required resources. One problem: decrease the population by 66%, and you leave 66% of all structures and contents "abandoned". Slowly as various containers rot away and leak, the contents will leach into rivers and oceans and have catastrophic consequences.
The Government needs to let all existing banks fail and then new banks will be created. Only after this happens will we be on the road to recovery. The sooner the banks are let to fail, the faster the recovery will be.
You have no clue as to how stupid that "statement" is.
You clearly have no vision as to the negative impact on the entire global financial system such a move would have. "Faster recover"....?? What recovery-there would be nothing left to recover. Where do you get the investment capital needed to "start new banks".....idjit!!
Problem is you have a real dilemma. Thw gov't has to keep financial systems operating while still protecting tax payers. What does that do? Wipes out common shares. What does it also do? Creates unimaginable turmoil in the markets. What does that do? Makes the whole problem a bottomless pit. I thought the Citi deal that helped the bank and saved common holders was great but then it turned out they were in worse shape so that killed the whole idea of this thing ending soon.
Banks were one of the biggest "taxpayers". I think the govt will protect them. The govt is a biggest partner in banking profits (taxes anyone??). Even our govt is not as stupid as to kill the golden goose. Now it's all BS to get foreigners out of banks. Then govt will create "aggregator bank", and buy crap at high prices. The money banks will "make" will go back to pay taxes, and govt is better off then before. Now the suckers who have "bad loans" will deal with govt run collections on the "bad debt". The "taxpayers" who wanted to steal bank's money will be forced to repay the "bad debt" to govt, and we all know how ruthless IRS is, and the new govt bank, will be a shylock too. Who will win and who will lose from it??? The winners will be US govt, not banks, nor taxpayers. The really big losers will be people whose loans end up in "bad bank", because once govt agency starts to collect money, they will really force payments. So the losses from govt running "bad banks" will become profits, as the assets will be paid at par with inordinate interest. It's all BS when they say they need to make money for "taxpayers". They make money anyway, and they make more money if banks don't fail.
This is an excellent point and many shorts don't seem to realize this, if we got screwed by some of the best companies in the world, like the big banks, then what's to say that a lot other companies out there aren't having any problems? How can we trust anything anyone even says anymore? If the banks fail then I think the stock market will crash to mega low levels and will take the entire US economy with it, all confidence will be crushed! Enough is enough, the US gov. needs to sort out this sh1t fast, before it's too late!