US Banks....$6.84 Trillion in Deposits....$273 Billion In Cash....

Discussion in 'Economics' started by libertad, Jan 19, 2009.

  1. Yes indeed, the Globalist PLANNED wealth transfer is almost complete......what a bunch of pathetic suckers the american people have been. They have been played like a fiddle in a chep bar filled with fools! :eek:

    If you all make a run on banks at the same time MOST will have NOTHING to withdraw!!! :eek:
  2. Well that's always the situation under fractional reserve banking.
  3. AAAAAHHHHHHH......yes, I know that.

    Fractional Reserve Banking = FAIL :cool:
  4. Actually there is another flea called Roubini that states the following:

    Roubini Predicts U.S. Losses May Reach $3.6 Trillion (Update1)
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    By Henry Meyer and Ayesha Daya

    Jan. 20 (Bloomberg) -- U.S. financial losses from the credit crisis may reach $3.6 trillion, suggesting the banking system is “effectively insolvent,” said New York University Professor Nouriel Roubini, who predicted last year’s economic crisis.

    “I’ve found that credit losses could peak at a level of 3.6 trillion for U.S. institutions, half of them by banks and broker dealers,” Roubini said at a conference in Dubai today. “If that’s true, it means the U.S. banking system is effectively insolvent because it starts with a capital of $1.4 trillion. This is a systemic banking crisis.”

    Losses and writedowns at financial companies worldwide have risen to more than $1 trillion since the U.S. subprime mortgage market collapsed in 2007, according to data compiled by Bloomberg.

    Bank of America Corp., the largest U.S. bank by assets, posted a quarterly loss of $1.79 billion last week, its first since 1991, and received $138 billion in emergency government funds. Citigroup Inc. posted an $8.29 billion fourth-quarter loss, completing its worst year, and plans to split in two under Chief Executive Officer Vikram Pandit’s plan to rebuild a capital base eroded by the credit crisis.

    ‘Bankrupt’ System

    “The problems of Citi, Bank of America and others suggest the system is bankrupt,” Roubini said. “In Europe, it’s the same thing.”

    Stocks in Europe, Canada and Brazil dropped yesterday on speculation government efforts to shore up the financial industry will fail to stem the deepening global recession. The U.K.’s Royal Bank of Scotland Group Plc said it expects to post a loss of as much as 28 billion pounds ($41 billion) for 2008 and the government got ready to raise its stake in the lender.

    Oil prices will trade between $30 and $40 a barrel all year, Roubini predicted.

    “I see commodities falling overall another 15-20 percent,” Roubini said. “This outlook for commodity prices is beneficial for oil importers, it’s going to imply that economic recovery might occur faster, but from the point of view of oil exporters, this will be very negative.”

    Oil has tumbled 77 percent from its July high of $147.27 as the global economy sinks into recession, straining the budgets of crude exporters. Saudi Arabia, Oman and Dubai, the second-largest sheikdom in the United Arab Emirates, have said they will post budget deficits this year. HSBC Holdings Plc said this week it is forecasting an average oil price of $45 a barrel for this year.

    Crude oil for February delivery traded as low as $33.18 a barrel, down 9 percent from last week’s close, in after-hours trading on the New York Mercantile Exchange at 4:23 p.m. Singapore time.

    To contact the reporters on this story: Henry Meyer in Dubai at hmeyer4@bloomberg.netAyesha Daya in Dubai

    Last Updated: January 20, 2009 04:36 EST

    It is quite obvious who the fleas are in this forum. There are so many uneducated idiots on ET.

    The UK and the USA banks will have to Nationalize.

    This was also mentioned yesterday on Bloomberg by Arthur Levitt, an ex SEC Chairman.
  5. Banks getting wacked, maybe another rate cut would help hahahahahaha.
  6. And they blame capitalism for it. WTH
    #10     Jan 21, 2009