[Chuckmak]

$this->bbcode_second_pass_quote('roccman', 'r')ut roh!!

WASHINGTON, Sept 28 (Reuters) - The U.S. Office of Thrift Supervision on Friday said it closed NetBank Inc (NTBK.PK: Quote, Profile , Research), an Internet bank with $2.5 billion in deposits, and appointed the Federal Deposit Insurance Corp as receiver.

[roccman]

77.66 was the low of the day

The dollar index, which measures the greenback against six major currencies, fell 0.8 per cent to a record low of 77.66 on Friday. The index has fallen 5 per cent since mid-August.

http://www.euro2day.gr/articlesfna/44135660/

[smiley]

Interesting editorial @CNN

$this->bbcode_second_pass_quote('', '[')b]Investors to Fed: Thanks for nothing
The reckless are getting relief from Bernanke while the prudent are paying the price, argues Fortune's Allan Sloan.

[roccman]

"Now you see this eye on the top of the pyramid...it's about to look straight up my ass as I use this thing for toilet paper."

[roccman]

Rut roh...another one scooby....

Great River Bank & Trust - Closes Doors

[seahorse]

Rocc,

The Great River Bank attachment you attached isn't closing the doors of the Bank. What it shows is that it is a "troubled" bank which the FDIC is now stepping in to insure adequacy. However, this doesn't mean the bank will survive.

The number of "troubled banks", as defined by the FDIC, has increased fairly substantially this year (at least according to some reports). However, the FDIC doesn't list the troubled banks by name on its public reports. It appears that Great River Bank is on that list. I know of two other banks on that list in my local area, ANB and Parkway, I've seen the same FDIC oversight documents you attached for Great River.

[roccman]

$this->bbcode_second_pass_quote('seahorse', 'R')occ,

The Great River Bank attachment you attached isn't closing the doors of the Bank. What it shows is that it is a "troubled" bank which the FDIC is not stepping in to insure adequacy. However, this doesn't mean the bank will survive.

The number of "troubled banks", as defined by the FDIC, has increased fairly substantially this year (at least according to some reports). However, the FDIC doesn't list the troubled banks by name on its public reports. It appears that Great River Bank is on that list. I know of two other banks on that list in my local area, ANB and Parkway, I've seen the same FDIC oversight documents you attached for Great River.

[seahorse]

Rocc,

If you're wanting to argue, I guess you can go look in the mirror. I'm only clarifying that Great River has not closed its doors, which is what your link was titled. If you read my post more carefully, you will see that they are considered a "troubled bank" by the FDIC, that the FDIC is stepping in, and that there is no guarantee they will survive even with that oversight. If you want to check in on them in two months, that's fine. Since I don't bank there, I won't be doing so. However, it is, in my opinion, a sign of things to come. Great River wasn't the first and it won't be the last.

[roccman]

$this->bbcode_second_pass_quote('seahorse', 'R')occ,

If you're wanting to argue, I guess you can go look in the mirror. I'm only clarifying that Great River has not closed its doors, which is what your link was titled. If you read my post more carefully, you will see that they are considered a "troubled bank" by the FDIC, that the FDIC is stepping in, and that there is no guarantee they will survive even with that oversight. If you want to check in on them in two months, that's fine. Since I don't bank there, I won't be doing so. However, it is, in my opinion, a sign of things to come. Great River wasn't the first and it won't be the last.

[roccman]

THE dominoes are toppling. What began as a credit crunch has turned into a dollar crunch. We are witnessing a run on the world's paramount reserve currency, an event that occurs twice a century or so, and never with a benign outcome. The US dollar has fallen through parity against the Canadian dollar and plummeted to all-time lows against a basket of currencies. This is dangerous. None of the mature economic blocs seems able to take the strain, let alone step in to restore order.

[kadoomsoon]

The FDIC will bail them all out.

[firestarter]

I don't know , rocc. Looks like the 401k Put is helping the buck and equities market. Lord we're almost at 14k in the Dow. Given how much 401k money is TRAPPED in the market (immobile vis a vis law), until people start cashing their retirement in I suspect equities, and by extension consumer stupidity, will keep the game going through Christmas, maybe longer.

[Chuckmak]

$this->bbcode_second_pass_quote('roccman', '"')Now you see this eye on the top of the pyramid...it's about to look straight up my ass as I use this thing for toilet paper."

[Twilight]

$this->bbcode_second_pass_quote('roccman', '[')url=http://www.telegraph.co.uk/money/main.jhtml;jsessionid=OOVX3JZGGB0DNQFIQMFCFFOAVCBQYIV0?xml=/money/2007/10/01/ccview101.xml]THE dominoes are toppling. What began as a credit crunch has turned into a dollar crunch. We are witnessing a run on the world's paramount reserve currency, an event that occurs twice a century or so, and never with a benign outcome. The US dollar has fallen through parity against the Canadian dollar and plummeted to all-time lows against a basket of currencies. This is dangerous. None of the mature economic blocs seems able to take the strain, let alone step in to restore order.[/url]

[roccman]

Financial Sense did a round table during their 2nd hour on Saturday...very bearish:

http://www.financialsense.com/fsn/main.html

[Blacksmith]

The problem as I see it is that the whole economy is based on growth, spending is just one facet. Maybe you can keep growing towards infinity, but at some point your tits will be in the wringer.

[roccman]

Just to keep things in perspective...

[WhatMeWorry]

$this->bbcode_second_pass_quote('firestarter', 'I') don't know , rocc. Looks like the 401k Put is helping the buck and equities market. Lord we're almost at 14k in the Dow. Given how much 401k money is TRAPPED in the market (immobile vis a vis law), until people start cashing their retirement in I suspect equities, and by extension consumer stupidity, will keep the game going through Christmas, maybe longer.

[gnm]

You need Alfred as your avatar!

Yes it is indeed a train wreck in slow motion. Welcome to the dining car.

There are many here better suited to replying re the 401k so I will leave it to them. Myself I emptied mine in early 2001.

-G

[WhatMeWorry]

arrghhh emptied it?! Mine is still growing. God it's so surreal.

Thanks

Alfred