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08/02/2008 10:04 AM ID: 72450 Permalink   

Bank #8 Fails

 

A small bank in Florida is the 8th bank to fail this year. FDIC closed the bank claiming it failed due to the impotent economy and the credit crunch.

SunTrust Banks Inc. has taken over the the banks 6 branches and will reopen them on Monday morning. Customers can still use their checks and debit cards.

 
  Source: www.reuters.com  
    WebReporter: gws1968 Show Calling Card      
  Recommendation:  
ASSESS this news: BLOCK this news. Reason:
   
  21 Comments
  
  Bush supporters  
 
He hasn't broken the economy, right?
 
  by: Maxx20     08/02/2008 04:59 PM     
  Better Source  
 
I found a better source here:http://www.thestreet.com/... that actually names the bank and gives better detail.
 
  by: gws1968     08/02/2008 06:33 PM     
  hmm  
 
Alright Maxx glad to see you could slip in a generic slam at Bush, very ingenious of you. Since I'm sure you have one, what is your economical plan to revive the economy since apparently it seems so easy to so many people on here?

If you haven't noticed, the only banks going under are these small little peon banks that really don't effect anyone to begin with. None of these stories give any back-ground as to why the bank went under and is more than likely from a bad string of investments on their part to begin with.
 
  by: ronny_cordova   08/02/2008 06:50 PM     
  It's coming.  
 
said the man on the corner to the reporter the day before black tuesday. The reporter called him foolish but never got to publish his words.
 
  by: mexicanrevolution   08/02/2008 06:52 PM     
  @Maxx20  
 
While I'm not a Bush supporter by any means you can't blame everything on him. I'm sure the housing market amongst a million other things (including Bush) has nothing to do with it.</sarcasm>
 
  by: OneEightSeven   08/02/2008 06:54 PM     
  I've never supported Bush  
 
but I really don't jump on the Bush bashing wagon.

But seriously? ronny_cordova?

"the only banks going under are these small little peon banks that really don't effect anyone to begin with"

??????
Did you oversleep this morning?
 
  by: VermiciousG     08/02/2008 07:36 PM     
  @gws....  
 
Hello..... This "new" news to you? Fannie Mae & Freddie Mac banking giants failing? And the gov bailout that happened b/c of the sheer size of these banks?

Shortly thereafter, Indy Mac....

All banks linked to mortgage crash... were triggered by predator lending practices and many of these mortgage brokers where literally cons, federal ex-convicts with criminal records to be specific. These con-man found the legal mortgage market more lucrative than illegal crime activities because of lending regulations being lifted...

But who lifted the regulations?
 
  by: ukcn001XYZ   08/02/2008 09:29 PM     
  @ukcn001XYZ  
 
Who? Not kidding. I really don't know.
 
  by: VermiciousG     08/02/2008 09:46 PM     
  @ukcn001XYZ  
 
alan greenspan?
 
  by: OneEightSeven   08/02/2008 11:42 PM     
  ^  
 
Greenspan with fed interest rate/price fixing, ok partially.

But had far more to do with legislation passed that loosened mortgage lending rules which stem to the 1999 republican Gramm-Leach-Bliley Act.

It certainly didn't help that republican Phil Gramm (R-Texas) made further agressive pushes between 2005-2006 to further ease regulations.

Bushs fault... maybe in part, but not really. Republican Phil Gramm has done far more to ease regulation than Bush has.

What's good old Phil Gramm up to these days... busy, as a co-chair to the McCain campaign.
 
  by: ukcn001XYZ   08/03/2008 12:13 AM     
  @ronny  
 
"what is your economical plan to revive the economy"

I don't have one, and I couldn't care. I wasn't elected to run the US, therefore, I haven't failed to do my job.

If you look over shortnews, a lot of us have said, for a long while now, that Bush and his admin would destroy the economy. This is because we were intelligent enough to see it was happening. You will also see a lot of Bush supporters saying that we were very silly to suggest such a thing.

It's about time the people who are not intelligent enough to understand and predict a situation to shut the hell up and let someone with a mind into the White House. All the crap about the nasty terrorists and the glory of war isn't going to stop America going hungry because the admin has screwed the economy over.

If nothing else, the ridiculous lack of judgement by those who voted for Bush is unfair on the people smart enough to know it was wrong. I object to this.
 
  by: Maxx20     08/03/2008 12:22 AM     
  @Maxx  
 
Glad to see your apathy over the entire situation. It's easier for the American people to blame Bush for the current economical situation rather than take a stance themselves and do something about it.

Bush doesn't control the economy yet it seems there are quite a few people who seem to think that. It's much easier for people to sit back and knock Bush on things than to be pro-active about it.

America is controlled by the people and I think we have gone past the point of people remembering that. We elect these officials and we can also remove them from position. It's all a matter of people caring enough to get it done.
 
  by: ronny_cordova   08/03/2008 02:15 AM     
  ronny_cordova  
 
The people voted a bunch of Democrats into office expecting them to do something to stop Bush and they did nothing. As far as bushes hand in all this, if he had half a brain and wasn't busy tending an illegal war he would have seen what was happening with the economy and maybe done something to avert it.
 
  by: gws1968     08/03/2008 02:47 AM     
  My plan to revive the economy  
 
First of all, let it be known I have no intention of "reviving" an economy that seems to be entirely based on as many people as possible being in debt and consumption for it's own sake. So I'm reworking, not reviving, the economy. It will be painful, but I promise most of us will survive.

1. Government needs to set a good example, so they should be doing/saying "Stop spending more than you make". When you have to borrow money to pay for things, you also have to pay "interest". If you want a shiny new ICBM - save up for it. It's cheaper for you and leaves you with more disposable income in the end.

2. Regulation of vital industries supplying basic infrastructure. I lived through de-regulation of the power companies in California. It didn't work like it was suppose to work. It was suppose to foster competition and bring prices down. Instead prices shot up to record-breaking levels, we had rolling blackouts and we got soooo mad we threw a governor out of office rather than just say "oops. we were wrong." Corporate America cares about one thing - profit. Even if they have decent profit, they want more. They must be watched very closely if they are at all influential in the basic infrastructure of our nation. Profit is good, but not at the expense of the rest of the economy or the health and safety of the populace.

3. Quit bailing out companies who make bad decisions or act in an outright unethical manner. If more of these people had to take financial responsibility for their own actions I'm certain we'd see less shenanigans in general. The savings and loan scandal back in the '80's cost every American taxpayer over $1,000 by the time we finished that bailout. The S&L scandal was also caused in part by - deregulation. Imagine that.

4. Make sure your population is healthy and happy so they CAN work well. So self explanatory it's almost painful.

5. If something is obviously not working - stop doing it immediately. Again, self explanatory.

This is by no means a complete list. But at least it's an idea for a start. I almost choked on my coffee when it was pointed out to Arnold Schwarzenegger that if he paid state workers minimum wage a lot of them could potentially lose their homes. His response? "They should just borrow the money". Uhhhh...I kind of think that was part of the original problem, wasn't it? What a total douchetard.

~Syl
 
  by: morgora     08/03/2008 04:20 PM     
  @ Maxx20  
 
Yeah, Bush hasn't been any better, but wasn't it Clinton that screwed up and allowed the Tech bubble?
 
  by: jprobst   08/03/2008 04:23 PM     
  @jprobst  
 
I don't presume to know a lot about the way macro-economics works so take pity on me if I'm wrong but I "think" that the collapse of the tech bubble was just a bunch of stocks getting over inflated and their worth simply plateaued. People were just to heavily vested in one industry.

Without the rapid increase people just stopped buying new tech stock and started buying other stocks from their it just spiraled down when the stocks weren't paying out large dividends anymore.

This, again I "think", did have an impact on the economy and people did lose their jobs but no one got their cellphones and mp3 players and laptops or houses repossessed by the banks.

It didn't directly impact people who weren't directly tied to the tech industry. But, Very nearly Everyone with a house or a car in this country has a loan.
 
  by: VermiciousG     08/03/2008 05:50 PM     
  @ronny  
 
I'm sorry, how many billion have the admin thrown into corruption and war? Because that works out at the number of billion that should be in the economy but are in fact in the back pockets of many corrupt individuals and / or floating round the middle east paying off tribal leaders in a desperate bid to stop the stream of coffins coming home. Against that kind of total failure of management, there's absolutely nothing the American people can do. They've taken your money and thrown it away, they're taking your youth and getting them all shot several thousand miles away. With the best will in the world, no-one is going to fix that.
 
  by: Maxx20     08/03/2008 10:53 PM     
  @ronny_cordova  
 
"America is controlled by the people?" That's one of the most naive things I have heard. Did you or I pick the party's anointed candidate? What if you like a third party? Well, I guess then you don't count and you're a fringe voter. Even if you personally selected your candidate, your vote is completely insignificant. The most you can do is to influence the votes of many people, because your vote is worthless alone. Saying "America is controlled by the people" is like concluding that since the leadership are humans and people are humans, the people are the leaders of the people. But that is true of any government. ronny_cordova, learn to think for yourself.
 
  by: H. W. Hutchins   08/04/2008 02:02 AM     
  @Vermicious  
 
Actually, that is exactly what's going on now, only this time it's the housing industry, not the tech industry. Truth be told, a lot more people lost a lot more money after the last bubble burst. How soon we forget, I mean it was only 8 years ago. Don't you remember the sky high unemployement. The large numbers of bankruptcies, (More than today infact) an ACTUAL recession (Recession is defined as 2 consecutive quarters where the economy was in the negative, we have yet to see a negative economy, only a flat economy, with around a .1%growth rate), homes forclosed (Again, more than today), it was worse than it is today. But then again, that was at the begining of the Bush Administration. 2 months into it in fact. Maybe he was really responsible for that too.
 
  by: boaznjachin     08/05/2008 10:20 AM     
  @boaz  
 
I kinda had a couple of years head start on that financial disaster. By the time That it hit I would've already been living like a survivalist and a little to preoccupied to notice anyone else's problems. Luckily I've gotten myself into a "Mostly" recession proof job.
 
  by: VermiciousG     08/05/2008 02:39 PM     
  boaznjachin  
 
The problem is the tech bubble burst didn't last too long and I didn't lose my job during that. This time there is no end in sight until fuel prices come down and the credit industry gets its act together. Not to mention this is affecting the whole global economy barring the oil nations. Wonder why?
 
  by: gws1968     08/05/2008 03:01 PM     
 
 
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