tagged w/ big bust
-
Celente, who successfully predicted the 1997 Asian Currency Crisis, the subprime mortgage collapse and the massive devaluation of the U.S. dollar, told UPI in November last year that the following year would be known as “The Panic of 2008,” adding that “giants (would) tumble to their deaths,” which is exactly what we have witnessed with the collapse of Lehman Brothers, Bear Stearns and others. He also said that the dollar would eventually be devalued by as much as 90 per cent.
The consequence of what we have seen unfold this year would lead to a lowering in living standards, Celente predicted a year ago, which is also being borne out by plummeting retail sales figures.
The prospect of revolution was a concept echoed by a British Ministry of Defence report last year, which predicted that within 30 years, the growing gap between the super rich and the middle class, along with an urban underclass threatening social order would mean, “The world’s middle classes might unite, using access to knowledge, resources and skills to shape transnational processes in their own class interest,” and that, “The middle classes could become a revolutionary class.”
In a separate recent interview, Celente went further on the subject of revolution in America.
“There will be a revolution in this country,” he said. “It’s not going to come yet, but it’s going to come down the line and we’re going to see a third party and this was the catalyst for it: the takeover of Washington, D. C., in broad daylight by Wall Street in this bloodless coup. And it will happen as conditions continue to worsen.”
“The first thing to do is organize with tax revolts. That’s going to be the big one because people can’t afford to pay more school tax, property tax, any kind of tax. You’re going to start seeing those kinds of protests start to develop.”
“It’s going to be very bleak. Very sad. And there is going to be a lot of homeless, the likes of which we have never seen before. Tent cities are already sprouting up around the country and we’re going to see many more.”
“We’re going to start seeing huge areas of vacant real estate and squatters living in them as well. It’s going to be a picture the likes of which Americans are not going to be used to. It’s going to come as a shock and with it, there’s going to be a lot of crime. And the crime is going to be a lot worse than it was before because in the last 1929 Depression, people’s minds weren’t wrecked on all these modern drugs – over-the-counter drugs, or crystal meth or whatever it might be. So, you have a huge underclass of very desperate people with their minds chemically blown beyond anybody’s comprehension.”Celente, who successfully predicted the 1997 Asian Currency Crisis, the subprime... more
-
-
Were you aware that you may be bailing out the dying Big 3 in Detroit?
It seems everyone is jumping on the bailout bandwagon.
I for one will not be funding this fiasco.
I have chosen to claim EXEMPT on my W4.
I have paid my taxes for fiscal '08. They will get nothing more to help fund this raping of the American public.
Click on link above for full story on Detroit's handout.
Ride a Bike.
Ride on!
Were you aware that you may be bailing out the dying Big 3 in Detroit?
It seems... more
-
-
Federal regulators have shut down Ameribank, a small bank in West Virginia, saying it overextended loans for the rehabilitation of distressed properties.
It was the 12th failure this year of a federally insured bank.
The Federal Deposit Insurance Corp. has been appointed receiver of the bank, based in Northfork, W.Va. It had $115 million in assets and $102 million in deposits as of June 30.
The FDIC said Friday the bank's insured deposits will be assumed by Pioneer Community Bank Inc. of Iaeger, W.Va., and Citizens Savings Bank in Martins Ferry, Ohio.
Its branches in West Virginia will reopen Monday as offices of Pioneer Community Bank and its Ohio branches will reopen Sunday as offices of Citizens Savings
Ameribank ran into trouble because of "excessive growth" in the construction loans for property rehabilitation, mainly in low- and moderate-income housing markets, according to the federal Office of Thrift Supervision, the bank's primary regulator.
The April-June quarter marked the fourth consecutive quarter of net losses and capital erosion for Ameribank, the thrift agency said in a news release. The agency deemed the bank to be "critically undercapitalized" and found it was unable to develop a viable plan to restore capital to an adequate level.
The regulators tagged Ameribank as a troubled institution in May 2007 and issued a formal enforcement order to the bank in October, saying it had failed to comply with their earlier directives.
http://www.usatoday.com/money/industries/banking/2008-09-19-ameribank-closure_N.htm Federal regulators have shut down Ameribank, a small bank in West Virginia, saying it... more
-
-
The collapse is being televised-
Global investment bank Lehman Brothers is teetering on the verge of collapse after Barclays pulled out of an 11th-hour rescue.
Lehman Brothers HQ in New York
The departure of Barclays left US Treasury Secretary Hank Paulson and Tim Geithner, the head of the Federal Reserve Bank of New York, spearheading desperate last-ditch attempts to put in place some form of a workable rescue package.
Traders fear that the collapse of Lehman would send shockwaves around the world and spark a global sell-off of shares.
Lehman which employs 4,000 staff in London and 24,00 around the world, could be placed into liquidation as soon as Monday. The bank would be the single largest casualty of the current credit crisis and its collapse one of the biggest failures in Wall Street history
Read full article at link-The collapse is being televised-
Global investment bank Lehman Brothers is... more
-
-
One question swirling over the weekend-long effort to rescue Lehman Brothers: What's to become of its $128 billion in long-term debt?
Great question.
Get ready to foot the bill.
Good luck all.
Ride on!
Read full article at link-One question swirling over the weekend-long effort to rescue Lehman Brothers:... more
-
-
Get ready to ride the wave!
Sept. 14 (Bloomberg) -- Wall Street prepared for a potential Lehman Brothers Holdings Inc. bankruptcy after Barclays Plc said it pulled out of talks to buy the firm and the government indicated it wouldn't provide funds in a resolution.
Banks and brokers today held a session for netting derivatives transactions with Lehman, or canceling trades that offset each other, in case the New York-based firm files for bankruptcy before midnight New York time.
``The purpose of this session is to reduce risk associated with a potential Lehman Brothers Inc. bankruptcy filing,'' the International Swaps and Derivatives Association said in a statement today. The ISDA includes 218 banks, brokerages, insurance companies and other financial institutions from the U.S. and abroad.
The step indicates that Wall Street lacks confidence that three days of talks to find a buyer for Lehman, held at the Federal Reserve Bank of New York, will be successful. Treasury Secretary Henry Paulson, who has led the talks with New York Fed President Timothy Geithner, was adamant two days ago against using taxpayer funds in a resolution.
The fourth-largest securities firm until the past week, Lehman has thousands of such trades in credit, equity, commodity, interest rates and currency derivatives.
``ISDA confirms a netting trading session will take place between 2 p.m. and 4 p.m. New York time for over-the-counter derivatives,'' the ISDA said. ``Trades are contingent on a bankruptcy filing at or before 11:59 p.m. New York time, Sunday, Sept. 14, 2008. If there is no filing, the trades cease to exist.''
The announcement came after Barclays, the U.K.'s third- biggest bank, said it abandoned talks to buy Lehman, contending it couldn't obtain guarantees to protect against potential losses at the U.S. securities firmGet ready to ride the wave!
Sept. 14 (Bloomberg) -- Wall Street prepared for a... more
-
-
US taxpayers could be on the hook for as much as $24 billion to rescue embattled Washington Mutual, the country's No. 1 savings and loan, a top banking analyst is warning.
The jaw-dropping tab would come in the form of federal mortgage loss guarantees needed to coax a buyer into purchasing WaMu, according to Landeburg Thalmann's Dick Bove, whose view on the need for a federal backstop is shared by an official with the Office of Thrift Supervision, WaMu's regulator.
Bove, in an exclusive interview with The Post, said the crushing $32.5 billion in mortgage defaults he is estimating WaMu will face over the next five quarters will force the federal government to guarantee as much as $24 billion in losses on defaulted option-ARM and subprime mortgages and home-equity lines of credit, or HELOCs.
After crunching numbers on WaMu's balance sheet, Bove said a sale price for the Seattle-based bank could be in the neighborhood of $2 a share. The possibility that WaMu will be sold, he said, increased recently.
"Killinger was fighting to shrink the balance sheet and keep the bank independent," Bove told The Post. "By adding Fishman, who's known as a guy who can get a bank ready for a sale, they removed an important obstacle."
Bove was referring to the ouster last week of Kerry Killinger, the longtime WaMu CEO, who had steadfastly balked at selling the thrift. Alan Fishman, the new CEO, was in charge of Independence Savings Bank when it was sold to Sovereign in 2006.
I know your probably tired of all of my doom and gloom posts but I'm trying to prove my point : we are in DEEP kimshee!!
US taxpayers could be on the hook for as much as $24 billion to rescue embattled... more
-
