The Banking Collapse of 2023 is now bigger than the 2008 “banking crisis”

[g5000]

You should probably read better maybe?

Irony.

Your propagandists have filled your head with nonsense.

'Low-Risk' Borrowers Will Pay Higher Mortgage Fees For 'Equity'

Borrowers who put down less than 5 percent on their mortgage are having their fees reduced, no matter their credit score.

thefederalist.com

Notice it says FEES. You fools read INTEREST RATES.

There's a nice little chart to show you how much more in fees low risk borrowers will pay. The example I gave you of an extra $625 for a half million dollar loan is accurate.

The fee is a one-time payment.

 

[White 6]

I try. Shopping with smaller companies than Amazon when possible, I've not found that I give up anything special in terms of price, quality or service, indeed, they often try harder to please. I've been a small businessman, so, do not feel obliged to apologize for supporting them, I even pay my grass-cutter 25% more than I could pay otherwise because the guy runs a legitimate business, invests quite a bit into material, tools and machinery for most any yard job year around and he and his brother rely on the business 100% for their livelihoods.

In contrast, in the past 6 months with Amazon, they've sold me used rope that was obviously unpacked by someone and with numerous flaws, then they shipped a CD I spent 30 years trying to locate a copy of boxed in with a quart of heavy tile paste in an empty box with absolutely no packing and the CD arrived looking like it had been hit with a hammer, and the coup de grace was when I ordered a green laser pointer last winter with recharge cord and they sent me a totally different red laser with a USB plug instead.

Then I had to spend days fighting through their automated robot return system with no option to deal with their F-ups and with multiple foreigners answering as CSRs speaking broken english before I finally got satisfaction after a ton of aggravation.

The only thing good about Amazon is that you can find most anything there, but their QC and CS really SUCK, not to mention their crappy product descriptions and customer reviews.

Used rope would piss me off, also. I buy my rope from Lowes, as they are within 2-1/2 miles from my home. If I was going buy rope off the internet, (Amazon or anybody else) it would be Critical Application ropes for repelling or climbing and used rope of that type would have me livid! But, the Internet is the only place to buy that, within 100 miles in any direction, as the market for that type of rope is fairly small and the specialty places in Tennessee are higher than a cat's back, facing my dog.
I have not had a problem with their QC or customer service, except for a lawn mower part, and that came shipped from a 3rd party vendor through Amazon, and people that really should have known better, but wasted no time sending me the correct part out of Georgia, USA, shipping overnite at their expense, so I had no big problem. My shoulder holster is custom, Slovakian made, not through Amazon, though they offered stock from same manufacturer, and I did speak with somebody over there, who spoke excellent Enghlish, (not a surprise from my last trip to central Europe), people being conversational in multiple languages in just about any shop or vendor, though that country was under the Soviets back then and I was not in that country, but only up to the border.

 

[g5000]

Not interested. You see, you misunderstand me: I'm not a rightwinger, I'm an American. I'm not a leftwinger, I'm an American. The only reason why I tend to lean right and support the GOP more than democrats is because far more of what they do supports AMERICA, whereas I don't know what the fuck the democrats are, but they aren't behind America.

And yet you were just whining that Amazon donates to Democrats. Have you ever whined about the fact that of the top ten political donors, they donated $170 million more to Republicans than Democrats?

Didn't think so.


I would like to know the location of this cave you've been living in where you did not know about Citizens United!

 

[g5000]

FDIC is run by the government but funded by insurance premiums paid by the banks.

The FDIC is not supported by public funds; member banks' insurance dues are its primary source of funding.​

Federal Deposit Insurance Corporation - Wikipedia

en.wikipedia.org

Just as I said.

 

[g5000]

It won't be just that. Regional banks are the primary funders of commercial real estate. Losses will be taken there since commercial real estate is marked too high. Capitalization rates - the net operating income - of CRE was as low as 4% for some assets, or even lower. That was OK when interest rates were rock bottom. But today, funding rates have soared to 6-10%. And there's a wall of $2.5 trillion in loans coming over the next few years that will have to be refinanced. There's no way that you can operate on a 4-5% cap rate when your funding costs are 8%.

We owned a building in downtown San Francisco that we sold to some Asian investors for a 2.5% cap rate in 2018. The equity and most of the debt in that building has been wiped out. There's a giant neutron bomb coming in CRE.

Ayup.

 

[Toro]

Are you sure about that? It sort of depends on the definition and who's doing the 'splaining. I haven't found Biden or KJP all that accurate, okay forthcoming with the truth, most of the time lately.

"Yes, it was a bailout," said Paul Krugman, a liberal economist and New York Times columnist, writing that the source of the funds "doesn’t change the reality that the government came in to rescue depositors who had no legal right to demand such a rescue."

Neil Barofsky, who oversaw the bank bailout, known as the Troubled Asset Relief Program, for the Bush and Obama administrations, told NPR, "If your definition is government intervention to prevent private losses, then this is certainly a bailout."

Is it a bank bailout? On SVB, White House fights comparisons to 2008 as Biden confronts bank crisis

The White House is rejecting the word "bailout" to describe Biden's decision to rescue depositors at Silicon Valley Bank and Signature Bank.

www.usatoday.com

I define a bailout as the government using taxpayer dollars to make investors whole. That's what happened in 2008-09. That hasn't happened yet.

 

[g5000]

I was not only alive in 2008 but I was running a business in 2008, owned property in 2008, and had a close relative in the real estate business in 2008. And I do pretty good research.

So how is it you completely failed to take into account what really happened back then and swallowed the horseshit being fed to you about this banking crisis being bigger than 2008?

Like I said, engage some critical thinking for crying out loud!

 

[Toro]

Well don't complain to me. Complain to Fox, CNN, MSNBC, WAPO, NYT, etc.

Where does it say that in the WSJ? I don't read those other sources.

 

[g5000]

Here's a nice graphic to ponder. Bank failures since 1976. It was last updated March 12, so First Republic isn't on it.

The S&L crisis had by far the most failures. I believe the total government bailout was only about $25 billion or so. I'll have to check.

 

[g5000]

Well, I was off by $100 billion.

Savings and Loan Crisis

Explore the Federal Reserve's history

www.federalreservehistory.org

The RTC closed 747 S&Ls with assets of over $407 billion. The thrift crisis came to its end when the RTC was eventually closed on December 31, 1995. The ultimate cost to taxpayers was estimated to be as high as $124 billion.

 

[Foxfyre]

Unless it is a balloon mortgage or a variable rate mortgage, the interest rate every month will be the same for the life of the mortgage.

Exactly. Which is why there are interest rates involved here and not just fees as the Biden apologists are insisting.

 

[g5000]

Fees on a mortgage are paid up front and are one time lay outs of cash. Indeed there may be additional fees. I don't know. But everything I've read is that the increase in interest rates will increase the mortgage payment every single month for the life of the mortgage. Prove me wrong if you can.

Higher mortgage payments due to higher interest rates has absolutely nothing to do with the Biden policy about fees.

You are conflating the two.

 

[Harpy Eagle]

Again if you have sources other than the media, please let me in on your great opportunity to gain knowledge outside of that. I am not in either banking or financial management, but I know a couple of bankers and financial managers who pretty much agree with the media accounts.

But hey, you no doubt know a hell of a lot more than they do. So clue us in on how you know.

Try reading books.

 

[Foxfyre]

Irony.

Your propagandists have filled your head with nonsense.

'Low-Risk' Borrowers Will Pay Higher Mortgage Fees For 'Equity'

Borrowers who put down less than 5 percent on their mortgage are having their fees reduced, no matter their credit score.

thefederalist.com

Notice it says FEES. You fools read INTEREST RATES.

There's a nice little chart to show you how much more in fees low risk borrowers will pay. The example I gave you of an extra $625 for a half million dollar loan is accurate.

The fee is a one-time payment.

Try reading books.

Could you recommend one that was written in April or May 2023?

 

[munkle]

 

[Harpy Eagle]

Could you recommend one that was written in April or May 2023?

Try reading up on what happened in 2008 so you have some historical context to put what is going on today against.

The problem with getting this sort of information from the media is that the media is there to make money, and they do that by making everything out to be a crisis.

There is a great book out there titled "Fragile By Design" which goes into detail about how these recession/down turns are built into our system. They are not anomalies, they are part of the system.

 

[Foxfyre]

Try reading up on what happened in 2008 so you have some historical context to put what is going on today against.

The problem with getting this sort of information from the media is that the media is there to make money, and they do that by making everything out to be a crisis.

There is a great book out there titled "Fragile By Design" which goes into detail about how these recession/down turns are built into our system. They are not anomalies, they are part of the system.

2008 was NOT a normal part of the system. I apparently have read more about it than you have in addition to having lived it up close and personal.

 

[Harpy Eagle]

2008 was NOT a normal part of the system. I apparently have read more about it than you have in addition to having lived it up close and personal.

Yes it was. So was 2001 and the 1990 and 1981, 1980, 1973....

Do you think it is just coincidence we have a recession on average every 8 years since the great depression while other counties have never had one?

 

[Dirk the Daring]

That's it. Even the experts can't say for certain how bad it will get. All they can do is read the tea leaves maybe with more expertise than we can and tell us their best conclusions they come up with. 2008 triggered the worst and, mostly because of Obama's ineptness in handling the economy, longest recession in U.S. history since the Great Depression. Significant ripples were felt around the world.

Could this one be worse? I think yes, unless we get the 'woke' Democrats out of power next year and elect somebody who knows what the hell he or she is doing.

The 'experts' didn't see 2008 coming until it was already happening. Pardon me if I distrust the 'experts.'

 

[toobfreak]

And yet you were just whining that Amazon donates to Democrats.

Didn't I just show you that they donate 77% to the democrats?

Have you ever whined about the fact that of the top ten political donors, they donated $170 million more to Republicans

Why should I? Assuming your claim true, Individuals are free to donate however they choose, what I'm talking about are major mega-industries controlling vital sectors of the economy as people like Amazon, Facebook and Google do, as well as Microsoft et al, all being leveraged to control key sectors of money closely allied with partisan government interests aiding one party to the exclusion of another working hand in hand to take freedom of real choice from people undermining our republic.