petmoosie | Wrong again (Reply)

Sometimes I'm wrong. In this case, I was thinking earlier that the failure of one or two banks was not going to make a huge splash in the economy of the US. But it seems to be heading right into a domino situation, where the failure (or buyout/merger at low prices) seems to turn stress onto another bank to see if it can be forced down. The deposits are still insured and the branches are still open for the most part, but some CDs will be called early and fewer loans are available. Plus, of course, IT departments will be working overtime to consolidate two or more banks together.

More of the economy is threatened than Wall Street and the stock market. The mortgages are more of a issue. I am starting to see foreclosed properties for sale. I am starting to hear about parents (around here) being forced to move when their landlord was foreclosed on. I had been hearing that on the Intertubes for a while or people who had bought a house and were unable to sell their previous one. I guess my sister did well to sell her place and move in with her Mother-In-Law.

I'd rather not be wrong, but I'd rather say it. This is turning into a bigger problem in the economy. T and I may have to actually deal with it. Which is a bummer.