Largest US Bank Failure....was also my employer.

[whitey]

At time like this I'd just like to say it's good to be Canadian.

you guys aren't being affected by this in any way? I mean obviously you dont have a housing bubble that bursted, but the US buys alot of Canadian oil and other such goods. If we're poor Canadians will loose a huge customer. Its not like you guys are way out in the UK or something.

but one import that wont go down is Canadian beer. Molson Canadian is awesome this time of year, best way to beat the post summer NJ humidity :D

 

[lobo]

what would we do without canada's rape oils?

 

[dastrn]

A lot of banks made a lot of irresponsible decisions to give out loans to really irresponsible people at ridiculous rates, and then they wonder why they lost money and end up with worthless foreclosures?

I blame all the people making really poor decisions that didn't expect there to be consequences. I'm glad as hell that the bill did not pass.

The mortgage market failed this month because it was making poor economic choices. If we had invested a trillion dollars into it, knowing that it was making poor choices, we were pretty much guaranteeing ourselves that we would lose that money too. It's retarded.

Would you buy a stock that could guarantee you would lose 30%? No, that's a bad decision. The same is true on the global scale. Throwing money at people who make bad choices is retarded. People who do so deserve to lose their money.

Listen, ya'll: Make sure you don't just give your money to any old bank. You need to look into what kinds of decisions these banks are making and only give your money to good ones.

 

[harlekein]

I work for a major bank in Holland. We just had one almost topple over, but the governments of Holland, Belgium and Luxembourg saved it. The one I work for is privately owned and not dependent on share holders. It also didn't get that much lashback from the current crisis. I am not too worried, but I realise that when the economy really goes down the drain we will feel it as well and anyone's job could be in jeopardy.

Anyone thinking they aren't affected need to take a lesson on economics. This is global. The USA will get the hardest hits first, but don't think for a second any other country will go unscathed. China and Japan have over USD 1.000.000.000.000 worth of obligations. What will happen if they lose this money? What will happen when countries like my own mostly depending on export have less or no business partners anymore? Banks in the UK have fallen as well.

I know the news in the USA is mainly about the USA, but this is a global situation and I don't think any of us can oversee the potential impact.

 

[Rei_Shao_Khan]

the 700b buyout bill failed......i dunno, from what i gathered it seemed like we would have been less screwed if it passed. The dollar would have inflated like a mofo if it passed but now without the bill alot of banks are gonna go down. Then agian if the bill did pass the gov would have had a lot of contorll over the banks and what not, making our economy fascist.

either way....we're royally screwed.

I personally wanted to see it passed. I normally don't like that kind of idea, but then again fascism has existed in the US before. That depends also on whether or not we trust the government to let go of that control...

At least 57 other countries will be somewhat effected by this. I think China has a great deal to lose from this. We are in no position to pay them for their investments in US bonds at the moment.