Quote:
Originally Posted by Dollarmansteve
meh, it all pales in comparison to what happened in the late 20s and early 30s in the US, when the majority of banks in the US went under like dominos. About 9000 banks in total went under.
Failures will happen (bankers are greedy), and there will be some huge failures, but there is a much more structured process to it now than back in the great depression.
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Indy was just beggining, next on the list is FED,DSL, NCC, ZION and WAMU. Pretty soon FDIC will be without money.
Also this is a confidence game, which is slowly decreasing day by day.... once it will turn out, no bullshiting from FED, goverment or wallstreet banks can put it back. There is going to be hunderds of BK banks in a year or two, even without runs on the banks as their mortage portfolio is often enought to put them down.