**Fortis Bank Predicts U.S. Financial Market Meltdown Within Weeks**

DriftingByTheStorm

Fortis Bank Predicts U.S. Financial Market Meltdown Within Weeks

De Telegraaf | June 30, 2008

BRUSSELS/AMSTERDAM - Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”

This fits in the picture, with the other press releases last week, like the short advise of Goldman Sachs and some other of the same messages last week.

blackredyellow

Thanks Chicken Little.

DriftingByTheStorm

blackredyellow wrote:

Thanks Chicken Little.

what do you fucking want from me?

i mean,
even when it is in a legitimate news source,
you people give me shit.

sometimes bad things happen.
you may have to deal with it some day.

god forbid, i try and give someone some warning.

guess it is unwanted.

spiral out

Cheers drifting.

This is an interesting article.

http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2008/06/27/cnbarclays127.xml

Barclays warns of a financial storm as Federal Reserve's credibility crumbles.

Barclays Capital has advised clients to batten down the hatches for a worldwide financial storm, warning that the US Federal Reserve has allowed the inflation genie out of the bottle and let its credibility fall "below zero".

"We're in a nasty environment," said Tim Bond, the bank's chief equity strategist. "There is an inflation shock underway. This is going to be very negative for financial assets. We are going into tortoise mood and are retreating into our shell. Investors will do well if they can preserve their wealth."

Barclays Capital said in its closely-watched Global Outlook that US headline inflation would hit 5.5pc by August and the Fed will have to raise interest rates six times by the end of next year to prevent a wage-spiral. If it hesitates, the bond markets will take matters into their own hands. "This is the first test for central banks in 30 years and they have fluffed it. They have zero credibility, and the Fed is negative if that's possible. It has lost all credibility," said Mr Bond.

LikeAnOpeningBandForTheSun

we need a reset button.

RolandTD20Kdrummer

DriftingByTheStorm wrote:

what do you fucking want from me?

i mean,
even when it is in a legitimate news source,
you people give me shit.

sometimes bad things happen.
you may have to deal with it some day.

god forbid, i try and give someone some warning.

guess it is unwanted.

Change the world to perfect already , and only post happy stories.

You can do that can't you?

Kann

DriftingByTheStorm wrote:

what do you fucking want from me?

i mean,
even when it is in a legitimate news source,
you people give me shit.

sometimes bad things happen.
you may have to deal with it some day.

god forbid, i try and give someone some warning.

guess it is unwanted.

What did you expect. People who are used to see america as the n°1 economic superpower, and this for most (if not all) of their liftetimes have a total (and blind) confidance in this economic system. So if you come by with such an enormous thing as a market meltdown, well don't expect them to change so easily their point of view.

noodles_jefferson

spacekaddette wrote:

Well good thing there is an election in November. Just think if this happened right after Bush got reelected. ::rolls eyes::

whoever wins is inheriting a shit storm, that's for sure. maybe the republicans really don't want to win. let the democrat come in and deal with the mess and then blame them for it on the next election cycle.

yoke

I think that we are going to start hearing more and more of this in the coming weeks. Right now all I hear on the news is that people are staying close to home this weekend because of gas prices.

noodles_jefferson

what does this all mean for the average shmuck like me, who doesn't have anything invested, other than a 403b? does big banks collapsing affect fixed rate mortgages? i'm not much if a financial expert to say the least. but i am getting worried.

yoke

noodles_jefferson wrote:

what does this all mean for the average shmuck like me, who doesn't have anything invested, other than a 403b? does big banks collapsing affect fixed rate mortgages? i'm not much if a financial expert to say the least. but i am getting worried.

I was thinking the same thing myself. Yeah I think its def a worriesome time. What will the average person do?

noodles_jefferson

yoke wrote:

I was thinking the same thing myself. Yeah I think its def a worriesome time. What will the average person do?

during the great depression there was about 25% unemployment. I happen to work at a school and those types of jobs tend to be safer but nothing is certain. but if you work for the govt. or some such basic societal necessity, then you might be able to make it through. but it seems logical that people in retail sales, people who are nail technicians, people who make their living on the financial markets, stuff like that, are going to seee major unemployment.

someone who knows about this stuff should correct me if i'm wrong. I'm just thinking. i'm just worried that the 5.5% fixed rate I have on my home mortgage will shoot up if the bank goes under and my mortgage gets taken over by another bank.

LikeAnOcean

noodles_jefferson wrote:

someone who knows about this stuff should correct me if i'm wrong. I'm just thinking. i'm just worried that the 5.5% fixed rate I have on my home mortgage will shoot up if the bank goes under and my mortgage gets taken over by another bank.

Would that be good for someone like me who has their money invested into a Money Market account? When I put my money in last year I was earning 4.25% interest.. as the fed kept lowering interest rates on housing, my earnings dropped to only about 2% now.

yoke

noodles_jefferson wrote:

during the great depression there was about 25% unemployment. I happen to work at a school and those types of jobs tend to be safer but nothing is certain. but if you work for the govt. or some such basic societal necessity, then you might be able to make it through. but it seems logical that people in retail sales, people who are nail technicians, people who make their living on the financial markets, stuff like that, are going to seee major unemployment.
.

Thats what I was thinking as well. I am a garbage man and that is one of those jobs that has to be done regardless I think. I actually got out of Telecom(I was an Engineer) because I was sick of the constent bankrupties and takeovers I went through for 12 years. I actually have the chance to get back into now but I am not sure if I want to. I mean my wife is a real estate agent and she does okay(not as good as a few years ago). I mean is this the time for me to switch jobs and maybe end up getting laid off? I don't know if its worth the risk at this point. The job I have is stable and its never going away.

blackredyellow

DriftingByTheStorm wrote:

what do you fucking want from me?

i mean,
even when it is in a legitimate news source,
you people give me shit.

sometimes bad things happen.
you may have to deal with it some day.

god forbid, i try and give someone some warning.

guess it is unwanted.

Post what you want, but my problem is every week you seem to post about an impending meltdown, crash, implosion, etc., of the banking system or the stock market, but we never see it actually happening.

noodles_jefferson

yoke wrote:

The job I have is stable and its never going away.

that's something to consider. many people don't have that kind of job security. it would take a couple of years for everytihng to bottom out and for the economy to reset itself. I'm certainly no expert but i have a friend who is a financial planner and he thinks it won't be as bad as the crash of 29 and that the result will be some type of modern "New deal" where we will end up with a goverment that is closer to the more socialist governments in europe. More taxation and more govt services. Who knows.

i know one thing, the green economy will be what brigns us out of it. we have to bring manufacturing jobs back to the US. we need to produce the materials ans services that will take us into a greener world. solar panels. fule cell technology, smart buildings, expanding mass transit and transitioning it to zero emissions, rebuildign the country's crumbling infrastructure with an eye toward efficiency. all of this stuff wil put people back to work. We could lead the way on this stuff but we need a government that is serious about it, not big oil cronies.

LikeAnOpeningBandForTheSun

noodles_jefferson wrote:

whoever wins is inheriting a shit storm, that's for sure. maybe the republicans really don't want to win. let the democrat come in and deal with the mess and then blame them for it on the next election cycle.

thats the plan.

LeilaMoonTurtle

advise?


OK yes we know things are bad


I just want links to your news

LeilaMoonTurtle

haha

really?


I thought when gas prices are super high and the US dollar loses value left and right that meant slow meltdown

blackredyellow wrote:

Post what you want, but my problem is every week you seem to post about an impending meltdown, crash, implosion, etc., of the banking system or the stock market, but we never see it actually happening.

Lizard

yoke wrote:

I was thinking the same thing myself. Yeah I think its def a worriesome time. What will the average person do?

My concern too. My husband is a teacher in CA, a state whose budget sucks big time, and have 1 kid in college and another will be there in a year. Very Scary stuff.

mammasan

yoke wrote:

Thats what I was thinking as well. I am a garbage man and that is one of those jobs that has to be done regardless I think. I actually got out of Telecom(I was an Engineer) because I was sick of the constent bankrupties and takeovers I went through for 12 years. I actually have the chance to get back into now but I am not sure if I want to. I mean my wife is a real estate agent and she does okay(not as good as a few years ago). I mean is this the time for me to switch jobs and maybe end up getting laid off? I don't know if its worth the risk at this point. The job I have is stable and its never going away.

I'm in the opposite situation as you. I work in advertising, most of our clients are financial firms, and I'm looking to leave. I'm still going to stay in advertising but I'm looking to get back into pharmaceutical advertising. It is one of those industries where economic downturns do not affect as much as other areas of advertising. I'm scared shitless of what might happen. I have a pretty decent amount of money tied up in stocks and mutual funds. I have taken a bit of a beating lately but I'm still up from when I first got into the market. I ponder daily wether I should get my money out now or ride this shit storm out.