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

Ebizzie

yoke wrote:

I am a man of many hats. I was an engineer while at the same time I was a freelance photographer for many newpapers and a few mags. When I was downsized in 05 in Telecom I started working fulltime as a photographer. Well lets say that well dried up pretty quick. Newpapers are cutting everyone so once I saw that market drying up I decided to get myself a job that needed to be done on a daily basis. Now I have been offered by a few Telecoms a position but I was in that industry for 12 years and I know how ficil(sp??) it can be. Do I risk the stability I have now for a bigger payout that most likely will not last as long. As far as my stocks and what not, I am not worried I don't have any real money in anything right now so I am not losing much. For me its a question of stability.

On a side note, where are you in Jersey?

As a telecom guy myself, one who has been in the industry about the same amount of time as you, I think it's actually a good time to get back in. While other sectors are struggling, the internet and bandwidth demands are just absolutely BOOMING. The stocks aren't reflecting this due to the economy as a whole, but networks are running out of room. The fiber glut that killed a lot of jobs is becoming less and less. I work for a gigantic broadband wholesaler and I can tell you that we're running out of fiber in some areas. Video, VOIP, etc...it's all booming. I may be misquoting this, but AT&T made a statement a couple months ago that they expect their bandwidth demands to triple over the next 7-10 years.

Im still here

LikeAnOcean wrote:

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. :(

so after the fees you end up with nothing

what a scam.......

banks suck

DriftingByTheStorm

Im still here wrote:

so after the fees you end up with nothing

what a scam.......

banks suck

After inflation you are MISERABLY in the HOLE.

REAL Inflation for 2007-2008 is running upwards of 15%
it may be even worse
but who the fuck would know since the Fed stopped printing M3 Money Supply statistics over a year ago now.

Anway, at 15%
that means you LOST 13% on that bank account.

OUCH.

Market was down 230 points (DJIA) at the worst today,
closed out down around 130 or 160, i believe.

2 year low on the major indexes.

We are in a BAD BAD way.

They were talking today about The Fed granting DISCOUNT WINDOW TO Fannie Mae and Freddie Mac.

WTF?

That is a SUBSIDY of a SUBSIDY.

That is like 2nd degree ass raping.
wtf?

How do you subsidize something that is already subsidized?

Goddamn.

Fuck it.
:(

Ebizzie

And we've got the first bank failure....

it's about to get ugly.

DriftingByTheStorm

Ebizzie wrote:

And we've got the first bank failure....

it's about to get ugly.

Indymac?

fucking shit.
when did they announce this shit?
news story is only 2 hours old.

fucking christ.

article wrote:

The bank will reopen Monday as IndyMac Federal Bank, run by the Federal Deposit Insurance Corp. At the time of the bank's closing today, about 10,000 depositors had approximately $1 billion in total uninsured deposits. The bank held $19 billion in deposits at the time of its failure

well, hallefuckingleuja.
:(

edpearson

mammasan wrote:

Point me to a store that sells any products made in the US. In fact point me to any product, besides cars, motorcycles, or other motorized vehicles, that are made in the US.

I get your point, but just for the record, I'll bet that just about every instrument that the guys in PJ play is American made. I know that all those Fenders, Gibsons, Gretschs, Martins that they play are DEFINITELY American made. American made guitars/basses are still preferred by most musicians around the world! But unfortunately, that's not going to help our economy that much.

my2hands

DriftingByTheStorm wrote:

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.

what happened to this imminent meltdown?

spyguy

my2hands wrote:

what happened to this imminent meltdown?

its imminent. duh. nice dig. does this guy make these doom and gloom threads all the time?

DriftingByTheStorm

my2hands wrote:

what happened to this imminent meltdown?

Well for starters,
the government placed uptick restrictions and out right "no short" rules on all the major banks.

Its hard to have a market meltdown when you cant even sell the stock.


Beyond that,
i believe, after this announcement we had a massive bail-out bill signed in private by President Boosh.

Further, TPTB manipulated the price of oil back down off its peak, removing some of the immediate short term pressures on the US market.

All that being said,
the Fortis Bank prediction said "within weeks", and July-August is only around 6-8 weeks.

I'd say that given the market is once again headed down (DOW is now 300 points from being in the 10,000 range again), the Fed is now completely neutered (can't cut rates, and WAS expected to RAISE rates shortly, to save the dollar), and the bail out has already happened ... and yet Fannie and Freddie are still widely expected to need total government recapitalization ...

i would say that prediction remains largely plausible.

Who knows what the fuck will happen.

Certainly it is ridiculous to accuse me of fearmongering, on account of my only printing here NEWS that was REPORTED by FINANCIAL INSTITUTIONS.

I didin't post some fucking Alex Jones article, or some crazy blog site.
I posted a fucking write up about a major bank making a market prediction.

And yet, in this little sandbox, all the babies cry out that i'm scaring them with my fearmongering, simply for trying to post up links to valid news articles for discussion.

:cool:

DriftingByTheStorm

my2hands wrote:

what happened to this imminent meltdown?

:rolleyes:

spyguy wrote:

its imminent. duh. nice dig. does this guy make these doom and gloom threads all the time?

:rolleyes:

"within weeks" ... 6 weeks later...

la la la-la la la ... TOTAL DESTRUCTION FROM SHORE TO SHORE

DriftingByTheStorm

my2hands wrote:

what happened to this imminent meltdown?

All i want is a hug and a sportsman like "Okay, so your not exactly as crazy as i thought".

Is that so much to ask?
;
What happened to this My2hands?

josevolution

DriftingByTheStorm wrote:

All i want is a hug and a sportsman like "Okay, so your not exactly as crazy as i thought".

Is that so much to ask?
;
What happened to this My2hands?

hey i give you credit you where on target ...but i'm not happy with the melt down .

DriftingByTheStorm

josevolution wrote:

hey i give you credit you where on target ...but i'm not happy with the melt down .

well god knows i'm not HAPPY about it.
This isn't about "hey DBTS was right, lets gloat over it"

this is about,

"Hey when people with half of a brain step up and repeatedly warn you 'man i kind've know what i'm talking about, man this is kind've a big deal' ... it would behoove folks to get over themselves to some extent, do some homework, and recognize that sometimes expecting the worst isn't simply reducible to derogatories like 'fearmonger' and 'tin foil hat nutter' ... and maybe try to ask themselves what it is that THEY were blocking mentally that someone else saw."

Because, once again, this is NOT about "ooh DBTS is so smart, and ooh DBTS was 'right' ..."

no, its about "what can I do as another contributing member of society to recognize the same OBVIOUS, but somewhat hidden, fundamentals that some other folks here were hip to, and how can i go forward with that information in a CONSTRUCTIVE fashion to help stop this mess from happening again."

LET ME GET THIS STRAIGHT:
The point of these daily\weekly and repetitive exercises in "fear mongering" from my end was NOT about trying to scare folks for the sake of scaring them, or to put down predictions just to gloat after the fact ... IT WAS AN ATTEMPT TO EDUCATE ... both YOU and ME ...

I learned A LOT trying to reach out to the people on this board ... the constant brick wall i was rammed up against with all the "fearmonger" and "tin foil hat nutter" responses FORCED ME TO DO MY HOMEWORK and i learned a SHIT TON because of it.

But, besides trying to force my own awareness, i was trying to force YOURS.
Look folks, i don't think people here are idiots. I wouldn't be here if i thought that.
I'm here because, like Mr. Vedder himself, i happen to think that Pearl Jam fans on the whole are at least a small notch above the average bear when it comes to consciousness, awareness, and the content of their character. I believe that truly.

THAT was what this whole thing was about, from my POV.
I DON'T feel a whole lot of personal power over this crisis, but the one thing i saw an opportunity to do here was HELP EXPLAIN IT TO OTHERS so that maybe one day THEY would also see, and a MOVEMENT could begin to FOMENT.

That has ALWAYS been my intent.
Whether i ever or at anytime did that articulately or not, is beyond my analysis (i know i got more than a few positive feed back letters via PM, but i also got a lot of muck thrown my way on AMT) ... and certainly i never claim to have held my cool at any given moment.

This is intense stuff, and from my perspective at least, with what i deem myself to be knowledgeable of, it is intensely PASSIONATE material for discussion.

What i was HOPING to achieve in this forum was to INSPIRE SOME OF THAT SAME PASSION IN OTHERS.

Because, HONESTLY folks, the ONLY way we are going to change or challenge this juggernaut is if A WHOLE LOT OF PEOPLE GET THAT SAME PASSION, AWARENESS, AND DESIRE TO MAKE REAL CHANGE.

And real change starts with REAL UNDERSTANDING, followed by REAL solutions.

And ONCE again, i will plug a movie which i feel the time has come to plug shamelessly: The Money Masters.

my2hands

i have to hang out with my boy drifting one day and buy him a beer... i bet that shit is a blast! :cool:

josevolution

DriftingByTheStorm wrote:

well god knows i'm not HAPPY about it.
This isn't about "hey DBTS was right, lets gloat over it"

this is about,

"Hey when people with half of a brain step up and repeatedly warn you 'man i kind've know what i'm talking about, man this is kind've a big deal' ... it would behoove folks to get over themselves to some extent, do some homework, and recognize that sometimes expecting the worst isn't simply reducible to derogatories like 'fearmonger' and 'tin foil hat nutter' ... and maybe try to ask themselves what it is that THEY were blocking mentally that someone else saw."

Because, once again, this is NOT about "ooh DBTS is so smart, and ooh DBTS was 'right' ..."

no, its about "what can I do as another contributing member of society to recognize the same OBVIOUS, but somewhat hidden, fundamentals that some other folks here were hip to, and how can i go forward with that information in a CONSTRUCTIVE fashion to help stop this mess from happening again."

LET ME GET THIS STRAIGHT:
The point of these daily\weekly and repetitive exercises in "fear mongering" from my end was NOT about trying to scare folks for the sake of scaring them, or to put down predictions just to gloat after the fact ... IT WAS AN ATTEMPT TO EDUCATE ... both YOU and ME ...

I learned A LOT trying to reach out to the people on this board ... the constant brick wall i was rammed up against with all the "fearmonger" and "tin foil hat nutter" responses FORCED ME TO DO MY HOMEWORK and i learned a SHIT TON because of it.

But, besides trying to force my own awareness, i was trying to force YOURS.
Look folks, i don't think people here are idiots. I wouldn't be here if i thought that.
I'm here because, like Mr. Vedder himself, i happen to think that Pearl Jam fans on the whole are at least a small notch above the average bear when it comes to consciousness, awareness, and the content of their character. I believe that truly.

THAT was what this whole thing was about, from my POV.
I DON'T feel a whole lot of personal power over this crisis, but the one thing i saw an opportunity to do here was HELP EXPLAIN IT TO OTHERS so that maybe one day THEY would also see, and a MOVEMENT could begin to FOMENT.

That has ALWAYS been my intent.
Whether i ever or at anytime did that articulately or not, is beyond my analysis (i know i got more than a few positive feed back letters via PM, but i also got a lot of muck thrown my way on AMT) ... and certainly i never claim to have held my cool at any given moment.

This is intense stuff, and from my perspective at least, with what i deem myself to be knowledgeable of, it is intensely PASSIONATE material for discussion.

What i was HOPING to achieve in this forum was to INSPIRE SOME OF THAT SAME PASSION IN OTHERS.

Because, HONESTLY folks, the ONLY way we are going to change or challenge this juggernaut is if A WHOLE LOT OF PEOPLE GET THAT SAME PASSION, AWARENESS, AND DESIRE TO MAKE REAL CHANGE.

And real change starts with REAL UNDERSTANDING, followed by REAL solutions.

And ONCE again, i will plug a movie which i feel the time has come to plug shamelessly: The Money Masters.

no i thank you i have been clueless for yrs about economy and government so anytime i see things that give me a clue i read and take notes so thanks for that ...

my2hands

btw, this is a total collapse? great depression?

thats the vibe i was getting from that "totoal meltdown" prediction... i took it as catastrophic depression? i dont think this is that bad?

DriftingByTheStorm

my2hands wrote:

btw, this is a total collapse? great depression?

thats the vibe i was getting from that "totoal meltdown" prediction... i took it as catastrophic depression? i dont think this is that bad?

Ask yourself where we would be RIGHT NOW if the government had not just all but promised the market THE LARGEST BAIL OUT IN HISTORY.
And earlier last week, before that, THE SECOND LARGEST BAIL OUT IN HISTORY. And two weeks before that? THE THIRD LARGEST BAIL OUT IN HISTORY.

Ask yourself that, brother.
Yes, this is all but one wheat penny shy of a "total financial market meltdown".
If you can't own up to that assertion, then i have lost the battle.

The market is royally fucked. The ONLY thing keeping it from crashing 1000 points a day from now until christmas is the fact that the government is prepared to throw nearly ONE TRILLION DOLLARS at it with less than a week of debate on the house floor.

Look, predictions don't figure in unquantifiable unknowns like massive government bailouts. THIS IS A MELTDOWN, plain and simple.

And lets wait another month or two and see how close we get to that "depression".
There is still PLENTY of time for more horrible things to happen, like a total unwinding of the BOND market, or the dollar (which got absolutely WHACKED today) or god forbid, more stupid stubborn banks going down before or after this bailout.

Nevermind

my2hands wrote:

btw, this is a total collapse? great depression?

thats the vibe i was getting from that "totoal meltdown" prediction... i took it as catastrophic depression? i dont think this is that bad?

Its not over yet.

RolandTD20Kdrummer

DriftingByTheStorm wrote:

And yet, in this little sandbox, all the babies cry out that i'm scaring them with my fearmongering, simply for trying to post up links to valid news articles for discussion.

:cool:

Just post an Obama is awesome thread and all will be well...

DriftingByTheStorm

Nevermind wrote:

Its not over yet.

Yeah.
When the market is DOWN 400 points (nearly) AFTER the largest bailout in history is announced, we still have a MAJOR problem!
:eek: