Posted: 1/31/2009 2:06:43 AM EDT
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Damn this sounds familiar.
In 1983, another 49 banks failed—easily beating the Great Depression record of 43 failures set in 1940. The Federal Deposit Insurance Corporation (FDIC) listed another 540 banks as "problem banks" on the verge of failure. In 1984, the Continental Illinois National Bank and Trust Company, the nation's seventh-largest bank (with $45 billion in assets), failed. The FDIC had long known of Continental Illinois' problems. The bank had first approached failure in July 1982 when the Penn Square Bank, which had partnered with Continental Illinois in a number of high-risk lending ventures, collapsed. But federal regulators were reassured by Continental Illinois executives that steps were being taken to ensure the bank's financial security. After Continental Illinois' collapse, federal regulators were willing to let the bank fail in order to encourage other banks to rein in some of their more risky lending practices. But members of Congress and the press felt Continental Illinois was "too big to fail." In May 1984, federal banking regulators were forced to offer a $4.5 billion rescue package to Continental Illinois. Continental Illinois may not have been "too big to fail," but its collapse could have caused the failure of some of the biggest banks in the United States. The American banking system had been significantly weakened by the severe recession and the effects of deregulation. Had other banks been forced to write off loans to Continental Illinois, institutions such as Manufacturer's Hanover Trust Company, Bank of America and perhaps Citicorp would have been insolvent. |
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did we bail them all out then and give the workers bonuses from taxpayer money too? They bailed some out. But this time it is more. Thus we are keeping inefficent entities in business AND not getting rid of the problems that caused it in the first place. Result: A longer recession that would have happened and a repeat performance in the future, more than likely. |
After reading your posts for a while, I still have no idea where you're at on what's happening today.  One minute you say things are OK and the next, you seem worried.I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. |
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FDIC failed bank list here.
For January 2009. Some of these banks closed in 2008 but their updated date is shown for this month. Maybe that's for some accounting purposes. Downey Savings and Loan, Newport Beach, CA PFF Bank and Trust, Pomona, CA National Bank of Commerce, Berkeley, IL Bank of Clark County, Vancouver, WA 1st Centennial Bank, Redlands, CA MagnetBank, Salt Lake City, UT Suburban Federal Savings Bank, Crofton, MD Ocala National Bank, Ocala, FL Security Pacific Bank, Los Angeles, CA Franklin Bank, SSB, Houston, TX Freedom Bank, Bradenton, FL Alpha Bank & Trust, Alpharetta, GA Meridian Bank, Eldred, IL Main Street Bank, Northville, MI Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT The Columbian Bank and Trust, Topeka, KS First Heritage Bank, NA, Newport Beach, CA IndyMac Bank, Pasadena, CA The list goes back to 2000. If you look at the dates you can easily see the increasing frequency approaching 2009. That's a lot of banks. I wonder if they were heavily into real estate. |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Both. I'm worried about our countries direction and of a possible lengthy bad recession, I'm not worried about a total economic collapse. |
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How big was it in comparison to any of the top 3 mega banks today? There are no more mega banks left. Today values of those mega banks are a shadow of what they use to be. http://www.simoleonsense.com/visual-bank-market-caps-from-2007-2009/ |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Thats the thing, credit is available, just not stupid credit. I could go down to the local car dealer, slap down a 30-50% down payment and have zero problems getting financing People who want to go get a luxury car with zero down who are upside down on their house will most likely get laughed out of the showroom so long as you have proven yourself to be responsible and have reasonable stability in your job, you can get credit. not so much if you are a high risk |
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FDIC failed bank list here. For January 2009. Some of these banks closed in 2008 but their updated date is shown for this month. Maybe that's for some accounting purposes. Downey Savings and Loan, Newport Beach, CA PFF Bank and Trust, Pomona, CA National Bank of Commerce, Berkeley, IL Bank of Clark County, Vancouver, WA 1st Centennial Bank, Redlands, CA MagnetBank, Salt Lake City, UT Suburban Federal Savings Bank, Crofton, MD Ocala National Bank, Ocala, FL Security Pacific Bank, Los Angeles, CA Franklin Bank, SSB, Houston, TX Freedom Bank, Bradenton, FL Alpha Bank & Trust, Alpharetta, GA Meridian Bank, Eldred, IL Main Street Bank, Northville, MI Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT The Columbian Bank and Trust, Topeka, KS First Heritage Bank, NA, Newport Beach, CA IndyMac Bank, Pasadena, CA The list goes back to 2000. If you look at the dates you can easily see the increasing frequency approaching 2009. That's a lot of banks. I wonder if they were heavily into real estate. Only 2 of those are major 'national' banks, and of those, only IndyMac truely 'failed' - WaMu got 'eaten'.... |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. One thing is for sure. You can make a lot of money doing puts and shorts for some time. |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. One thing is for sure. You can make a lot of money doing pus and shorts for some time. so long as the market is moving, money can be made. If the market stagnates, then I will sweat |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Thats the thing, credit is available, just not stupid credit. I could go down to the local car dealer, slap down a 30-50% down payment and have zero problems getting financing People who want to go get a luxury car with zero down who are upside down on their house will most likely get laughed out of the showroom so long as you have proven yourself to be responsible and have reasonable stability in your job, you can get credit. not so much if you are a high risk The wife and I just put a bid in on a house. (didn't get it) We are going to have no problem getting a 200k plus loan. Of course we have 20% to put down also. |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Thats the thing, credit is available, just not stupid credit. I could go down to the local car dealer, slap down a 30-50% down payment and have zero problems getting financing People who want to go get a luxury car with zero down who are upside down on their house will most likely get laughed out of the showroom so long as you have proven yourself to be responsible and have reasonable stability in your job, you can get credit. not so much if you are a high risk The wife and I just put a bid in on a house. (didn't get it) We are going to have no problem getting a 200k plus loan. Of course we have 20% to put down also. Exactly. people bitch about the 20% (including me) but it shows the bank you are willing to put up a substantial personal financial stake in the loan, hence more incentive for you to repay it. The more incentive you have to repay the note, the more willing they will be to take a chance on you. |
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Why don't you join us in the investing forum we have here? I'd like to see what you're really doing. Before the DOW dropped? 30% in Money market, 30% in Mutual funds and 30% in T-bills. The other 10% in gold, coins and single stocks for me to play with, (quite unsuccessfully  , but it is a small amount).
Now the stocks are a smaller portion by some, but they will rebound before I retire. 
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You're lucky that you didn't buy the house. Housing prices needs to be back to historical level: House Price = 2 * income. Once that is reached you will start to see a recovery in the housing market. I'm gonna show my age on this one but are you serious!?!?!?!?! houses were that cheap at one point???? I'd love to be able to find a house within a reasonable distance from the office at that price....course, I am also just in the market for a garage with an attached house but still 2Xincome, wow most here are 2.5-4X income |
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You're lucky that you didn't buy the house. Housing prices needs to be back to historical level: House Price = 2 * income. Once that is reached you will start to see a recovery in the housing market. Oklahoma. Our housing is working differently, not quite as bad as the rest of the country and probably won't go down any more (at least not much). And BTW we were lowballing a 300K plus house. We actually could have gotten it if we gave a little more. But I want to take advantage of the market. No biggie, there are many more where that came from. And the way I figure it is mortgage payment should be 1/4 of take home or less rather than worry about the actual home price. |
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The problem comes down to a combination of deregulation and a Socialist-leaning Congress not letting the chips fall where they may, which is a requirement if deregulation is the official policy.
In the case of the Bush Administration, we had both deregulation of the banking industry and a bailout of the same banks Bush insisted we deregulate. This is one of the things that SHOULD haunt Bush for years to come. He was totally insane in many ways. If not for the GWOT on terror, he would be a complete loser. And some feel he sucked at that as well. |
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The problem comes down to a combination of deregulation and a Socialist-leaning Congress not letting the chips fall where they may, which is a requirement if deregulation is the official policy. In the case of the Bush Administration, we had both deregulation of the banking industry and a bailout of the same banks Bush insisted we deregulate. This is one of the things that SHOULD haunt Bush for years to come. He was totally insane in many ways. If not for the GWOT on terror, he would be a complete loser. And some feel he sucked at that as well. First, yeah, Bush is the uncrowned king of moral hazard. Second –– who is in that picture in your avatar of the old M-can with asymmetric baffles on the end of the rifle? |
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Yeah, historically you don't need to work two jobs including your spouse to pay the bills. Young couple with good jobs could have bought a decent home. Since the housing bubble started in the 1990 it has been ridiculous.
A lot of wealth has been lost. Far greater and across the board since the collapsed of housing market. Over 90% of the population saving is base on the value of their home. The tech bubble was limited to investors. The housing market hits everybody, the rich to the poor. The money you invested in your home for the past 15 years is gone. No more saving and that's translated to no more buying power. House price = 2 * income with 10% down payment. |
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The problem comes down to a combination of deregulation and a Socialist-leaning Congress not letting the chips fall where they may, which is a requirement if deregulation is the official policy. In the case of the Bush Administration, we had both deregulation of the banking industry and a bailout of the same banks Bush insisted we deregulate. This is one of the things that SHOULD haunt Bush for years to come. He was totally insane in many ways. If not for the GWOT on terror, he would be a complete loser. And some feel he sucked at that as well. First, yeah, Bush is the uncrowned king of moral hazard. Second –– who is in that picture in your avatar of the old M-can with asymmetric baffles on the end of the rifle? OHH I KNOW!!!! Its Scorpio from Dirty Harry |
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Yeah, historically you don't need to work two jobs including your spouse to pay the bills. Young couple with good jobs could have bought a decent home. Since the housing bubble started in the 1990 it has been ridiculous. A lot of wealth has been lost. Far greater and across the board since the collapsed of housing market. Over 90% of the population saving is base on the value of their home. The tech bubble was limited to investors. The housing market hits everybody, the rich to the poor. The money you invested in your home for the past 15 years is gone. No more saving and that's translated to no more buying power. There was a great article I read about a year ago dealing with this very subject of young couples not being able to afford a house anymore and it was due to the taxes that have increased since 1970. It compared a family just starting out in 1970 vs 2000ish and how you could afford a house on a single income 40 years ago. I'll see if I can find it |
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Yeah, historically you don't need to work two jobs including your spouse to pay the bills. Young couple with good jobs could have bought a decent home. Since the housing bubble started in the 1990 it has been ridiculous. A lot of wealth has been lost. Far greater and across the board since the collapsed of housing market. Over 90% of the population saving is base on the value of their home. The tech bubble was limited to investors. The housing market hits everybody, the rich to the poor. The money you invested in your home for the past 15 years is gone. No more saving and that's translated to no more buying power. House price = 2 * income with 10% down payment. Taxes and the increase of cost of crap due to unneeded or overarching regulations. .gov is the problem. Period. |
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Yeah, historically you don't need to work two jobs including your spouse to pay the bills. Young couple with good jobs could have bought a decent home. Since the housing bubble started in the 1990 it has been ridiculous. A lot of wealth has been lost. Far greater and across the board since the collapsed of housing market. Over 90% of the population saving is base on the value of their home. The tech bubble was limited to investors. The housing market hits everybody, the rich to the poor. The money you invested in your home for the past 15 years is gone. No more saving and that's translated to no more buying power. House price = 2 * income with 10% down payment. Taxes and the increase of cost of crap due to unneeded or overarching regulations. .gov is the problem. Period. I'm screwed trying to buy a house as a single guy, arent I?
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Quoted: Quoted: Why don't you join us in the investing forum we have here? I'd like to see what you're really doing. Before the DOW dropped? 30% in Money market, 30% in Mutual funds and 30% in T-bills. The other 10% in gold, coins and single stocks for me to play with, (quite unsuccessfully , but it is a small amount).Now the stocks are a smaller portion by some, but they will rebound before I retire. Mighty poor dodge on your part. |
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The problem comes down to a combination of deregulation and a Socialist-leaning Congress not letting the chips fall where they may, which is a requirement if deregulation is the official policy. In the case of the Bush Administration, we had both deregulation of the banking industry and a bailout of the same banks Bush insisted we deregulate. This is one of the things that SHOULD haunt Bush for years to come. He was totally insane in many ways. If not for the GWOT on terror, he would be a complete loser. And some feel he sucked at that as well. WRONG Deregulation of the Banks was under Clinton, and it is one of the few GOOD things he did... This is NOT due to deregulation, and that specific dereguation law is what has saved us from HUGE calamities by allowing BANKS to buy INVESTMENT FIRMS. |
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The problem comes down to a combination of deregulation and a Socialist-leaning Congress not letting the chips fall where they may, which is a requirement if deregulation is the official policy. In the case of the Bush Administration, we had both deregulation of the banking industry and a bailout of the same banks Bush insisted we deregulate. This is one of the things that SHOULD haunt Bush for years to come. He was totally insane in many ways. If not for the GWOT on terror, he would be a complete loser. And some feel he sucked at that as well. WRONG Deregulation of the Banks was under Clinton, and it is one of the few GOOD things he did... This is NOT due to deregulation, and that specific dereguation law is what has saved us from HUGE calamities by allowing BANKS to buy INVESTMENT FIRMS. I am not speaking about the 1999 Gramm-Leach-Bliley Act. I should be more specific. Bush was behind some of the SEC deregulations that led to broker-dealers being able to set their own debt-to-asset ratios. We know now that this led to the failure of Bear and others. |
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Yeah, historically you don't need to work two jobs including your spouse to pay the bills. Young couple with good jobs could have bought a decent home. Since the housing bubble started in the 1990 it has been ridiculous. A lot of wealth has been lost. Far greater and across the board since the collapsed of housing market. Over 90% of the population saving is base on the value of their home. The tech bubble was limited to investors. The housing market hits everybody, the rich to the poor. The money you invested in your home for the past 15 years is gone. No more saving and that's translated to no more buying power. House price = 2 * income with 10% down payment. Taxes and the increase of cost of crap due to unneeded or overarching regulations. .gov is the problem. Period. I'm screwed trying to buy a house as a single guy, arent I? Not if you make enough. But today it really take a two income household most of the time.
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Why don't you join us in the investing forum we have here? I'd like to see what you're really doing. Before the DOW dropped? 30% in Money market, 30% in Mutual funds and 30% in T-bills. The other 10% in gold, coins and single stocks for me to play with, (quite unsuccessfully , but it is a small amount).
Now the stocks are a smaller portion by some, but they will rebound before I retire. Mighty poor dodge on your part. How? I'm actually quite happy with my decsion. Remember to look at it from last Spring/Summer POV. I actually was worried I have moved too much out of stocks. BTW, I'm not a fiddler. I learned from my Dad to make a change rarely when you think large changes happen. Otherwise leave it the fuck alone. |
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When you're standing atop a tall cliff, say...
...650 trillion feet tall... ...and you stumble... ...you might scrape your knee... and then again, it might be worse than just a scrape. NObody has a crystal ball. If they tell you, over and over that they DO have a crystal ball... ...run. If they tell you to hope for the best... ...and plan for the worst... ...and leave a little wiggle room if neither the best nor the worst comes to pass... ...listen up. Do your best... ...take what you get... ...and if you get a chance... ...help spread a little sanity around. How do you eat an elephant? One bite at a time.
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Yeah, historically you don't need to work two jobs including your spouse to pay the bills. Young couple with good jobs could have bought a decent home. Since the housing bubble started in the 1990 it has been ridiculous. A lot of wealth has been lost. Far greater and across the board since the collapsed of housing market. Over 90% of the population saving is base on the value of their home. The tech bubble was limited to investors. The housing market hits everybody, the rich to the poor. The money you invested in your home for the past 15 years is gone. No more saving and that's translated to no more buying power. House price = 2 * income with 10% down payment. Taxes and the increase of cost of crap due to unneeded or overarching regulations. .gov is the problem. Period. I'm screwed trying to buy a house as a single guy, arent I? Probably not in GA, if you make enough & have good credit... But if you were in CA, or the north-east... Yeah, you'd be fucked... My 150k house out here in WA is probably 1/2 that in WI or MN.... |
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Yeah, historically you don't need to work two jobs including your spouse to pay the bills. Young couple with good jobs could have bought a decent home. Since the housing bubble started in the 1990 it has been ridiculous. A lot of wealth has been lost. Far greater and across the board since the collapsed of housing market. Over 90% of the population saving is base on the value of their home. The tech bubble was limited to investors. The housing market hits everybody, the rich to the poor. The money you invested in your home for the past 15 years is gone. No more saving and that's translated to no more buying power. There was a great article I read about a year ago dealing with this very subject of young couples not being able to afford a house anymore and it was due to the taxes that have increased since 1970. It compared a family just starting out in 1970 vs 2000ish and how you could afford a house on a single income 40 years ago. I'll see if I can find it Well, nobody builds "starter homes" anymore. Smaller houses on larger lots are gone in favor of the instant mansion. I bought my house new 20 years ago. 3 bedrooms, 2 bath ranch, on 1 acre for 79k Try to find a house like that these days. |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Both. I'm worried about our countries direction and of a possible lengthy bad recession, I'm not worried about a total economic collapse. Monetary disaster/collapse is most likely to happen. Economic collapse can never really happen, but parts of the "economy" can. Total collapse under your terms would mean there would not be any living humans left following human nature. |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Both. I'm worried about our countries direction and of a possible lengthy bad recession, I'm not worried about a total economic collapse. Monetary disaster/collapse is most likely to happen. Economic collapse can never really happen, but parts of the "economy" can. Total collapse under your terms would mean there would not be any living humans left following human nature. I'm talking about our system of economy being fundamentally changed or gone. Not all life being gone. |
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Sherrick's avatar should be Kevin Bacon as the ROTC guy from Animal House screaming "All is well!" [as the Deltas annihilate the parade in Animal House]. Another bird on a wire saying crap that was never said. My post from earlier up. I'm worried about our countries direction and of a possible lengthy bad recession You are either, stupid, a fucking troll (as some of you call me) or just an ********. |
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Sherrick's avatar should be Kevin Bacon as the ROTC guy from Animal House screaming "All is well!" [as the Deltas annihilate the parade in Animal House]. Another bird on a wire saying crap that was never said. My post from earlier up. I'm worried about our countries direction and of a possible lengthy bad recession You are either, stupid, a fucking troll (as some of you call me) or just an ********. You can only be completely and utterly WRONG so many times before you gain a reputation. Your's is as well-earned as anyone on this board. Your recent admissions of "issues" with the economy are MONTHS late and TRILLIONS short. |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Both. I'm worried about our countries direction and of a possible lengthy bad recession, I'm not worried about a total economic collapse. Monetary disaster/collapse is most likely to happen. Economic collapse can never really happen, but parts of the "economy" can. Total collapse under your terms would mean there would not be any living humans left following human nature. I'm talking about our system of economy being fundamentally changed or gone. Not all life being gone. Sure, systems can and do change all the time but a complete collapse under the other thread would mean no more living humans, no means of exchange for goods/items/cash/capital/fill in the blank. Which is what I stated in this thread. You will find I am in agreement, just that certain parts of the economy will be and is completely unsound from government intervention and planning. |
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Sherrick's avatar should be Kevin Bacon as the ROTC guy from Animal House screaming "All is well!" [as the Deltas annihilate the parade in Animal House]. Another bird on a wire saying crap that was never said. My post from earlier up. I'm worried about our countries direction and of a possible lengthy bad recession You are either, stupid, a fucking troll (as some of you call me) or just an ********. You can only be completely and utterly WRONG so many times before you gain a reputation. Your's is as well-earned as anyone on this board. You must be stupid. 
The only time I've been 100% wrong is when I missed a gas price drop by .16 fucking cents. But 6 months later hit it dead fucking on. And 2 or 3 years from now, after there has been no collapse, I will be correct again. Although I'm sure you and the other mouth breathers will be saying "IT IS STILL COMING!!!!! THE .GOV POLICIES JUST PUSHED IT BACK ONCE AGAIN!!!!!" Why don't you just go dig your hole, climb in with your MREs and gold and stay there? |
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After reading your posts for a while, I still have no idea where you're at on what's happening today. One minute you say things are OK and the next, you seem worried.
I'm quite a bit older than you are, that I can figure out. This is about as bad as it was in the early 80's, but in a different way. Back then, money (credit) was available but interest rates went through the roof. Back then, the high interest rates drove the housing and auto markets (and employment) down. Both. I'm worried about our countries direction and of a possible lengthy bad recession, I'm not worried about a total economic collapse. Monetary disaster/collapse is most likely to happen. Economic collapse can never really happen, but parts of the "economy" can. Total collapse under your terms would mean there would not be any living humans left following human nature. I'm talking about our system of economy being fundamentally changed or gone. Not all life being gone. Sure, systems can and do change all the time but a complete collapse under the other thread would mean no more living humans, no means of exchange for goods/items/cash/capital/fill in the blank. Which is what I stated in this thread. You will find I am in agreement, just that certain parts of the economy will be and is completely unsound from government intervention and planning. NO again. The Wiemar Republic had a total economic collapse. Yet there were still plenty of humans left. Quit being obtuse. By late 1923, the Weimar Republic of Germany was issuing fifty-million Mark banknotes and postage stamps with a face value of fifty billion Mark. The highest value banknote issued by the Weimar government's Reichsbank had a face value of 100 trillion Mark (100,000,000,000,000; 100 billion on the long scale). Hungary: Hungary went through the worst inflation ever between the end of 1945 and July 1946. In 1944, the highest denomination was 1,000 By the end of 1945, it was 10,000,000 . The highest denomination in mid-1946 was 100,000,000,000,000,000,000 . A special currency the adópengő - or tax pengő - was created for tax and postal payments . The value of the adópengő was adjusted each day, by radio announcement. On January 1, 1946 one adópengő equaled one pengő. By late July, one adópengő equaled 2,000,000,000,000,000,000,000 or 2×1021pengő. When the pengo was replaced in August 1946 by the forint, the total value of all Hungarian banknotes in circulation amounted to one-thousandth of one US dollar. It is the most severe known incident of inflation recorded, peaking at 1.3 × 1016 percent per month (prices double every 15 hours) . The overall impact of hyperinflation: On 18 August, 1946 400,000,000,000,000,000,000,000,000,000 or 4×1029. Plenty of people left. If something happens such as those I will fully admit collapse and you all can laugh at me. |
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Sherrick's avatar should be Kevin Bacon as the ROTC guy from Animal House screaming "All is well!" [as the Deltas annihilate the parade in Animal House]. Another bird on a wire saying crap that was never said. My post from earlier up. I'm worried about our countries direction and of a possible lengthy bad recession You are either, stupid, a fucking troll (as some of you call me) or just an ********. You can only be completely and utterly WRONG so many times before you gain a reputation. Your's is as well-earned as anyone on this board. You must be stupid.
The only time I've been 100% wrong is when I missed a gas price drop by .16 fucking cents. But 6 months later hit it dead fucking on. And 2 or 3 years from now, after there has been no collapse, I will be correct again. Although I'm sure you and the other mouth breathers will be saying "IT IS STILL COMING!!!!! THE .GOV POLICIES JUST PUSHED IT BACK ONCE AGAIN!!!!!" Why don't you just go dig your hole, climb in with your MREs and gold and stay there? The "hole" is for the 401(k) folks who listened to your ilk, have seen their life savings annihilated, and have to crawl out of their comfy retirement "hole" to go and work at Target. A "Johnny come lately" to reality throwing stones? |
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Sherrick's avatar should be Kevin Bacon as the ROTC guy from Animal House screaming "All is well!" [as the Deltas annihilate the parade in Animal House]. Another bird on a wire saying crap that was never said. My post from earlier up. I'm worried about our countries direction and of a possible lengthy bad recession You are either, stupid, a fucking troll (as some of you call me) or just an ********. You can only be completely and utterly WRONG so many times before you gain a reputation. Your's is as well-earned as anyone on this board. You must be stupid.
The only time I've been 100% wrong is when I missed a gas price drop by .16 fucking cents. But 6 months later hit it dead fucking on. And 2 or 3 years from now, after there has been no collapse, I will be correct again. Although I'm sure you and the other mouth breathers will be saying "IT IS STILL COMING!!!!! THE .GOV POLICIES JUST PUSHED IT BACK ONCE AGAIN!!!!!" Why don't you just go dig your hole, climb in with your MREs and gold and stay there? The "hole" is for the 401(k) folks who listened to your ilk, have seen their life savings annihilated, and have to crawl out of their comfy retirement "hole" to go and work at Target. Johnny come latelys to reality throwing stones. Last time I checked stocks were never GUARANTEED to appreciate. That is why seniors were advised to move their money to safer investments. My stuff in MM and T-bills didn't depreciate at all. Can't help stupid. BTW, how do you like the red uniform? Fit you well? |