One dark financial day in our nation

One dark financial day in our nation

There are 138 comments on the WIVB Buffalo story from Sep 15, 2008, titled One dark financial day in our nation. In it, WIVB Buffalo reports that:

New York Governor David Paterson, reacts to one of the darkest financial days the nation has seen since 9/11. When all was said and done on Wall Street Monday, the Dow lost more than 500 points, marking the ...

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Swimmingly

Lockport, NY

#1 Sep 16, 2008
This is what happens when financial institutions make bad lending decisions. The last thing that needs to be done is a bail out by the govt. Unfortunately that is what is happening with Fanniemae and Freddiemac. Now the govt has control of these lenders. Isn't socialism great?
One

Atlanta, GA

#2 Sep 16, 2008
Yes

“Communism. It's everywhere!”

Since: May 08

Lockport, NY

#4 Sep 16, 2008
Swimmingly wrote:
This is what happens when financial institutions make bad lending decisions. The last thing that needs to be done is a bail out by the govt. Unfortunately that is what is happening with Fanniemae and Freddiemac. Now the govt has control of these lenders. Isn't socialism great?
Swimmingly,

It just makes my blood boil to no end know that the CEOs of Fannie and Freddie were given $24 million as they were escorted out the door. Honestly, I think that with the way the markets are structured today there is no reason for Fannie and Freddie to exist. Things are much different than they were when Fannie was set up. Once the market stabilizes we should start dismantling companies like Fannie and Freddie where the profits go to private investors and the losses go to the general public.

The Commie
Just me

Buffalo, NY

#5 Sep 16, 2008
This is just getting started, kids... Your local 'mom and pop' bank is next, Key, Marine Midland, etc. Time is up for the United States as a world power.

This has been cooking on the back burner, not since the 'mortgage meltdown', as the clueless media would have you believe, but for decades.

The "housing crisis" is indeed real but it was fomented by a currency that is about as worthless as toilet paper. Really.

And the blame lies squarely on the good ol', reliable United States government.
Just me

Buffalo, NY

#6 Sep 16, 2008
Swimmingly wrote:
Isn't socialism great?
I understand your point.

If I may, though...I think it more closely resembles Fascism.

“Communism. It's everywhere!”

Since: May 08

Lockport, NY

#7 Sep 16, 2008
Just me wrote:
This is just getting started, kids... Your local 'mom and pop' bank is next, Key, Marine Midland, etc. Time is up for the United States as a world power.
This has been cooking on the back burner, not since the 'mortgage meltdown', as the clueless media would have you believe, but for decades.
The "housing crisis" is indeed real but it was fomented by a currency that is about as worthless as toilet paper. Really.
And the blame lies squarely on the good ol', reliable United States government.
Just Me,

Nonsense! Betting against the USA is always a bet. Be smart....start buying shares.

The Commie
Steve

United States

#8 Sep 16, 2008
the story on the website itself if flawed. In two places it refers to "the lowest point drop". The correct verbiage should be "largest point drop". Careless mistakes like this is why I typically do not bother with the local media.
hillbilly

United States

#9 Sep 16, 2008
Just me wrote:
This is just getting started, kids... Your local 'mom and pop' bank is next, Key, Marine Midland, etc. Time is up for the United States as a world power.
This has been cooking on the back burner, not since the 'mortgage meltdown', as the clueless media would have you believe, but for decades.
The "housing crisis" is indeed real but it was fomented by a currency that is about as worthless as toilet paper. Really.Marine Midland a "mom&pop Bank?If you havent noticed Marine Midland became HSBC, Know what HSBC is short for? how about the Hong Kong Shang Hi Banking Corp.Must be Chinese "Mom&Pop
And the blame lies squarely on the good ol', reliable United States government.
Marine Midland a "mom&pop Bank?Marine is now HSBC, Know what that stands for? Hong Kong Shang Hi Banking Corp.Must be Chinese Mom&Pop
Just me

Buffalo, NY

#11 Sep 16, 2008
Wow... You people are proud.

Well, there's no alternative but to keep right on putting faith in your wonderful currency, like you're told to.

Just wait.
Hangin Judge

United States

#12 Sep 16, 2008
This should be no surprise to anyone except those who still believe the world is flat. Lots of men and women on Wall Street have been making millions moving paper and numbers around with no secure foundation or value to it. It's kinda like a poker game, you can shuffle, deal, move things around and bet...........but eventually you have to settle up. I have absolutely no sympathy for anyone in that business or the companies that make their living on other peoples money.
Just me

Buffalo, NY

#13 Sep 16, 2008
This year alone there have been 11 banks that have gone bust in the United States:

1.) Douglass National Bank, Kansas City, MO. Failed on January 25, 2008

2.) Hume Bank, Hume, MO. Failed on March 7, 2008

3.) ANB Financial, NA, Bentonville, AR. Failed on May 9, 2008

4.)[The ironically-named]First Integrity Bank, NA, Staples, MN. Failed on May 30, 2008

5.) IndyMac Bank, Pasadena, CA. Failed on July 11, 2008

6.) First National Bank of Nevada, Reno, NV. Failed on July 25, 2008

7.) First Heritage Bank, NA, Newport Beach, CA. Failed on July 25, 2008

8.) First Priority Bank, Bradenton, FL. Failed on August 1, 2008

9.) The Columbian Bank and Trust Company, Topeka, KS. Failed on August 22, 2008

10.) Integrity Bancshares Inc., Alpharetta, GA. Failed on August 29, 2008

11.) Silver State Bank, Henderson, NV. Failed on September 5, 2008

12.) Lehman Brothers is on life-support

13.) Merrill Lynch is barely breathing

14.) A.I.G.(not a bank, exclusively speaking, but a major player in the world-wide financial market) is next.

...to be continued.
Just me

Buffalo, NY

#14 Sep 16, 2008
I almost forgot:

15.) Bear Stearns

In August, the FDIC reported that its list of 'problem banks' had risen to 117.

117 banks are near failure.
funnyguy

Lewiston, ME

#15 Sep 16, 2008
COMMIE , I too get ticked when the C E O & C F O gets millions bonus & the business goes under . there is absoulutly something wrong . I think it borders on fraud . Last nights NANCY GRACE it was said , dont sell but buy , as it will go up after a while . Hows that sound ?? I think ill try a few .
funnyguy

Lewiston, ME

#16 Sep 16, 2008
Just me wrote:
This year alone there have been 11 banks that have gone bust in the United States:
1.) Douglass National Bank, Kansas City, MO. Failed on January 25, 2008
2.) Hume Bank, Hume, MO. Failed on March 7, 2008
3.) ANB Financial, NA, Bentonville, AR. Failed on May 9, 2008
4.)[The ironically-named]First Integrity Bank, NA, Staples, MN. Failed on May 30, 2008
5.) IndyMac Bank, Pasadena, CA. Failed on July 11, 2008
6.) First National Bank of Nevada, Reno, NV. Failed on July 25, 2008
7.) First Heritage Bank, NA, Newport Beach, CA. Failed on July 25, 2008
8.) First Priority Bank, Bradenton, FL. Failed on August 1, 2008
9.) The Columbian Bank and Trust Company, Topeka, KS. Failed on August 22, 2008
10.) Integrity Bancshares Inc., Alpharetta, GA. Failed on August 29, 2008
11.) Silver State Bank, Henderson, NV. Failed on September 5, 2008
12.) Lehman Brothers is on life-support
13.) Merrill Lynch is barely breathing
14.) A.I.G.(not a bank, exclusively speaking, but a major player in the world-wide financial market) is next.
...to be continued.
If I remember right AIG had troubles just a short while back they made me a offer but I refused good thin a few weeks went buy & the trouble was exposed yes they will go under shortly This time none of them can blame it on 9 11 like they did then
The Economist

Lancaster, NY

#17 Sep 16, 2008
hillbilly wrote:
<quoted text>Marine Midland a "mom&pop Bank?Marine is now HSBC, Know what that stands for? Hong Kong Shang Hi Banking Corp.Must be Chinese Mom&Pop
FYI - HSBC is a large British bank. It is the largest bank in Europe and one of the three largest banks in the WORLD. It is #1 in some categories. It also owns HFC in the USA.

Hardly Mom & Pop.
immature

Buffalo, NY

#18 Sep 16, 2008
9-16 buff news sec b8 'lots of blame to go around in crises'- associated press

funny guy - great - now explain the other 20, soon to potentially A WHOLE BUNCH MORE
Semper Fidelis

Buffalo, NY

#19 Sep 16, 2008
It seems like most of this mess can be linked to over-inflated housing values in southern and western states like Nevada, Florida, Texas, California, etc... Suddenly, things don't seem so bad here in WNY...
Just me

Buffalo, NY

#20 Sep 16, 2008
The Economist wrote:
<quoted text>
FYI - HSBC is a large British bank. It is the largest bank in Europe and one of the three largest banks in the WORLD. It is #1 in some categories. It also owns HFC in the USA.
Hardly Mom & Pop.
Guys...IT DOESN'T MATTER. The point is that the "too-big-to-fail" policy is not applicable anymore.

Catastrophic failures of major banks, insurance companies and brokerage firms ARE HAPPENING! IT'S HAPPENING NOW, and will happen again very soon.

The 'mom and pop' bank, by any name, is not immune. They could, in fact be an even greater risk, if that's possible.

But it's all moot. A financial crash to equal (or very likely exceed) 1929 is now imminent. What's happening is far more that an "economic downturn" or "recession." We are witnessing the fall of the United States as a world power.

Think not? Remember this posting when the goverment can no longer pay the enlisted men and women in the military; when cities and towns can't pay their police forces; when your garbage begins to pile up on your curb (This is happening right now in Italy).

The dollar's days the world reserve currency are [nearly] over. THIS is what's behind it all. All of it. The "mortgage crisis" is only a symptom of a huge, incurable, unfortunately FATAL disease called Fiat Currency.

And it was all carefully orchestrated over the last 90 years or so, by the government of this country.
Semper Fidelis

Buffalo, NY

#21 Sep 16, 2008
Just me wrote:
<quoted text>
Guys...IT DOESN'T MATTER. The point is that the "too-big-to-fail" policy is not applicable anymore.
Catastrophic failures of major banks, insurance companies and brokerage firms ARE HAPPENING! IT'S HAPPENING NOW, and will happen again very soon.
The 'mom and pop' bank, by any name, is not immune. They could, in fact be an even greater risk, if that's possible.
But it's all moot. A financial crash to equal (or very likely exceed) 1929 is now imminent. What's happening is far more that an "economic downturn" or "recession." We are witnessing the fall of the United States as a world power.
Think not? Remember this posting when the goverment can no longer pay the enlisted men and women in the military; when cities and towns can't pay their police forces; when your garbage begins to pile up on your curb (This is happening right now in Italy).
The dollar's days the world reserve currency are [nearly] over. THIS is what's behind it all. All of it. The "mortgage crisis" is only a symptom of a huge, incurable, unfortunately FATAL disease called Fiat Currency.
And it was all carefully orchestrated over the last 90 years or so, by the government of this country.
Dude, relax... The crash of 1929 happen because of a run on the banks.. That's the reason they created the FDIC... As far as paying the boys in uniform, McCain is going to cut everybodys' taxes especially the 1% who pay 38% of the taxes, and then borrow more money... No problem ..

The Fed gov't needs more revenue !!!...We need to raise taxes !!! I don't like it, but it is what it is.. The wars in the Middle East may last several more years...The defict has gone from 4 trillion to 9 in the last eight years... I don't feel like leaving my kids a bankrupt country..
ed adjustment

Buffalo, NY

#22 Sep 16, 2008
A lot of you have forgotton the thousand banks that failed in a thousand days during the savings and loan crisis of a few years ago. There has been much forgetfulness of Enron.

President Regan deregulated many government practices that better protected our economy and people.

The Republican Party is greedy and responsible for bringing our country and economy further down and closer to a fascist state. Go ahead and vote for McCain and see how much closer corporate-Republican America can get the unsinkable US close to a massive iceburg.

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