Two More Banks Bite The Dust

Yep...total and utter lack of trust...not just in the markets...but in the protection mechanisms. They'll have to jack up interest rates just to sell bonds, and that will zip through the economy like a steamroller knocking down dominos.

Let them fail.

Bank Failures are now running THREE a week.

Today Obama on C-Span brilliantly announced that we are out of money. On Tuesday the Treasury will offer $101 billion in bonds up for auction. Now how do you think this will affect the bond prices? And they say Biden is the gaffe machine. With this, the rising unemployment, and resulting drop in Gross National Product. Credit will dry up quicker than a slug on a hot sidewalk. People can't afford to borrow, banks can't cover their liabilities. Down goes the house of cards.
Watch your banks, if you borrow lock in the rate. Do not get a variable rate cause it looks good right now.

'WE'RE OUT OF MONEY'
Sat May 23 2009 10:32:18 ET

In a sobering holiday interview with C-SPAN, President Obama boldly told Americans: "We are out of money."

C-SPAN host Steve Scully broke from a meek Washington press corps with probing questions for the new president.

SCULLY: You know the numbers, $1.7 trillion debt, a national deficit of $11 trillion. At what point do we run out of money?

OBAMA: Well, we are out of money now. We are operating in deep deficits, not caused by any decisions we've made on health care so far. This is a consequence of the crisis that we've seen and in fact our failure to make some good decisions on health care over the last several decades.

So we've got a short-term problem, which is we had to spend a lot of money to salvage our financial system, we had to deal with the auto companies, a huge recession which drains tax revenue at the same time it's putting more pressure on governments to provide unemployment insurance or make sure that food stamps are available for people who have been laid off.
[link to www.drudgereport.com]

its a "controlled" demolition


the sheep just havent figured it out yet

Does anyone know if that Citizens bank is affilated with the Citizens bank in New England? Are all of the Citizens banks going to bite the dust?

I don't know but we also have a Citizens Bank chain down here in TX.

TCBND = There can be no doubt.

There are ways to get creative, but then reatliy kicks in. With no money, you are going to need to find a job that you can work a couple days a week and keep a roof over your head and food in your mouth. Now, if you become a stripper (insert sarcasm here) and can accomplish this, you will be able to find motivated sellers willing to do whatever it takes to get rid of thier house. In this case, you are to write up an "Assumable purchase contract" for a value not more than 70% of real value. Once you get a purchase contract, you farm it out to a potential buyer for a fee. For example You find a house with a worth of 200k, you offer 140k and they take it in an effort to dump the property and avoid forclosure. Now, you have a purchase contract with 60k built into the deal for a potential buyer. You then sell the rights to the purchase to a rich guy who has 160k in cash to buy the property. You just made 20k and the rich guy markets the property for a few months and ends up selling it at 190k. he made 30k and is happy to entertain the next deal you bring his way.Good luck! in order to do this you are going to have to stay VERY persistent, but I will tell you it happens all the time becuase private money lenders will not go above 70% loan to value TRADITIONALLY. Obviously, there are no rules in life but for the most part this holds true.PS, if you're in the state of CA, I will be happy to entertain any potential deals you come up with.BTW I hope you have very thick skin. I've seen everything when knocking on peoples doors that are in foreclosure. From the wife having no idea, to getting guns pulled on me. The law of averages comes into play though, and eventually you are going to get a responsive seller.References : I started out this way.

This thread is 3 years old - why did you post here instead of opening a new thread?