Wachovia Banking Problems

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  1. #21

    At least KIA seems smarter than most on here, and I agree, many banks around the world are in trouble. I maintain accounts with HSBC and Hang Seng, and transfer most of my US money to Hong Kong. I feel safer with HSBC, so will not worry for now. The only thing I need is cash-flow, and savings does not pay enough interest to matter. But, I do think many US banks will fold this year, and the US is headed into a full scale depression. Thanks for the feedback.


  2. #22

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    Quote Originally Posted by Rebelrouser:
    But, I do think many US banks will fold this year, and the US is headed into a full scale depression. Thanks for the feedback.
    "Full scale depression"??? Like with bread lines and dust bowls and Hoovervilles? Please. The media hasn't even succeeded in talking the economy into recession and it has been trying for about a year.
    There are about 8,000 banks in the USA. During the savings and loan crisis about 1,000 failed and the US did not enter "full scale depression". Current estimates are for about 300 failures over the next three years.

  3. #23
    Quote Originally Posted by Sleuth:
    "Full scale depression"??? Like with bread lines and dust bowls and Hoovervilles? Please. The media hasn't even succeeded in talking the economy into recession and it has been trying for about a year.
    There are about 8,000 banks in the USA. During the savings and loan crisis about 1,000 failed and the US did not enter "full scale depression". Current estimates are for about 300 failures over the next three years.
    Should I say, a recession in the USA? With layoffs mounting, home owners defaulting on loans, gas price causing people to stop driving, auto industry in trouble, airlines in trouble, and general fear of the next president, I would say the USA is heading for a big recession. Of course, what happens in the USA does not affect my living in Hong Kong, and as long as the exchange rate stays around HK7.4 to USD1, I am happy.

    But again, the USA economy is stronger than most any other country, so I think it will all pass soon.

  4. #24

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    >> But again, the USA economy is stronger than most any other
    >> country, so I think it will all pass soon.

    On surface ... not in reality in my opinion. There are some hard times ahead for all of us.


  5. #25

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    Quote Originally Posted by Rebelrouser:
    Should I say, a recession in the USA? With layoffs mounting, home owners defaulting on loans, gas price causing people to stop driving, auto industry in trouble, airlines in trouble, and general fear of the next president, I would say the USA is heading for a big recession. Of course, what happens in the USA does not affect my living in Hong Kong, and as long as the exchange rate stays around HK7.4 to USD1, I am happy.

    But again, the USA economy is stronger than most any other country, so I think it will all pass soon.

    Rebel: well, the economy is doing very well and our investments are very safe, rite? let the scams continue. i am sure I will get a red dot on this. socialize the risks and privatize the gains - which has been happening since nov. 07.

    what da heck... recession or not.. or depression or not... it's not a question for everyday folks to worry bout. who cares. let the govt sorts it out.

  6. #26

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    Quote Originally Posted by Rebelrouser:
    as long as the exchange rate stays around HK7.4 to USD1, I am happy.
    You are? I'd be pretty pissed off to get that rate transferring my USD across - you need a new money changer!

  7. #27

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    Quote Originally Posted by Rebelrouser:
    Should I say, a recession in the USA? With layoffs mounting, home owners defaulting on loans, gas price causing people to stop driving, auto industry in trouble, airlines in trouble, and general fear of the next president, I would say the USA is heading for a big recession. Of course, what happens in the USA does not affect my living in Hong Kong, and as long as the exchange rate stays around HK7.4 to USD1, I am happy.

    But again, the USA economy is stronger than most any other country, so I think it will all pass soon.
    Okay, can agree with the recession possibility. I don't think the US economy is out of the woods, but I don't think it is about to fall off a cliff, either.
    But I don't think it will be too terrible. Once Barak is in, the media will start looking for better news to report.

    By the way. 7.4 is really bad.

  8. #28

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    And to Mr. Red Box, which part of the post do you think is so full of it and why can't you discuss it like an intelligent person? Rebelrouser and I reached a compromise position without any issues.
    So, since I have been wrong in the past and am likely to be wrong again before I die, I would be happy to discuss the assertions.
    And, if I am so wrong, instead of just dropping the box and allowing my obviously wrong statement to linger out there, confusing those that can be confused, why don't you set the world straight?

    Apologies to those that thought they would be reading something to do with the OP.


  9. #29
    Quote Originally Posted by Sleuth:
    Okay, can agree with the recession possibility. I don't think the US economy is out of the woods, but I don't think it is about to fall off a cliff, either.
    But I don't think it will be too terrible. Once Barak is in, the media will start looking for better news to report.

    By the way. 7.4 is really bad.
    What is the current exchange rate?

  10. #30

    I admit I should not be discussing banking matter with most of you who seem pros, so I should stay out of this discussion. Just hope all of you are right about the economic future.


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