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Thread: instead of bailing out....

  1. #11
    Senior Member Franco's Avatar
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    True and in all that smoke and fire will be opportunities.For instance in my field, all the major radio broadcasters are big bean-counting conglomorates. It became that way in 1996 via degreulation. A station worth 2million, was now worth 6million. It became a sellers market. That same station today is still worth only 2million but the debt of the broadcasters is that they still owe 6million for the station. The big conglomorates have flooded the market with radio stations for sale. If they don't sell them soon at thier asking price, they will eventually be liquadated by the banks holding the paper. It gives a little guy like me an opportunity to own my own radio station.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  2. #12
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    Quote Originally Posted by Steve Amrein View Post
    This will be far to simplistic but at least in my head I have these for examples. I would like to buy a new car and I assume GM would like to sell me one. Rather than just giving GM the money and let them blow it in a few months and still not sell any cars. Why not give me a rebate large enough that I would go buy a car. The the salesman and people at the dealer make money as well as the finance people and maybe even GM who used to be a viable company. Example 2 Instead of giving banks money who are now doing squat to lend money or worse deny companies access to their line of credit so the can make payroll and pay bills and remain in business. Or home owners who have lost their jobs because of the bank crisis that give or at least help the home owner keep the house and repay the bank the money.
    see http://money.cnn.com/2009/01/23/auto...ives/index.htm

  3. #13
    Senior Member Steve Amrein's Avatar
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    With a savings of 1300.00 on the sale of a new car that cost 25,000.00 I wont be running out any time soon. That wont cover the sales tax much less the triple taxation on personal property tax. In my state the sale tax is 7.375 for my area thats 1843.75 and the additional property tax would be about 200 bucks per year. That does not include the 30 -50 depreciation in one year that is NOT tax deductable. Oh and tempt me with the intrest being deducted. lets see ZERO percent financing for 60 months would save me how much ?


    While I applaud their effort the math sucks. How about a 10 g rebate and a card I can swipe at the pump that deletes the FORTY TWO FREAKIN CENTS PER GALLON TAX and can deduct the depriciation on said money pit.
    "Communism only works in Heaven, where they don't need it, and in Hell, where they already have it" Ronald Reagan

  4. #14
    Senior Member Nor_Cal_Angler's Avatar
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    Quote Originally Posted by Steve Amrein View Post
    With a savings of 1300.00 on the sale of a new car that cost 25,000.00 I wont be running out any time soon. That wont cover the sales tax much less the triple taxation on personal property tax. In my state the sale tax is 7.375 for my area thats 1843.75 and the additional property tax would be about 200 bucks per year. That does not include the 30 -50 depreciation in one year that is NOT tax deductable. Oh and tempt me with the intrest being deducted. lets see ZERO percent financing for 60 months would save me how much ?


    While I applaud their effort the math sucks. How about a 10 g rebate and a card I can swipe at the pump that deletes the FORTY TWO FREAKIN CENTS PER GALLON TAX and can deduct the depriciation on said money pit.
    no, no, no, no...you make way to much sense!!!!!!

    NCA

    PS. Try 8.25% sales tax ready to go to 10% in 09'

  5. #15
    Senior Member kjrice's Avatar
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    1. Home values should not be based on bank short-sales

    2. Home values should not be based on foreclosures

    3. It is criminal what the government is doing with our tax dollars.

    4. Keep the healthy financial institutions going and let he FDIC handle the death toll.

    5. I do not think certain industries should be traded on Wall St. like Fannie Mae and Freddie Mac and some utilities.
    Last edited by kjrice; 01-30-2009 at 10:26 AM.
    A lot of people are afraid of heights. Not me, I'm afraid of widths.

  6. #16
    Senior Member Jim Pickering's Avatar
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    Quote Originally Posted by Mr Booty View Post
    (the general public has access to FDIC.gov).
    Help Please
    www.FDIC.gov is certainly available to the public, but I cannot find a list of banks that are in trouble. Would you please point me to the correct page or link to find this list? There is a list of Banks already failed and closed, but I find nothing on banks about to go under.


    Thanks Kindly,
    Jim Pickering

  7. #17
    Senior Member Franco's Avatar
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    Quote Originally Posted by Jim Pickering View Post
    Help Please
    www.FDIC.gov is certainly available to the public, but I cannot find a list of banks that are in trouble. Would you please point me to the correct page or link to find this list? There is a list of Banks already failed and closed, but I find nothing on banks about to go under.


    Thanks Kindly,
    I've been on FDIC.gov for the last 20 minutes trying to find the same information my banker showed me earlier in the week in his office. First he showed me the banks that have either accepted or have applied for TARP funds. Then he showed one bank here in the southeast that was is deep du-du with a high level of bad loans. The bank I mentioned has not annouced anything yet as banks generally don't say anything until the FDIC locks their doors. He said they would be next to go. I'll PM you with more information as I will probably see him tomorrow at a pheasant tower shoot.
    Last edited by Franco; 01-30-2009 at 02:30 PM.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  8. #18
    Senior Member K G's Avatar
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    In rereading what Franco said, his client was showing him a list of "banks in trouble," meaning (it appears) that those were banks that in his client's opinion were "in trouble."

    Quote Originally Posted by Mr Booty View Post
    It is alot worse than what we've been told. Maybe we've been kept in the dark to avoid a panic. I was meeting with a bank president Tuesday morning and we were having this conversation. It started because his bank is one of the few that won't accept the TARP bailout as they don't need it. He was showing me on FDIC.gov the banks in trouble that haven't made the news yet(the general public has access to FDIC.gov). I'll throw out a bank getting ready to go bellyup that hasn't made the news yet, Regions Bank. They are a large bank serving the southeast with many branches. They are just one of many in trouble and I would suggest everyone look to see the financial health of their own bank. One clue if your bank is in trouble is if the accepted TARP money. Not that accepting it means they will go out of business but, they are hurting. My point is that this financial mess is beyond repair. It's been going on since the mid 80's and it has caught up with us. My question is; Is it better to take it on now or throw money at it and prolong the inevitable?
    Franco's been around the block enough times to know that speculation will get you sued, that there is no published "list" of banks in trouble. "Opinion" is one thing, "fact" is another.

    Many banks were TOLD to take the money, Franco, whether they needed it or not. The Treasury Dept. had more money than banks wanted and when it looked like they'd have money left over, they didn't want to look like they didn't know what they were doing (any more than was already obvious) so they called up solvent banks and said "Here....it's just a few million....take it....help us out" and they did.

    Loose lips sink bank presidents regards,

    kg
    I keep my PM box full. Use email to contact me: rockytopkg@aol.com.

  9. #19
    Senior Member Franco's Avatar
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    KG, you'd have to spell my name correctly for them to find me as Franco is but a nickname!

    You can research Regions on the site, checkout their financial statement.
    “The end of democracy and the defeat of the American Revolution will occur when government falls into the hands of lending institutions and moneyed incorporations.” –Thomas Jefferson

  10. #20
    Senior Member K G's Avatar
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