cletus8269

who's next? Jack?

i dont know about anyone else but this is starting to look all too familiar... say '29ish? i really hope this isnt a sign of things to come. they say it will be especially hard on the smaller banks which my bank is a state wide bank. they made it through the great depression... lets hope they wont have to make it through another... and the country for that matter.

As home prices continue to decline and loan defaults mount, federal regulators are bracing for dozens of American banks to fail over the next year. But after a large mortgage lender in California collapsed late Friday, Wall Street analysts began posing two crucial questions: Just how many banks might falter? And, more urgently, which one could be next? The nation’s banks are in far less danger than they were in the late 1980s and early 1990s, when more than 1,000 federally insured institutions went under during the savings-and-loan crisis. The debacle, the greatest collapse of American financial institutions since the Depression, prompted a government bailout that cost taxpayers about $125 billion. But the troubles are growing so rapidly at some small and midsize banks that as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say. Other lenders are likely to shut branches or seek mergers. “Everybody is drawing up lists, trying to figure out who the next bank is, No. 1, and No. 2, how many of them are there,” said Richard X. Bove, the banking analyst with Ladenburg Thalmann, who released a list of troubled banks over the weekend. “And No. 3, from the standpoint of Washington, how badly is it going to affect the economy?” Many investors are on edge after federal regulators seized the California lender, IndyMac Bank, one of the nation’s largest savings and loans, last week. With $32 billion in assets, IndyMac, a spinoff of the Countrywide Financial Corporation, was the biggest American lender to fail in more than two decades. Now, as the Bush administration grapples with the crisis at the nation’s two largest mortgage finance companies, Fannie Mae and Freddie Mac, a rush of earnings reports in the coming days and weeks from some of the nation’s largest financial companies are likely to provide more gloomy reminders about the sorry state of the industry. The future of Fannie Mae and Freddie Mac is vital to the banks, savings and loans and credit unions, which own $1.3 trillion of securities issued or guaranteed by the two mortgage companies. If the mortgage giants ever defaulted on those obligations, banks might be forced to raise billions of dollars in additional capital. The large institutions set to report results this week, including Citigroup and Merrill Lynch, are in no danger of failing, but some are expected to report more multibillion-dollar write-offs. But time may be running out for some small and midsize lenders. They vary in size and location, but their common woe is the collapsed real estate market and souring mortgage loans. Most of these banks are far smaller than the industry giants that have drawn so much scrutiny from regulators and investors. Still, only six lenders have failed so far this year, including IndyMac. In 1994, the Federal Deposit Insurance Corporation listed 575 banks that it considered to be troubled. As of this spring, the agency was worried about just 90 banks. That number may go up in August, when the government releases an updated list. “Failed banks are a lagging indicator, not a leading indicator,” said William Isaac, who was chairman of the F.D.I.C. in the early 1980s and is now the chairman of the Secura Group, a finance consulting firm in Virginia. “So you will see more troubled, more failed banks this year.” And yet IndyMac, one of the nation’s largest mortgage lenders, was not on the government’s troubled bank list this spring — an indication that other troubled banks may be below the radar. The F.D.I.C. has $53 billion set aside to reimburse consumers for deposits lost at failed banks. IndyMac will eat up $4 billion to $8 billion of that fund, the agency estimates, and that could force it to raise more money from the banks that it insures. The agency does not disclose which banks it thinks are troubled. But analysts are circulating their own lists, and short sellers — investors who bet against stocks — are piling on. In recent weeks, the share prices of some regional banks, like the BankUnited Financial Corporation, in Florida, and the Downey Financial Corporation, in California, have stumbled hard amid concern about their financial health. A BankUnited spokeswoman said the lender had largely avoided risky subprime loans. In his “Who Is Next?” report over the weekend, Mr. Bove listed the fraction of loans at banks that are nonperforming, meaning, for example, that the assets have been foreclosed on or that payments are 90 days past due. He came up with what he called a danger zone, which was a percentage above 5 percent. Seven banks fell in this category. An important issue for the regional and community banks will be whether they have managed to sell their riskiest loans to Wall Street firms. And the government may have fewer failures than in the past because private investment funds might buy some troubled lenders. Regulators are considering rule changes that would allow private equity firms to buy larger shares of banks, and several prominent investors, like Wilbur Ross, have raised funds to leap in. Eric Dash contributed reporting. http://finance.yahoo.com/banking-budgeting...Banks-Will-Fail

ladies and gentleman of the jury i present to you: exhibit A: exhibit B: exhibit C: exhibit D for (Dodge): list goes on and on. keep em down to 500 a year ala 70 boss 429 mustang just dont lose money on each one like they did then.

335 on a tank holds 16.4 (i pumped 15.5 back in) in the colorado woo! so 21.6mpg ooorah! (i only live 15 miles hwy from where i work though)

funny that should come up. in my town we had a chevy caddy kia nissan hyundai dealership and about a mile down the road a pbg dealership. the owner of the pbg dealership got out of the business and sold it to the chevy caddy dealer. they moved everything together as a chevy caddy pontiac buick gmc deal. they also moved the hyundais up there too... i think it was maiulny cause they got a wad of cash for the property the chevy caddy lot was on. in any case its now called the upstate gm super store (corny really) but everything is there together.

QUOTE(siegen @ Jul 14 2008, 04:48 PM) [snapback]411684[/snapback]Nah, it's 3 3ast 3 3urious! hehe i remember watching that on newgrounds.com i was disappointed they didnt decide to go with that title for the third instalment.

US crossover vehicles go into sales slump July 14, 2008 5:47 PM ET DETROIT (AP) - When Ford Motor Co. came out with its new Edge crossover in 2006, the company hoped the truck-like vehicle built on a car frame would attract longtime Ford buyers trading in their inefficient sport utility vehicles. For a while, it worked well. But last month, sales of the Edge and nearly all crossover vehicles dropped dramatically, causing another worry for automakers struggling with the dramatic shift by U.S. auto buyers from trucks to cars. Automakers and some industry analysts say it's a temporary lull due to a combination of economic worries, sliding SUV values that prevent people from trading them in, and the lingering shock of $4 per gallon gasoline. But if the trend continues, it's another blow to the profits at Ford, General Motors Corp. and Chrysler LLC, all of which have developed crossovers to capture their traditional SUV and truck buyers. "The tough part is that's where the U.S. domestics are used to making their money, on people-haulers," said Mark Warnsman, an analyst with Calyon Securities. The crossover market as a whole peaked this year in March, with all automakers selling 222,055, according to Autodata Corp. Sales dropped in April, rebounded in May and then slid in June to 184,871, down nearly 17 percent from March. Even the Honda CR-V, a perennial top seller, saw a 21 percent decline in sales from May to June. George Davis, general manager of Howard Cooper Honda in Ann Arbor, blamed the decline in part on tumbling SUV values and a knee-jerk reaction to high gasoline prices. "Like everything else, we do overreact," he said. "It's basically sell the SUV, don't even consider another SUV, make sure you get a high gas mileage sedan." Davis said buyers now are looking for cars that get as close to 40 miles per gallon as possible, shunning even the CR-V, a small crossover that gets up to 20 mpg in the city and 27 on the highway. Many SUV owners have been stunned when told they would get only $20,000 in trade for a vehicle they paid $35,000 or more for just a short time ago, Davis said. "They're in a trance. They're paralyzed," he said. "People have never experienced this kind of depreciation because there's just no market for their vehicle." Midsize SUVs, on average, lost 28.7 percent of their value, from $15,577 in March 2005 to $11,096 at the end of June, according to wholesale auction data from the National Automobile Dealers Association. The figures are adjusted for variations in vehicle mileage. Many SUV owners who typically would trade for crossovers owe more on their vehicles than they can sell them for, said Aaron Bragman, an auto analyst with the consulting company Global Insight. As a result, they have to keep them and continue buying more gasoline, he said. "They're typically trading down from larger vehicles, and right now, the resale values of those vehicles are in the toilet," Bragman said. Generally, truck-based SUVs get in the low teens in city gas mileage and in the upper teens on the highway. Paul Taylor, the NADA's chief economist, said crossovers, which vary in size but generally get in the high teens in the city and mid-20s in highway gas mileage, are boxier than cars and right now are being shunned to a degree by buyers. Analysts also say buyers associate crossovers with six-cylinder engines when people now are looking for four cylinders. "They're not even consulting the EPA rating or any other indicator of gas mileage," Taylor said. "They see the big box and see that's not enough mileage to suit me." Taylor says a glut of used SUVs is fueling a trend toward people parking the big vehicles in the garage and buying small cars for their daily errands. The SUVs come out only when they're needed for hauling or towing, he said. But Bragman said many buyers, who also have seen their house values decline, are too tapped out to buy anything else. At the Honda dealership, Davis says his staff advises people in that situation to go for a used small car and keep their SUVs. "The hit's too big, and they don't want to invest $20,000 or $25,000 in a new car as an additional car," he said. Many industry analysts expect the crossover slump to continue but end when people eventually trade in the SUVs that are on the road now. But in the interim, lower-profit small cars are taking up more and more of the market, and that means automakers are making far less profit per vehicle than they make on SUVs or crossovers. Automakers don't release how much they make per vehicle, but an automaker used to be able to make a profit of $10,000 or more on a high-end SUV, said Jesse Toprak, chief industry analyst for auto information site Edmunds.com. Auto companies make less on crossovers, although it's not clear how much because they vary so much in size and equipment, he said. And that gap is closing as SUV values continue to plummet, Toprak said. Many industry analysts worry that the longer the crossover slump lasts, the more cash the troubled Detroit Three will burn as they try to survive the economic downturn. All have lost billions in the past few years as the market has shifted away from trucks to cars. But George Pipas, Ford's top sales analyst, doesn't see the crossover slump as long-term. "It's a concern in the sense that it limits the sales potential right here and now," he said. "There are still millions, literally, of Explorers on the road, multimillions of SUVs on the road. Eventually these will get traded." http://news.moneycentral.msn.com/ticker/ar...9&Symbol=GM

march 10 all 9 planets (when i was growing up pluto was a planet) perfectly lined up behind the sun... and thus began my habit of being late to important stuff cause i was born the 11th at 6 am. also the camaro Z28 was mt's caro f the year. das boot opened in theaters that year too. both the falklands and the lebanon wars started. oh yeah and john delorean is arrested for trafficking cocaine

my personal take on the medias view of gm can be found here ... just about sums that up

fairly decent looking 1970 gmc sprint... may have to check on that one.

i dont know, i've seen turbos for 3000-4500 so 2 with all that may not be too tough to swallow if its reliable and follows through

with the new camaro, mustang, and challenger all out, it would be awesome to see a revitalized trans am racing series again. only thing missing is a javelin

A) true but thankfully that hierarchy snafu from the 90's is fixed long live the king of the camaro hill B) 4 people cant ride in a vette i do agree 400+ hp is plenty enough to get anyone into trouble

unbiased records of both parties obamas voting record mccains voting record sourced right from the washington post

theres been an intelligence leek in their labs, this photo just showed up!

true saw that on nbc this morning... wonder if there is a way to make those missles turn on their owners...

arent they passing a law that make internet crimes punishable by death too? takes that whole 1st amendment thing of ours to a whole new level.

i know of one, on a serious note though i think only the hydrogen fuel cells would come close.

interesting cause just this morning i was reading in motor trend about the in progress long term on the tundra double cab and they stated that the 5.7 was getting 13.8 mpg and it hurt filling up every 293 miles. after reading i though how in the world are they making it with on par or worse fuel economy as the big 3... but never mind everything is in check.

in any case i am sure we are going to see the worlds largest sheet of glass pop up in the middle east, its just a matter of time.

good lord thats a horrible slow looking car and i'd be happy to take that burden off of your shoulders if you want my address i'll be happy to pay the shipping costs too black rims are a sweet touch btw

cause broke jokers like me dont have 60 grand to throw on a car... thats 1/3 of a house in my woods

not to hijack my own thread but Actually, global warming is likely to continue—but the interruption of the recent strong warming trend sharply undercuts the argument that our global warming is an urgent, man-made emergency. The seven-year decline makes our warming look much more like the moderate, erratic warming to be expected when the planet naturally shifts from a Little Ice Age (1300–1850 AD) to a centuries-long warm phase like the Medieval Warming (950–1300 AD) or the Roman Warming (200 BC– 600 AD). http://acuf.org/issues/issue62/060624cul.asp

seen this corvair in popular hotrodding a while back