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Banks Ranked by Total Deposits as of 2007-12-31
The above is the list of banks and their deposits ranked.. as of 31. Dec. 2007.
On the list, there are some names that have no links.. that is because they do not exist any more. They have been "bought" by others and gone bankrupt.
Now Wachovia was taken over (at gun point) by Wells Fargo and Washington Mutal was taken over by JP.Morgan (also at gun point). BOA merged with Myrill.. also at gun point at the time.
At the time that was over 600 billion in deposits. Now we now know that at the time BOA and Citi were also in serious trouble. BOA had eaten Myrill Lynch (with all their toxic assets) and Citi had been heavily lending to consumers for years (god I hated their constant snail mail telling me I could get cheap loans).
So of the top 5 US banks by deposit, all but one were in serious trouble at the end of 2007. Even JP Morgan was in problems because it could not get liquidity as easy as it once could.
Now had all these banks gone belly up, as many on the right were advocating at the time.. who would have bought them? Very few had the funds to do so in the US, and letting non-American banks take over US banks would have been political suicide. The Chinese could have bought out BOA no problem.. as could some other European and Asian banks .. at the time, but politically and legally it is a non starter. So let them go bankrupt says most right wingers.. but would the FDIC have the 2.2 trillion dollars to pay all the depositors? Nope. So you would overnight take 2.2 trillion dollars, peoples life savings, out of the economy... and dont tell me that wont effect the economy.
Now it is of course even worse today
Banks Ranked by Total Deposits
Here BOA, CITI, JP Morgan and Wells Fargo have over 3.5 trillion dollars of deposits, out of a total deposit of an estimated 6 trillion. Fact is the FDIC does not have the money to guarantee the deposits and is basing that guarantee on one thing... the US fed.
Basically.. break up the top 4 US banks. They are even more "too big to fail".
Globalist = Free Trade, Open Borders, Multiculturalist, Anti-White Racist, Hypocrite, Sophist, Deceiver, Manipulator, Warmonger, Vulgar Culture, Morally Depraved......Enemy
Death to Globalists
The only place capitalism probably fails to self-regulate is environmentally. It is possible for capitalism to lead to tragedies of the commons that don't self-correct very quickly or peacefully. But then again I'm not sure any other economic model is terribly concerned with the environmental impacts of our pro-growth policies.
Not really. You end up with an quasi-socialist oligarchy that learns how to disguise itself as a capitalist republic. Capitalism may bring about ****ty scenarios now and then, but that is a very necessary aspect of the self-regulatory nature of capitalism. When government step in and interfere, they're destroying that self-regulatory mechanism and turning the system into something other than a free market.Problem is when capitalism buys the bureaucrats and hence the government, then you end up with capitalism's worst traits.
Last edited by Neomalthusian; 08-14-12 at 03:04 PM.
"The knowledge and prudence of the poor themselves, are absolutely the only means by which any general and permanent improvement in their condition can be effected." - Thomas Malthus
Now please prove to me using ONLY links to unbiased sources that there would have been a 'total credit freeze world wide'.
You do realize that the people claiming this the loudest are ALL people that have a vested interest in it?
Banks. Corrupt politicians that are lobbied by the banks. And 'economists' whose income depends on going on CNBC/writing books/managing accounts and peddling the Keynesian/big government economic model.
Please show me a link to unbiased facts - not opinions - facts, that back up what you and SO many people have said since '08...but have never shown (to my knowledge) one OUNCE of factual evidence to back it up...that the economic sky was falling and we were all 'saved' by government/Fed bailouts?
You apparently missed my point. How could the banks have been close to collapse if they refused TARP money and had to be forced to take it by Paulson?By forcing supposedly healthy banks with bail-out money, they stated that those banks all were backed by the government and were safe.
What CEO would not take a government handout if it would save his/her company?
Come on now.
I will ask you one simple question?TARP was not perfect but it was needed. The banking and financial industry can not collapse as a whole period.. it would be beyond catastrophic,
Would the major banks - in your opinion - have failed without TARP?
Last edited by DA60; 08-14-12 at 03:38 PM.
But since there is no absolute factual proof one way or the other - then my problem is with people that say the sky WOULD have (as a matter of fact) fallen without the government/Fed riding to the rescue.
If they want to say they BELIEVE it would have? Fine - they are entitled to their opinion.
But to run around - especially 'experts' - telling the ignorant masses that all heck would have broken loose were it not for big brother government is simply a fabrication.
They do not know - they only believe.
And they should say it as such and stop being dishonest.
"God is the name by which I designate all things which cross my path violently and recklessly, all things which alter my plans and intentions, and change the course of my life, for better or for worse."
-C G Jung