Zero Hedge: Meet the 35 Foreign Banks That Were Bailed Out by the Fed

[Henry]

You know what's funny? Iceland had a meltdown, Ireland is doing anything it can to prevent a meltdown. The difference is a single letter and a willingness to let banks die. Guess which option is working better.

Are you comparing the world economy to that of Iceland and/or Ireland?

[boobiemiles]

I am sick of this bs! Every post about TARP or Obama is negative. Are you people stupid? Are you all just haters? Are you paying attention, or are you stupid people so blind? THE ECONOMY IS REBOUNDING. THE ECONOMY IS REBOUNDING. Who cares what you have to pay to make things right, just get results. Are you people dumb or what? Every post on the economy is negative. Let me let you dumbies on a little secret.....the DOW IS UP 100 POINTS today. THE DOW IS UP A 100 POINTS. We have to bail out other countries because they buy our stuff. If half you ****s were are patriotic as you claim, you would buy American no matter the cost, and this wouldn't be an issue. I KNOW OBAMA IS BLACK AND YOU WANT HIM TO FAIL.....hatters.

[Tulane Skins Fan]

No, they would have died because they were dependent upon debt. Maybe we shouldn't base our entire economy on debt.

I'm not even an armchair historian, but I think credit has been driving the world's economies since the middle ages.

Not all debt is bad. If I didn't allow myself to have any debt, I could not have gone to school or bought the house I live in. Sometimes, investing via credit and debt is very intelligent. So, I think debt is a central part to any growing economy.

[Kilmer17]

Yeah, I'm not an armchair economist but I am an armchair historian and in my studies I've noticed that global economic meltdowns tend to end very badly for pretty much everyone. Isn't in our best interest to try and prevent that from happening?

Yes. But while we have massive home based economic issues? We should fix our own leaking roof before we pay for our neighbors.

[DjTj]

You know what's funny? Iceland had a meltdown, Ireland is doing anything it can to prevent a meltdown. The difference is a single letter and a willingness to let banks die. Guess which option is working better.

Iceland has the luxury of being able to devalue its own currency, and its banks were primarily in debt to foreign banks. Defaulting passed their problems on to the rest of the world, and it basically allowed Iceland to take advantage of all bailouts in other countries.

Ireland would not be permitted to do the same thing as a member of the EU. Its currency is controlled from Brussels, and the debt of its banks is held by banks in many other EU nations.

In any case, even Krugman's Op-Ed shows that everything isn't exactly all roses in Iceland.

http://krugman.blogs.nytimes.com/2010/11/24/lands-of-ice-and-ire/

GDP is still down more than 14% since its peak, and although the unemployment situation is better than in Ireland, I think it's still early to be declaring victory in Iceland.

[Kilmer17]

I am sick of this bs! Every post about TARP or Obama is negative. Are you people stupid? Are you all just haters? Are you paying attention, or are you stupid people so blind? THE ECONOMY IS REBOUNDING. THE ECONOMY IS REBOUNDING. Who cares what you have to pay to make things right, just get results. Are you people dumb or what? Every post on the economy is negative. Let me let you dumbies on a little secret.....the DOW IS UP 100 POINTS today. THE DOW IS UP A 100 POINTS. We have to bail out other countries because they buy our stuff. If half you ****s were are patriotic as you claim, you would buy American no matter the cost, and this wouldn't be an issue. I KNOW OBAMA IS BLACK AND YOU WANT HIM TO FAIL.....hatters.

Yeah, it's his skin color that has people so upset.

[Predicto]

I am sick of this bs! Every post about TARP or Obama is negative. Are you people stupid? Are you all just haters? Are you paying attention, or are you stupid people so blind? THE ECONOMY IS REBOUNDING. THE ECONOMY IS REBOUNDING. Who cares what you have to pay to make things right, just get results. Are you people dumb or what? Every post on the economy is negative. Let me let you dumbies on a little secret.....the DOW IS UP 100 POINTS today. THE DOW IS UP A 100 POINTS. We have to bail out other countries because they buy our stuff. If half you ****s were are patriotic as you claim, you would buy American no matter the cost, and this wouldn't be an issue. I KNOW OBAMA IS BLACK AND YOU WANT HIM TO FAIL.....hatters.

I don't think it is because he is black, but I do think it is because many of the the critics don't have a clue what they are talking about.

[Henry]

Yes. But while we have massive home based economic issues? We should fix our own leaking roof before we pay for our neighbors.

Are you suggesting the two aren't related?

[Thirtyfive2seven]

I KNOW OBAMA IS BLACK AND YOU WANT HIM TO FAIL.....hatters.

Wait for it,............wait for it..............wait....wait for it...

When all else fails..RACE CARD FTW!

[Kilmer17]

Are you suggesting the two aren't related?

Certainly related. But if we are going to spend our money to help (and Im not sure we should to begin with), I'd rather it stay at home. I understand that there is value in helping other nations and foreign companies, but there is more value helping our own first.

[boobiemiles]

Yeah, it's his skin color that has people so upset.

So what else is it. What would you do to make things better? What! I have my pop corn read for this one. Let me guess, cut taxes, cut spending? By the way did you see, the economy is doing a lot better. But you would never know from all these positive threads. What about the GoP holding the Fed hostage until it bends to the idea of taxing people that make 250,000 a year or more like the rest of us? Where is th thread on that?

[Henry]

Certainly related. But if we are going to spend our money to help (and Im not sure we should to begin with), I'd rather it stay at home. I understand that there is value in helping other nations and foreign companies, but there is more value helping our own first.

Which is probably why we spend more money on ourselves?

[Kilmer17]

So what else is it. What would you do to make things better? What! I have my pop corn read for this one. Let me guess, cut taxes, cut spending? By the way did you see, the economy is doing a lot better. But you would never know from all these positive threads. What about the GoP holding the Fed hostage until it bends to the idea of taxing people that make 250,000 a year or more like the rest of us? Where is th thread on that?

You just hate whitey.

---------- Post added December-2nd-2010 at 02:32 PM ----------

Which is probably why we spend more money on ourselves?

More but not enough (again, if we are spending, which I dont think we should be).

Wouldnt it be better if the Fed had bailed out Horizon Bank here in Florida rather than a bank in Spain?

[Thirtyfive2seven]

You just hate whitey.

---------- Post added December-2nd-2010 at 02:32 PM ----------

What else could it be?

[Predicto]

Wouldnt it be better if the Fed had bailed out Horizon Bank here in Florida rather than a bank in Spain?

No. Horizon Bank in Florida doesn't mean spit in the big picture. With FDIC insurance, it doesn't even mean spit to its own depositors.

The collapse of the huge institutions would have had an enormous ripple effect on every single business in the world.

---------- Post added December-2nd-2010 at 01:35 PM ----------

What else could it be?

It could be simple frustration from the enormous number of ignorant anti-Obama threads in the Tailgate? :whoknows:

[Thirtyfive2seven]

It could be simple frustration from the enormous number of ignorant anti-Obama threads in the Tailgate? :whoknows:

But he's doing such a great job!!

[twa]

. What about the GoP holding the Fed hostage until it bends to the idea of taxing people that make 250,000 a year or more like the rest of us? Where is th thread on that?

So you want to give the rich a tax cut?

[Kilmer17]

No. Horizon Bank in Florida doesn't mean spit in the big picture. With FDIC insurance, it doesn't even mean spit to its own depositors.

The collapse of the huge institutions would have had an enormous ripple effect on every single business in the world.

---------- Post added December-2nd-2010 at 01:35 PM ----------

It could be simple frustration from the enormous number of ignorant anti-Obama threads in the Tailgate? :whoknows:

And the big picture means spit to people facing 10+ percent unemployment in Florida. Local banks loan to local businesses, who employ local people. So it's not hard to see why people look at this and get angry.

[Predicto]

But he's doing such a great job!!

If you don't understand why a black person might get frustrated and think that Obama gets extra hatred, resistance and criticism because of the color of his skin, well there is nothing I can say that will explain it to you.

[Thirtyfive2seven]

If you don't understand why a black person might get frustrated and think that Obama gets extra hatred, resistance and criticism because of the color of his skin, well there is nothing I can say that will explain it to you.

I think a racists might think that. I think he's doing a terrible job because he sucks. In over his head. Was elected by media hype. Etc, etc. etc.

[Predicto]

And the big picture means spit to people facing 10+ percent unemployment in Florida. Local banks loan to local businesses, who employ local people. So it's not hard to see why people look at this and get angry.

Local banks get closed by the FDIC on a Friday, they are taken over, and their branches reopen their doors for business the next Monday with the same tellers behind the counters. When credit freezes and Citibank or Credit Suisse closes, Ford can't make payroll, Toyota can't lease container ships AND guess what - Horizon Bank also disappears.

"People look at this and get angry" because people are stupid, or because people have an agenda, or both.

[boobiemiles]

Wait for it,............wait for it..............wait....wait for it...

When all else fails..RACE CARD FTW!

So are you people really trying to tell me that race, religions, or where he was born has nothing to do with the negative sentiment expressed towarsd Obama on this forum from day 1? What else is it? We gave Bush 8 years to mess things up. 8! We gave Obama 2 yeras to try and fix it. And now he is associated with the worst figures in that annals of human history. And on this precious forum not one positive thread has piopped up. just a lot of whinning, and people sitting on their thumbs. The economy is getting better, but you guys are still crying about who got what?

[Predicto]

I think a racists might think that. I think he's doing a terrible job because he sucks.

Like I said, you don't understand. That's ok.

---------- Post added December-2nd-2010 at 01:49 PM ----------

So are you people really trying to tell me that race, religions, or where he was born has nothing to do with the negative sentiment expressed towarsd Obama on this forum from day 1? What else is it? We gave Bush 8 years to mess things up. 8! We gave Obama 2 yeras to try and fix it. And now he is associated with the worst figures in that annals of human history. And on this precious forum not one positive thread has piopped up. just a lot of whinning, and people sitting on their thumbs. The economy is getting better, but you guys are still crying about who got what?

I hope you realize that you are not going to get an introspective answer.

[Thirtyfive2seven]

Like I said, you don't understand. That's ok.

I understand that you think you know what I understand. That's ok too.

So are you people really trying to tell me that race, religions, or where he was born has nothing to do with the negative sentiment expressed towarsd Obama on this forum from day 1? What else is it? We gave Bush 8 years to mess things up. 8! We gave Obama 2 yeras to try and fix it. And now he is associated with the worst figures in that annals of human history. And on this precious forum not one positive thread has piopped up. just a lot of whinning, and people sitting on their thumbs. The economy is getting better, but you guys are still crying about who got what?

Crying racism when none is present devalues it when something actually is wrong. Just sayin

[DjTj]

And the big picture means spit to people facing 10+ percent unemployment in Florida. Local banks loan to local businesses, who employ local people. So it's not hard to see why people look at this and get angry.

But it probably wasn't loans to local businesses that caused Horizon Bank to fail. It was likely their relationships with larger multi-national banks. That's why the TARP money was directed there.

Besides, you can't really claim that Horizon Bank received no assistance from the government. The FDIC brokered its sale to the Bank of the Ozarks.

http://bankozarks.com/HBCustomers/default.asp

Anyone who had an account at Horizon Bank now has one under a different bank's name. What is there to complain about?