The next wave of pain

Sobering.

Crap like this has always happened.

so very sad. but the banks had a good couple of months!!

The top 10 US banks are bankrupt.
They just don't 'value' their holdings at current market prices.
Try that with your own little budget
e.g. I own a 10 year old Volvo that's worth still 90% of purchase price L O L

Manhattan RE holders still do that, too that's why we have now 11,219 apartments for sale.

Q1 did see sales of just 1,185 aptm vs 3,474 in record year 2007

but there is another article about recovery happening in other parts of the nation.....so who knows how that economic news might impact manhattan......i feel that manhattan can continue to fall but might also just escape this mess with remaining FLAT.

did you read the article? Prices in sacramento are down 50% ---sales volume is picking up but prices are still falling but at a slower rate. And this gives you reason to believe that nyc will remain flat? better off with the manhattan is an island with no new buildings approach.

"The top 10 US banks are bankrupt."

This is a complete exaggeration and misrepresentation of the facts.

tell us the facts

here you go:

http://online.wsj.com/article/SB124147831175584985.html#

"But the International Monetary Fund has just released a study of estimated losses on U.S. loans and securities. It was very bleak -- $2.7 trillion, double the estimated losses of six months ago. Our estimates at RGE Monitor are even higher, at $3.6 trillion, implying that the financial system is currently near insolvency in the aggregate. With the U.S. banks and broker-dealers accounting for more than half these losses there is a huge disconnect between these estimated losses and the regulators' conclusions."

According to the information that has been released so far, 10 of the top 19 US banks have been asked by regulators to raise more capital. This additional capital would be a buffer, should the recession prove to be deeper and longer than anticipated.

Now, we can debate the effectiveness of the stress tests, the Treasury's plan (or if they have one) or the estimates of potential downturns used in the tests all you want and there are good points on both sides of thence for all of these issues. But....

Where does this say the top 10 US banks are bankrupt?

How about the financial system is currently near insolvency in the aggregate? Not such a leap to me to determine that the largest banks are (due to their own books and some noxious acquisitions) the most at risk.

I agree that the financial system is in a bad place, but it is not accurate to say "The top 10 US banks are bankrupt." I am all in favor for calling out brokers who exaggerate the square footage of apartments and I am also in favor of an honest representation of the facts when it comes to the economy, jobs, etc. That's my only axe here. Statements like that are not helpful.

waverly, as a data lover and someone who knows the value of a respectable source, i hear what you are saying. i just don't think it's a "complete exaggeration."

Haha...I can live with that! I'll take a mulligan on that part.

so...the news is ? the top 10 banks aren't bankrupt? yet?

well, this stuff will put society a step closer towards regarding very cheap housing as a good thing as supposed to beg for bubbly prices to come back. cheap rentals on livable places are a necessity, not something that only a recession/depression can bring.