CNN Money:
Regional banks in North Carolina, Kansas and Georgia were closed by state regulators Friday, bringing the total number of failed banks this year to 40, the Federal Deposit Insurance Corporation said.
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If the truth were being reported we'd be having riots in the streets. And meanwhile the top
execs in banks and brokeragesa that caused such a mess are STILL employed and making
millions while laying off THOUSANDS of people that actually do work. If you know anyone in
banking that's still employed, odds are they are doing the work of three people so the top
execs can show 'savings' and contineu collecting mega-incomes.
good articles: http://www.bit.ly/12t.ly/12NCJR>recommended reading
It seems to me we must come to the realization we as a country have made some critically fundamental mistakes over the last 30 years or so and begin to reset our economy on the foundations on which to build long-term sustainable economic growth. We have exported most of our manufacturing and industrial infrastructures, a huge portion of the science and technology sectors, and are now becoming a significant importer of the the most critical commodity of all, food. Now we are sitting back and waiting on the government to provide the answers for a crisis the government is largely responsible for creating and worse, we are looking for solutions from the very individuals some say are principally culpable for helping to create this crisis. We can choose to continue down the path our leaders have chosen for us and that is to continue spending and borrowing our way to economic ruin while the unemployment rate soars past 10% on it's way to some dangerous & historical high or we can learn to earn our way out of this crisis by being bold but rational. We must invest in ourselves by investing our limited resources into our remaining manufacturing and industrial infrastructures, while striving to expand both. Think about it, China has become our banker on the back of it's manufacturing infrastructure and exports. Time to return to economics 101 and make our best effort not to fail this time.
Until we Nationalize all of the major banks and those at the edge of the abyss we are only throwing good money after bad...!
Nothing will change except for the worse...!
Obama is the Opiate of the Masses...!
Your house is worth $125,000 but you paid $250,000 don"t worry with "Mark-To-Market" Neutered you can say whatever you want to about your home value and no one can refute you!
Now when you go in for a loan, simply declare the house is worth $300,000 and along with your clean "ON-THE-BOOKS Balance Sheet" with no visible other debts means you get money from the FED at 1% interest or maybe less!
Why can"t this world be true for ALL AMERICANS like it is for Wall Street?
We do not own Congress and they DO using ill-gotten FUNDS!
Are the Wall Street Banks really healthy? With "OFF-THE-BOOKS" accounting and "MARK-TO-MARKET" Neutered who knows what the truth is!
good articles: http://kl.am/tsc.am/tsc> recommended website
Yea, stimulus!
Meanwhile the banks that need to fail like Citi and BOA are being propped up because they are "too big". When small regional banks fail and big multinational ones are spoon fed billions of tax dollars, what does that leave us with? We are bankrolling the institutions that will controls us.
Arguably, they already do control us, as they obviously are calling the shots in Washington.
No matter what else happens, Obama is losing my vote with his pandering to Wall Street.
Big deal. There are about 8,000 banks in the US. I don't see the big deal with some of these banks failing. Someone help me understand. Wall Street needs an overhaul. Bottom line.
If we end up with 6,000 banks will we fall apart as a country? I doubt it.
Republican depression #2
the only reason the 40 is not 400 is because the fdic does not have the manpower.
it's a lot worse out there than you think folks.
Awesome, we hit the magic number of 40 - this is a "green shoot" right?
I wonder how many banks will fail when the Option ARMs start re-setting this year? For the first group of Option ARMs that have reset, the home owners are running a bit behind on their payments. Payments that are 60 days or more late, is running at 42.44% or almost half of these loans.
Banks keep crashing. The FDIC predict 70 billions in losses over the next few years. These projections have to be based upon ths same rosy projections as the growth of the economy. These projections have already been proven incompetently over-estimated..
There is legitimate concern that there will ultimately be a run on the banks. Especially, when it comes to pass that the government is seen as cooking the books of the actual condition of the big banks and real economy.
What was the reason for the failure of these particular three banks?
Was it that they made loans to folks without appropriate (for normal economic conditions) collateral to begin with? Or could it have been that the loans were for recently purchased homes that fell in value with the recent severe recession?
This is one more falling domino in an event that started *last summer*. The apologists for the right wing keep trying to blame Obama for failing to halt a spreading fire that they had started themselves. And it laughable that they dare call him ineffective while obstructing all of attempts to relieve the crisis. If the economy tanks whose falt will it be, Obama's or the Sunni obstructionists in Congress?
See Bush on Youtube destroying America's economy
http://www.youtube.com/watch?v=kNqQx7sjoS8&feature=related
Piling On
http://www.youtube.com/watch?v=9g1UtFDytfk&feature=related
And On
http://www.youtube.com/watch?v=Fws4RxWtnOg&feature=related
I note that everybody always argues over whether America's financial system needs/needed saved or bailed out or whatever you wish to call it.
Nobody mentions, however, why Bush's Administration and the Fed first conspired to reduce interest rates and drive America's consumption with credit in the first place. Why is it, that the Republicans - who in general appear to despise the average American, but in particular delight in torturing the poor American - would work so hard to transform the two sets into homeowners, as Bush brags of doing in April in 2002 http://www.hud.gov/news/speeches/presremarks.cfmm)?
Why? Because inequitable free trade and trickle-down economics were already causing massive damage to America's economic infrastructure, and they were attempt to conceal the fact that America's masses were suffering huge declines in purchasing power by attempting to replace lost wages by driving consumption with credit.
And now people blithely accept credit as the driver of our economy as the status quo - intentionally, I believe, turning their backs on the fact that America's middle class and working poor are being economically oppressed to the point that the former is in danger of disappearing altogether.
Some are blind from ignorance, but the rest...the rest want to turn America into a banana republic having only two classes, rich and poor, with the latter far, far outnumbering the former.
Greed does kill brain cells - but that does not change the fact that America's most successful enemies are internal.
Are you wearing your tinfoil hat while drinking the kool-aid? ;-) Just kidding!!! I believe you, but the people spouting the jargon I said seem to be winning over the more dimwitted among us, even as they fall further behind.
In my workplace one reason is because the 40-50 somethings are falling behind while the 20-30 somethings are getting their first 'career' jobs and feeling like they are winning. Deriding those who have lost benefits and savings and say as 'old' whiners. They honestly feel that credit and health savings accounts are good for them, and happily buy into anything that is marketed at them. Their generation outnumbers mine, so it may be another 10-15 years before these gen-y-ers feel the effects of their own self-satisfaction. If it takes that long to fall off this cliff, that is.
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Posted: 06-19-09 10:32 PM