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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that is how a cooperation becomes a old man and dies. they have the same rights of individuals and should just kick the bucket like everyone else.
This is very good news for Republicans. They've been pushing for the country to fail since they started losing their grip on power in 06.
Let me try this again. This post has been stopped a couple of times. If you ask Obama everything is going according to plan. If you remember Obama is a disciple of Saul Luensky who was instrumental in creating the SDS (Students for a Democratic Society) The plan for this organization is to socialize America and they do this by putting an infranstructure in government then collapsing the economy. What is left is everyone making the same pay except for government and the infrastructure running everything.
Now lets look at Obama. He has a stimulus that has not stimulated anything but government growth. He wants health care reform. He is taking over banks, insurance companies and car companies. He has 16 Czars with executive priviledge that only answer to him. Not the congress or the people. We have 135 billion in stolen, conterfiet, or real bonds in Italy that we will not investigate. All this combined with the rising debit will cause a huge rise in interest, inflation, and massive unemployment. In short at this pace the economy will collapse soon. Then Acorn, now part of the government, Americorp getting billions from the government, the 16 Czars and Obama will create the socialistic society they want. The American people will not have anything to include your freedoms.
Hey wilsonveteran, the criminal antics of the corporate elite recently stole HALF my life savings from me. The business oligarch have taken a third of the country's factory jobs and moved them overseas sweatshops. 95% of the population only has 10%- of the nation's wealth. America can't stand any more of this radical right wing kleptocracy capitalism. I for one would prefer a little socialism, where the focus of the government is the welfare if its people, not of its coprorations.
The problem with that is in Socialism the emphasis is not on the people but on the government bueacracy that runs the country. You then have a two class system the workers, you and me, and the government. The workers get the scraps after the government gets what they want.
Mike...funny how you blame only the "right wing" for all economic problems. Now I agree that Bush and Co. were a bunch of circus clowns, but you fail miserably in blaming the real culprits. Government intervention/regulations favor Big Business....and Obama's plan will only do more of the same. Liberals crack me up when they say they want more transparency...except are silent when it comes to the most secretive organization...the Federal Reserve!! All this printing of phony money that the FED is doing in order to bailout FAILED institutions and stimulate the economy (another government intervention into the free market) only creates moral hazard and most importantly destroys the value of money. And the middle/lower class gets hurt the most by this invisible taxation inflation. We have lost 96% of our purchasing power since the FED was established in 1913. You and your crowd cheer for more government intervention, yet by doing so you only continue to enslave yourselves into further debt and a decreased purchasing power. Both parties are guilty of allowing the FED to exist and both parties are guilty of executing failed regulations that have only hurt the economy more.
hey mike...not sure stole half your savings is fair....if you lost half of your savings, it had to be in the stock market, certainly not in an FDIC insured bank account, right?
you have no one but yourself to blame...you did NOT watch your investments closely and the rug got pulled out. take a look at an 80 year chart of the S & P and you will see a roller coaster: market goes up, market goes down. this pattern has ALWAYS repeated itself.
those that don't sell when the market is up are either clueless or greedy. I don't know which you are, but don't blame it on others.
Blahblahblah.....Saul OLINSKY.
Wilsonveteran, Please give me the rationalization for your statement about "remember Obama is a disciple of Saul Lewinsky (learn to spell it, please). The SDS was a brief lasting and interesting anti-war group in the 1960s. Where is the link to the proof of this devotion to socialism. Stop listening to talk radio and learn about these things for yourself, you are all screwed up. Your post is garble just rehash of talking points, take the time you spend on the fringe hosts like Rush, Sean and Glenn and learn about these things for yourself. Acorn is the current stupid buzz word of the ludite Republicans. Americorp consists of groups of low paid young people giving back to the country they love, every president has "czars" and you make no sense.
This is what happens when you treat the symptoms (Banks) rather than the underlying problems!
Feeding the Fake Wall Street Economy (symptom) does Help the REAL Main Street Economy (fundamental problem) which would in turn stop the losses of value the Banks are suffering!
Obama has "NOT TREATED" the REAL PROBLEMS!
He has NOT stop Foreclosures, Job Losses, Business Failures due to Credit Evaporating, Credit Cost Increases, and NO help for the Consumer.
"He has NOT stop Foreclosures, Job Losses, Business Failures due to Credit Evaporating, Credit Cost Increases, and NO help for the Consumer."
You do realize he is doing exactly the opposite of what you are asking him to do right?
The meltdown of the financial system is the financial cause of the problem. If consumers cannot get loans they cannot buy, so firms cannot sell, reduce production and lay off workers. If firms cannot get loans, they cannot pay the bills involved in production, and this also causes them to cut production and lay off workers. Restoring the financial system to financial health is the most important thing that needs to be done to end the recession.
Re: "If consumers cannot get loans they cannot buy..."
If the Republicans and the Democratic neoliberals had not conspired with Clinton to create unbalanced free trade and so destroy the job market in America, then America's workers could drive the economy without resorting to credit, eh?
This is what happens when you treat the symptoms (Banks) rather than the underlying problems!
Feeding the Fake Wall Street Economy (symptom) does Help the REAL Main Street Economy (fundamental problem) which would in turn stop the losses of value the Banks are suffering!
Obama has "TREATED" the REAL PROBLEMS!
He has NOT stop Foreclosures, Job Losses, Business Failures due to Credit Evaporating, Credit Cost Increases, and NO help for the Consumer.
How does a bank become too big to fail? What is the tipping point for getting rescued no matter how much your bank sucks?
The simple answer is when the bank is so massive that it would upset the balance of economy and have a cascade effect on everything. I personally don't agree with to big to fail, however.
Lehman Brothers clearly was too big to fail. When it was allowed to fail, the financial markets virtually froze and the damage that resulted still has not been fully overcome. If AIG had been allowed to fail, things would have been a lot worse.
AIG should have failed and have been broken into its solvent regulated insurance side and its insolvent unregulated CDS side. Federal monies would not have gone to Goldman or other institutions and had these failed their functions would have been broken up, sold to solvent institutions or taken over by the Government. Their toxic assets would have been sold in an orderly fashion for their market prices or maintained and backed by the Government if they were held behind deposits (money market funds for example). The stockholders, bondholders and executives would have eaten the losses. Fannie and Freddy had to be nationalized and, at some cost, could have continued facilitating the mortgage markets. Thus functions would be maintained and the bad apples culled just as when the FDIC closes a bank.
When your hand is in a politican's pocket.
I am surprised that *it is so few . . .*
The week-end isn't over. The whole country could get Fathers's Day surprises. BTW, no big surprises, banks didn't fail before the week-end. Friday & the week-end is bank failure time in the USA. It has been the tradition since 9/15/08. It's a new tradition but it's still a tradition. We Americans can still adapt quickly.
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Posted: 06-19-09 10:32 PM