Three more banks failed Friday evening, making the total number of failed banks this year here in the US right at 98.
So, any bets on 2 more going down next Friday evening so it comes to an even 100 (or more?).
I'm thinking it's a pretty sad, unfortunate, expensive, unnecessary inevitability.
I hope not but I'd bet on it.
And I try to only bet on "sure things".
But the real question is, where is the bottom? At what point will the bank failures stop?
And no one can even begin to guess at that answer.
Link: http://www.propublica.org/ion/bailout/item/bank-failures-at-98-ytd
Showing posts with label bank failure. Show all posts
Showing posts with label bank failure. Show all posts
Saturday, October 3, 2009
Tuesday, February 3, 2009
More of that "creeping corruption" I spoke of earlier
Did y'all notice that Senator John McCain's son--Andrew--was on the board of directors and the auditing committee of a bank in Nevada last year until July 26, when he all-of-a-sudden resigned.
Just before the bank failed and the government took it over?
No, of course you didn't.
In the first place, the media didn't cover it very well at all. (It was in The Wall Street Journal, yes, and a few small articles in papers but it was very well buried, for the most part).
Oh, and that and the fact that it was NASCAR season. You know, we had other, more important things to pay attention to.
So here's Senator John McCain, campaigning to be the next President of the United States, his son resigns from a bank--both it's board and audit committee--the bank fails and has to be taken over by the Feds AND IT'S NOT A PART OF THE CAMPAIGN?
Can you imagine what FOX, CNN, and Rush (I'm an Idiot) Limbaugh would do with that news, if it happened to either Bill and Hillary Clinton or Mr. Obama?
Any of them would have been toast.
But here's this mega-rich white guy and his blonde, trophy wife and they get off scott-free.
Here's a quote from a paper at the time:
"Andrew K. McCain, the son of Republican Presidential nominee John McCain abruptly resigned from the bank’s board of directors and his position on its audit committee July 26. His term wasn’t due to expire until 2011."
During his Father's bid for the White House.
Since the press didn't ask and hasn't asked, let me set forward the following questions:
1) How did Andrew McCain get out of the bank?
2) Was he paid anything additionally for this?
3) If so, how much?
4) Also if so, did that money come from the bank? If not the bank and he did get money, where and from whom or what corporation did it come?
5) Was his Father involved in any way?
6) Were his Father's friends, associates or business friends or associates involved in any way? (Surely they were. Someone.)
7) If they were, whom? and what relationship were they to Senator McCain and the family?
8) How does one so abruptly resign from a bank's board of directors AND his position on the freaking AUDIT COMMITTEE, shortly before it FAILS and NOT be held accountable for the bank's failure? Unless, of course, your Father is running for the Presidency and the two of you have friends in high places in Nevada and nearby Arizona, where his Father is Senator?
Now, then, questions for the press:
1) Why weren't these questions asked?
2) Why don't we ask them now?
Links to related stories:
http://www.facebook.com/ext/share.php?sid=47791929957&h=pPzub&u=21BVe
http://www.facebook.com/ext/share.php?sid=48571013933&h=bpnu7&u=zr-_i
Just before the bank failed and the government took it over?
No, of course you didn't.
In the first place, the media didn't cover it very well at all. (It was in The Wall Street Journal, yes, and a few small articles in papers but it was very well buried, for the most part).
Oh, and that and the fact that it was NASCAR season. You know, we had other, more important things to pay attention to.
So here's Senator John McCain, campaigning to be the next President of the United States, his son resigns from a bank--both it's board and audit committee--the bank fails and has to be taken over by the Feds AND IT'S NOT A PART OF THE CAMPAIGN?
Can you imagine what FOX, CNN, and Rush (I'm an Idiot) Limbaugh would do with that news, if it happened to either Bill and Hillary Clinton or Mr. Obama?
Any of them would have been toast.
But here's this mega-rich white guy and his blonde, trophy wife and they get off scott-free.
Here's a quote from a paper at the time:
"Andrew K. McCain, the son of Republican Presidential nominee John McCain abruptly resigned from the bank’s board of directors and his position on its audit committee July 26. His term wasn’t due to expire until 2011."
During his Father's bid for the White House.
Since the press didn't ask and hasn't asked, let me set forward the following questions:
1) How did Andrew McCain get out of the bank?
2) Was he paid anything additionally for this?
3) If so, how much?
4) Also if so, did that money come from the bank? If not the bank and he did get money, where and from whom or what corporation did it come?
5) Was his Father involved in any way?
6) Were his Father's friends, associates or business friends or associates involved in any way? (Surely they were. Someone.)
7) If they were, whom? and what relationship were they to Senator McCain and the family?
8) How does one so abruptly resign from a bank's board of directors AND his position on the freaking AUDIT COMMITTEE, shortly before it FAILS and NOT be held accountable for the bank's failure? Unless, of course, your Father is running for the Presidency and the two of you have friends in high places in Nevada and nearby Arizona, where his Father is Senator?
Now, then, questions for the press:
1) Why weren't these questions asked?
2) Why don't we ask them now?
Links to related stories:
http://www.facebook.com/ext/share.php?sid=47791929957&h=pPzub&u=21BVe
http://www.facebook.com/ext/share.php?sid=48571013933&h=bpnu7&u=zr-_i
Wednesday, November 26, 2008
Treasury Secretary Hank Paulson, regarding the economy and bailout
In the meantime, we've committed, it's been quoted, $7.7 Trillion dollars to the banking financial bailout.
(Link here: http://globaleconomicanalysis.blogspot.com/2008/11/bailout-pledges-hit-77-trillion.html)
Thanks, George. Thanks, Hank.
You can't say the last 8 years haven't been interesting.
Tragic, sure--and misguided and wrong--but interesting.
Happy Thanksgiving everyone.
Monday, October 13, 2008
We'd have loved to have been wrong
In 2000, there were a great deal of us who were concerned about having George Walker Bush as our President--at all, let alone for 8 full, inglorious years.
And while the same is true of Ronald Reagan, at least with him we survived and he didn't totally ruin the country. Sure, his administration did things that were illegal and unconstitutional, too, like George has done and is doing, but even he didn't have the cajones and outright, outrageous ignorance to take his administration and our country too far.
Then came George.
Before Molly Ivins died, God bless and rest her soul, she warned us what kind of spoiled child/dolt we were dealing with here.
And the family, too--she warned us about them, as did Kevin Phillips.
But now, here we are, at the end of George's 2 crime- and cronyism- and incompetence-ridden terms and the only things we can say are that 1) we'd have loved to have been wrong about him (that he really wasn't that stupid and/or irresponsible) and 2) I told you so.
The only satisfaction and vindication about having suffered this fool for 8 years is that now, the chickens have come home to roost, so to speak.
To wit:
Time Magazine recently ran an article, summarizing this President's tenure and resultant effects on the country. I will only give two paragraphs of the full article (which, as a matter of fact, isn't even all about George, he's incidental):
"It now seems clear that George W. Bush will be remembered for symmetrical disasters. His presidency began with the destruction of the Twin Towers by al-Qaeda terrorists. It is ending with the devastation of the Twin Trillions — the money spent on a foolish war in Iraq ($653 billion and counting) and on the bailout of a financial industry gone hog wild during the Reagan-initiated Era of Deregulation. Bush has revived Big Government in the worst possible way: the middle class will pay, in perpetuity, for the sins of the powerful."
More:
"It is hard to put a smiley face on this stinker. A crash — and this one seems a doozy — usually announces the arrival of hard times. The real economic woe is yet to come, as credit dries up and the economy slips into recession. The power of the next President seems destined to be severely constrained by huge debts and diminishing tax receipts — unless he finds some creative ways out of the morass ..."
(A link to the full article is here:
http://www.time.com/time/politics/article/0,8599,1844157,00.html)
So I come back to a question I've posted before and asked many times:
Can someone please tell me what was ever conservative about George W. Bush?
--His administration reached government further into American's personal lives than any other in the history of our nation.
--He spent more money than any other President, again, in the history of this country.
--He used our military, against our Constitution and international law, to go into another country, preemptorily, unilaterally and without cause, to attack them and oust their leader, however much a tyrant he was.
--He has now taken nearly one trillion dollars of this country's tax money--our money--and given it to private business because unregulated banks manipulated us into a nightmare economic scenario.
and so much more.
I repeat: WHAT WAS, EVER, CONSERVATIVE, ABOUT GEORGE WALKER BUSH?
As a last mention: I will also say again, if you voted for George W. Bush, even once, let alone--God forbid--twice, WE BLAME YOU.
I'm not kidding on that last part.
And while the same is true of Ronald Reagan, at least with him we survived and he didn't totally ruin the country. Sure, his administration did things that were illegal and unconstitutional, too, like George has done and is doing, but even he didn't have the cajones and outright, outrageous ignorance to take his administration and our country too far.
Then came George.
Before Molly Ivins died, God bless and rest her soul, she warned us what kind of spoiled child/dolt we were dealing with here.
And the family, too--she warned us about them, as did Kevin Phillips.
But now, here we are, at the end of George's 2 crime- and cronyism- and incompetence-ridden terms and the only things we can say are that 1) we'd have loved to have been wrong about him (that he really wasn't that stupid and/or irresponsible) and 2) I told you so.
The only satisfaction and vindication about having suffered this fool for 8 years is that now, the chickens have come home to roost, so to speak.
To wit:
Time Magazine recently ran an article, summarizing this President's tenure and resultant effects on the country. I will only give two paragraphs of the full article (which, as a matter of fact, isn't even all about George, he's incidental):
"It now seems clear that George W. Bush will be remembered for symmetrical disasters. His presidency began with the destruction of the Twin Towers by al-Qaeda terrorists. It is ending with the devastation of the Twin Trillions — the money spent on a foolish war in Iraq ($653 billion and counting) and on the bailout of a financial industry gone hog wild during the Reagan-initiated Era of Deregulation. Bush has revived Big Government in the worst possible way: the middle class will pay, in perpetuity, for the sins of the powerful."
More:
"It is hard to put a smiley face on this stinker. A crash — and this one seems a doozy — usually announces the arrival of hard times. The real economic woe is yet to come, as credit dries up and the economy slips into recession. The power of the next President seems destined to be severely constrained by huge debts and diminishing tax receipts — unless he finds some creative ways out of the morass ..."
(A link to the full article is here:
http://www.time.com/time/politics/article/0,8599,1844157,00.html)
So I come back to a question I've posted before and asked many times:
Can someone please tell me what was ever conservative about George W. Bush?
--His administration reached government further into American's personal lives than any other in the history of our nation.
--He spent more money than any other President, again, in the history of this country.
--He used our military, against our Constitution and international law, to go into another country, preemptorily, unilaterally and without cause, to attack them and oust their leader, however much a tyrant he was.
--He has now taken nearly one trillion dollars of this country's tax money--our money--and given it to private business because unregulated banks manipulated us into a nightmare economic scenario.
and so much more.
I repeat: WHAT WAS, EVER, CONSERVATIVE, ABOUT GEORGE WALKER BUSH?
As a last mention: I will also say again, if you voted for George W. Bush, even once, let alone--God forbid--twice, WE BLAME YOU.
I'm not kidding on that last part.
Thursday, September 25, 2008
Pop quiz!
Okay, kids, since WaMu just failed this evening (formerly worth 307 billion dollars), I thought it was time for a bit of a brief, educational trivia quiz so here goes:
1) What was the last, biggest bank failure, before WaMu's today/tonight?
Answer: Continental Illinois (remember that one?) in 1984 (yeah, that long ago).
2) How much were they worth?
Answer: 40 billion dollars.
kinda puts the current situation in perspective, don't it?
If you're not somewhat concerned yet, stay tuned.
1) What was the last, biggest bank failure, before WaMu's today/tonight?
Answer: Continental Illinois (remember that one?) in 1984 (yeah, that long ago).
2) How much were they worth?
Answer: 40 billion dollars.
kinda puts the current situation in perspective, don't it?
If you're not somewhat concerned yet, stay tuned.
Monday, September 15, 2008
Are we done yet?
Could we now, once and for all, put to rest the ridiculous, short-sighted and irresponsible idea that the banking industry in the United States doesn't have to be regulated by government?
Please?
That same deregulation of banking in the US allowed for the huge scale of unsupportable, irresponsible loans to people who should never have had them and couldn't afford them in the first place. While it got these institutions absurd, large and, again, unsupportable short-term benefits and false profits, it has brought about the largest collapse of the international banking system since the Great Depression. This is no longer debatable.
The government, while we do want it small, efficient and responsible, is extremely important for its role as watchdog, particularly against corruption within corporations and multinational corporations.
We are now paying the price for not having scrutinized our banking sector. Indeed, the world is paying this price, really, due to the collapse in confidence of the credit markets.
Can we agree that government has its role in the world and move on?
Please?
That same deregulation of banking in the US allowed for the huge scale of unsupportable, irresponsible loans to people who should never have had them and couldn't afford them in the first place. While it got these institutions absurd, large and, again, unsupportable short-term benefits and false profits, it has brought about the largest collapse of the international banking system since the Great Depression. This is no longer debatable.
The government, while we do want it small, efficient and responsible, is extremely important for its role as watchdog, particularly against corruption within corporations and multinational corporations.
We are now paying the price for not having scrutinized our banking sector. Indeed, the world is paying this price, really, due to the collapse in confidence of the credit markets.
Can we agree that government has its role in the world and move on?
Sunday, September 7, 2008
A riddle
What Presidential candidate's adopted son resigned this past July for "personal reasons" from Silver State Bank, in Nevada--the one that was seized this past Friday evening by the FDIC?
Clue: His father owns WAY more than one home.
Clue No. 2: It's close to Arizona.
Find the answer here (as though you need it): http://www.reuters.com/article/ousiv/idUSN0530678420080906
From the article: "The failure is expected to cost the FDIC deposit insurance fund between $450 million and $550 million."
Translation: at or near one-half billion dollars.
God, if we lose the election, I'll never be able to explain it--or figure it out.
Clue: His father owns WAY more than one home.
Clue No. 2: It's close to Arizona.
Find the answer here (as though you need it): http://www.reuters.com/article/ousiv/idUSN0530678420080906
From the article: "The failure is expected to cost the FDIC deposit insurance fund between $450 million and $550 million."
Translation: at or near one-half billion dollars.
God, if we lose the election, I'll never be able to explain it--or figure it out.
Saturday, September 6, 2008
What's going on
So, yesterday, before breakfast--on our way to breakfast, really--we read in the newspaper (it wasn't on CNN, amazingly enough-- I guess no boobs were involved so it's not news) that Fannie Mae and Freddie Mac were being "seized" (scary, huh?) by the Federal Government and another bank failed. (see yesterday's entry).
Then, after breakfast, driving to a lesson on tile installation (for the kitchen, if you must know), we drove past one young man, with his car windows down, yelling into his car phone about how--"Oh, yeah?--well, I been cheatin' on your ass for a LONG time!"
Nice.
Then, a very short time later, in that same drive, a big, black SUV pulls up alongside our car at a stoplight, windows also down, radio blaring, so we could hear this person's preacher, at full voice, yelling of some outrage or another.
The point?
It seems that, with all the changes in our society--our falling financial and moral stature in the world (thank you, George W. Bush and everyone who voted Republican in the last 2 elections, along with anyone and everyone else at fault), we're sliding rather precipitously into a real 2nd-class world status, it seems.
With so many people either un- or under-insured, regarding healthcare, so many mortgages defaulting, so many in debt in so many ways--credit cards, more loans, etc., it's a lot to keep up with.
All this change is difficult to track and digest.
And you know how it is with changing societies.
In them, reactionary thoughts and feelings flood in. It's always been that way.
Everyone wants to go back to "the good ol' days".
It was true in Russia and the Soviet Union. Heck, it's still that way over there. They want a strong-armed dictator to tell everyone just how things are--and should be.
Trouble is, most people suffer from "going back".
Then, after breakfast, driving to a lesson on tile installation (for the kitchen, if you must know), we drove past one young man, with his car windows down, yelling into his car phone about how--"Oh, yeah?--well, I been cheatin' on your ass for a LONG time!"
Nice.
Then, a very short time later, in that same drive, a big, black SUV pulls up alongside our car at a stoplight, windows also down, radio blaring, so we could hear this person's preacher, at full voice, yelling of some outrage or another.
The point?
It seems that, with all the changes in our society--our falling financial and moral stature in the world (thank you, George W. Bush and everyone who voted Republican in the last 2 elections, along with anyone and everyone else at fault), we're sliding rather precipitously into a real 2nd-class world status, it seems.
With so many people either un- or under-insured, regarding healthcare, so many mortgages defaulting, so many in debt in so many ways--credit cards, more loans, etc., it's a lot to keep up with.
All this change is difficult to track and digest.
And you know how it is with changing societies.
In them, reactionary thoughts and feelings flood in. It's always been that way.
Everyone wants to go back to "the good ol' days".
It was true in Russia and the Soviet Union. Heck, it's still that way over there. They want a strong-armed dictator to tell everyone just how things are--and should be.
Trouble is, most people suffer from "going back".
Saturday, August 23, 2008
Joe Biden?
That's the best we can do?
Joe Biden?
What is that about?
What is this, the "reassuring old white guy to calm down the racists"?
Let's face it, the racists aren't going to vote for Obama, no matter what.
Who, exactly, does Joe Biden bring to the table, in terms of votes come November, that we wouldn't already have gotten?
Hillary would have brought more votes.
Same with Kathleen Sebelius of Kansas--or any intelligent, capable woman on the ticket.
But Joe Biden?
Don't get me wrong, I think he's smart and capable and, yes, God knows he's experienced and he's on the correct side of a lot of issues. His work has been good and admirable. And, sure, he knows how the system works and yeah, we hope he won't just be a "yes man" in Obama's Administration but geez, what exactly does he add to the ticket?
What, we didn't have the requisite "old white guy" on the ticket so we have to counter-balance the opposition?
I don't get it.
What part of "Change" is this?
On a completely different subject and as part of a trend I've described and discussed here in the past, the nation's 9th bank failure occurred last evening, in case you didn't see or hear of it.
Joe Biden?
What is that about?
What is this, the "reassuring old white guy to calm down the racists"?
Let's face it, the racists aren't going to vote for Obama, no matter what.
Who, exactly, does Joe Biden bring to the table, in terms of votes come November, that we wouldn't already have gotten?
Hillary would have brought more votes.
Same with Kathleen Sebelius of Kansas--or any intelligent, capable woman on the ticket.
But Joe Biden?
Don't get me wrong, I think he's smart and capable and, yes, God knows he's experienced and he's on the correct side of a lot of issues. His work has been good and admirable. And, sure, he knows how the system works and yeah, we hope he won't just be a "yes man" in Obama's Administration but geez, what exactly does he add to the ticket?
What, we didn't have the requisite "old white guy" on the ticket so we have to counter-balance the opposition?
I don't get it.
What part of "Change" is this?
On a completely different subject and as part of a trend I've described and discussed here in the past, the nation's 9th bank failure occurred last evening, in case you didn't see or hear of it.
Saturday, August 9, 2008
USA Bank: The next one to close?
USA Bank Reports Operating Results for the Quarter Ended June 30, 2008
Saturday August 9, 11:34 am ET
PORT CHESTER, NY--(MARKET WIRE)--Aug 9, 2008 -- USA Bank (OTC BB:USBK.OB - News) reported a net loss of $383 thousand ($0.07 per share) for the quarter ended June 30, 2008, which is a marked improvement compared to the net loss of $481 thousand ($0.08 per share) for the quarter ended June 30, 2007. This marks the third successive quarter of reduced losses by the Bank. For the six months ended June 30, 2008, the Bank's net loss was $1,129,000 ($0.20 per share) as compared to a net loss of $1,995,000 ($0.35 per share) for the six months ended June 30, 2007.
Complete, orginal story here:
http://biz.yahoo.com/iw/080809/0423542.html
Stay tuned.
Saturday August 9, 11:34 am ET
PORT CHESTER, NY--(MARKET WIRE)--Aug 9, 2008 -- USA Bank (OTC BB:USBK.OB - News) reported a net loss of $383 thousand ($0.07 per share) for the quarter ended June 30, 2008, which is a marked improvement compared to the net loss of $481 thousand ($0.08 per share) for the quarter ended June 30, 2007. This marks the third successive quarter of reduced losses by the Bank. For the six months ended June 30, 2008, the Bank's net loss was $1,129,000 ($0.20 per share) as compared to a net loss of $1,995,000 ($0.35 per share) for the six months ended June 30, 2007.
Complete, orginal story here:
http://biz.yahoo.com/iw/080809/0423542.html
Stay tuned.
Friday, August 8, 2008
A big Friday
So oil is down to $115.00/barrel today, the Dow is up, the dollar is up against the Euro and the British Pound--since they didn't raise their interest rates--and the Olympics starts today in Japan.
A big news day, to be sure.
The question for the banks--and the American people--is, will we witness and have to finance another bank failure in the next 24 hours? Will the FDIC have to march into yet another bank this evening and close it up because it's "upside down", financially.
Hopefully not, certainly.
If they don't have to, it would be nice to break the 3-week straight we've had on these things.
Hopefully it's a quiet, uneventful evening and weekend.
Enjoy, y'all.
A big news day, to be sure.
The question for the banks--and the American people--is, will we witness and have to finance another bank failure in the next 24 hours? Will the FDIC have to march into yet another bank this evening and close it up because it's "upside down", financially.
Hopefully not, certainly.
If they don't have to, it would be nice to break the 3-week straight we've had on these things.
Hopefully it's a quiet, uneventful evening and weekend.
Enjoy, y'all.
Saturday, August 2, 2008
Unfortunately correct and vindicated
Well, ladies and gentlemen, I was correct.
Do you remember last week I said there was a good possibility that we might see a bank--or two--failing each Friday night for a while?
Let me repeat: I was right.
I wish I weren't, truth be told.
According to the news this morning, a small bank in Florida failed last night. It was taken over by the FDIC, of course, and will be quickly sold. See the full story here: http://www.reuters.com/article/ousiv/idUSN0136691620080802
It was the 8th bank to fail so far this year. (Wouldn't you think Keith Olbermann--or some news junkie--would set up a weekly "bank watch"? Maybe they don't want to give the public reason to panic, since the American public doesn't want to pay attention, by and large).
The good news? It was a relatively small bank. First Priority Bank had "only" $259 million in assets and $227 million in deposits.
The bad news? Its failure will cost the federal fund that insures deposits--read: you and I, the taxpayers--an estimated $72 million.
Chalk it up to our account.
As I also said earlier here, in the 1st quarter of this year, the FDIC had 90 banks on its "watch" list. This article recounts that and states that they also won't tell which 90 banks they are. It's understandable--can you imagine the runs on those banks if they told which 90 they were?
Still, wouldn't you like to know if YOUR bank were, maybe, in trouble?
Once more, I'd like to take a moment to personally thank, with dripping sarcasm, the Republicans, for deregulating the banking industry.
Oh, well, for now, it's the weekend. Go out, work, relax, enjoy, keep cool.
Let's hope there either aren't any more banks that fail (I'm not counting on it) or, that, if they do fail, they are small and few in number.
Cross your fingers.
Do you remember last week I said there was a good possibility that we might see a bank--or two--failing each Friday night for a while?
Let me repeat: I was right.
I wish I weren't, truth be told.
According to the news this morning, a small bank in Florida failed last night. It was taken over by the FDIC, of course, and will be quickly sold. See the full story here: http://www.reuters.com/article/ousiv/idUSN0136691620080802
It was the 8th bank to fail so far this year. (Wouldn't you think Keith Olbermann--or some news junkie--would set up a weekly "bank watch"? Maybe they don't want to give the public reason to panic, since the American public doesn't want to pay attention, by and large).
The good news? It was a relatively small bank. First Priority Bank had "only" $259 million in assets and $227 million in deposits.
The bad news? Its failure will cost the federal fund that insures deposits--read: you and I, the taxpayers--an estimated $72 million.
Chalk it up to our account.
As I also said earlier here, in the 1st quarter of this year, the FDIC had 90 banks on its "watch" list. This article recounts that and states that they also won't tell which 90 banks they are. It's understandable--can you imagine the runs on those banks if they told which 90 they were?
Still, wouldn't you like to know if YOUR bank were, maybe, in trouble?
Once more, I'd like to take a moment to personally thank, with dripping sarcasm, the Republicans, for deregulating the banking industry.
Oh, well, for now, it's the weekend. Go out, work, relax, enjoy, keep cool.
Let's hope there either aren't any more banks that fail (I'm not counting on it) or, that, if they do fail, they are small and few in number.
Cross your fingers.
Sunday, July 27, 2008
A weekly Friday night occurrence?
Okay, campers, last week it was the big Indymac implosion on a Friday evening.
Were you ready for this week's? No, I thought not.
This week, they weren't as big, by themselves, as Indymac, but there were 2--count 'em, 2--banks that "went down": First National Bank of Nevada and First Heritage Bank of Newport Beach (both were units of the First National Bank Holding Company, based in Scottsdale, Ariz.).
So the thing is, were you paying attention? Did you even notice this happened? They do these on Friday evenings so people won't notice and panics don't set in, of course, just like political announcements out of Washington, when they're negative. Mind you, this is big news, right? But try finding mention of it now, on your regular search engine. Pull up Yahoo! and see if it's listed there, on the first page.
It's not.
The thing is, there's more to come, apparently. Certainly we all hope not but information seems to lean otherwise. I searched yesterday on the internet and, from what I read, the FDIC was watching 90 banking institutions, that may be on less than solid ground.
So for the foreseeable future, you might want to watch for those Friday night announcements. It's like I keep saying, pay attention.
Oh, and if one or more starts happening mid-week, and they can't contain the collapse of this or that financial institution(s)? It means things have really gone to heck--either for that one institution or, God forbid, for the banking sector in general, and in a much larger scope.
Here's hoping there aren't too many more weeks of this stuff.
Were you ready for this week's? No, I thought not.
This week, they weren't as big, by themselves, as Indymac, but there were 2--count 'em, 2--banks that "went down": First National Bank of Nevada and First Heritage Bank of Newport Beach (both were units of the First National Bank Holding Company, based in Scottsdale, Ariz.).
So the thing is, were you paying attention? Did you even notice this happened? They do these on Friday evenings so people won't notice and panics don't set in, of course, just like political announcements out of Washington, when they're negative. Mind you, this is big news, right? But try finding mention of it now, on your regular search engine. Pull up Yahoo! and see if it's listed there, on the first page.
It's not.
The thing is, there's more to come, apparently. Certainly we all hope not but information seems to lean otherwise. I searched yesterday on the internet and, from what I read, the FDIC was watching 90 banking institutions, that may be on less than solid ground.
So for the foreseeable future, you might want to watch for those Friday night announcements. It's like I keep saying, pay attention.
Oh, and if one or more starts happening mid-week, and they can't contain the collapse of this or that financial institution(s)? It means things have really gone to heck--either for that one institution or, God forbid, for the banking sector in general, and in a much larger scope.
Here's hoping there aren't too many more weeks of this stuff.
Saturday, July 12, 2008
A Weekend of Portents
Three things have come to my attention in the last 12 hours. One I just found out.
First, our knuckleheaded "leader", such as he is, is said to have stood up to say goodbye at the G8 sessions he was attending, and is quoted as saying--I'm not kidding about this--"Goodbye from the world's biggest polluter!". See the full story here:
http://www.huffingtonpost.com/2008/07/10/report-bush-tells-g8-lead_n_111966.html
Can you believe this guy's ignorance and chutzpah? He continues to show himself to be the 6 year old brat he is and that we thought he was. And then I don't know what's worse--my anger about it or my embarassment.
At least I never voted for the fool.
And then this: Federal Regulators seized and closed IndyMac Bancorp last evening, "marking one of the largest bank failures in American history."
See the original story here:
http://www.nytimes.com/2008/07/12/business/12indymac.html?bl&ex=1216008000&en=48af597fcdabd556&ei=5087%0A
It seems they had a good, old-fashioned (as in Depression era) run on the bank. Note that 2nd comparison to the Depression, folks. It's starting to get ever more serious.
Fannie Mae and Freddie Mac, those 2 quasi-independent arms of the Federal Government, dealing with mortgage lenders, etc., may fold, too, we were warned this week.
Finally, the dollar "sinks to within a cent of an all-time low on Fannie Mae and Freddie Mac" news. It just doesn't get any better, does it? See original story here: http://www.bloomberg.com/apps/news?pid=20601087&sid=a4kpsU8pP4QY&refer=home
Greg Salvaggio, a vice president of capital markets at Tempus Consulting in Washington, a currency-trading company is quoted: ``There's a complete lack of confidence right now in the administration's ability to fix these problems.''
No kidding.
It seems to be getting more grave virtually daily and our imperious leader is making jokes about how we're the biggest polluter in the world.
Somehow it's just not funny.
First, our knuckleheaded "leader", such as he is, is said to have stood up to say goodbye at the G8 sessions he was attending, and is quoted as saying--I'm not kidding about this--"Goodbye from the world's biggest polluter!". See the full story here:
http://www.huffingtonpost.com/2008/07/10/report-bush-tells-g8-lead_n_111966.html
Can you believe this guy's ignorance and chutzpah? He continues to show himself to be the 6 year old brat he is and that we thought he was. And then I don't know what's worse--my anger about it or my embarassment.
At least I never voted for the fool.
And then this: Federal Regulators seized and closed IndyMac Bancorp last evening, "marking one of the largest bank failures in American history."
See the original story here:
http://www.nytimes.com/2008/07/12/business/12indymac.html?bl&ex=1216008000&en=48af597fcdabd556&ei=5087%0A
It seems they had a good, old-fashioned (as in Depression era) run on the bank. Note that 2nd comparison to the Depression, folks. It's starting to get ever more serious.
Fannie Mae and Freddie Mac, those 2 quasi-independent arms of the Federal Government, dealing with mortgage lenders, etc., may fold, too, we were warned this week.
Finally, the dollar "sinks to within a cent of an all-time low on Fannie Mae and Freddie Mac" news. It just doesn't get any better, does it? See original story here: http://www.bloomberg.com/apps/news?pid=20601087&sid=a4kpsU8pP4QY&refer=home
Greg Salvaggio, a vice president of capital markets at Tempus Consulting in Washington, a currency-trading company is quoted: ``There's a complete lack of confidence right now in the administration's ability to fix these problems.''
No kidding.
It seems to be getting more grave virtually daily and our imperious leader is making jokes about how we're the biggest polluter in the world.
Somehow it's just not funny.
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