If You Live in California, Prepare for Your Bank to Fail
source: http://www.latimes.com/business/la-fi-banks28-2009mar28,0,2513212.story
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http://www.latimes.com/business/la-fi-banks28-2009mar28,0,2513212.story
Clips from article:By the end of 2009, two-thirds of the state's banks will be operating under cease-and-desist orders or other regulatory actions, Anaheim-based banking consultant Gary S. Findley predicts.
"There are more than 300 banks in California, and the reality is that more than a third of those are losing money," Trezza said.
What I gather from this is 1 in 3 banks are losing money and by the end of the year, 2 out of 3 banks will be in Failure mode in California.
And this is only California...
With approximately 8305 FDIC "insured" banks nationwide holding $14 trillion in assets the FDIC fund will not be able to handle a massive bank failure run.
Expect to see more TARPS and Son of TARPS in the near future.
I post this in hopes of opening the eyes of my fellow Citizens to the upcoming Dollar crisis.
Please read article at link and discuss-
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Ihatethemall
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From the article:
"To keep the fund sound, the FDIC is raising premiums on the insured banks and thrifts that pay into the fund, which because of failures dropped from $34 billion on Sept. 30 to $18.8 billion on Dec. 31. The fund can borrow from the U.S. Treasury, so there is no chance it could run dry, FDIC officials have stressed. "
I guess they must be "banking" on the fact that the U.S. treasury will never run dry.
The FDIC also hired 600 employees to work in the irvine office to liquidate the bank assets.Enjoy the ride Cali. It might start to get a little bumpy.
- 4 years ago
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Ihatethemall
