tagged w/ Bank Closings
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In the midst of current threats to our country's economic stability, in the face of the potential collapse and nuclear financial implosion on Wall Street and the stock exchange, our politicians are wrangling over some form of huge federal bailout proposal. Up to maybe $700 billion dollars, or perhaps even gazillions of bucks!!
Well, I have no money, and certainly no answers to this huge boondoggle of a mess. So I just sit here gazing into our past and weep. And stare with glazed eyes into our future and just laugh!!
Evoked by my thoughts about the pressing issues of our economic dilemmas, this piece presents a number of photographs, some wackily funny and some quite sad. It also includes a weird, humorous animation, as well as a darkly heart-rending music video.In the midst of current threats to our country's economic stability, in the face... more
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The cost of borrowing in dollars overnight more than doubled to the highest since 2001 as the collapse of Lehman Brothers Holdings Inc. and credit downgrades of American International Group Inc. led banks to hoard cash.
The overnight dollar rate soared 3.33 percentage points to 6.44 percent today, its biggest jump in at least seven years, according to the British Bankers' Association. The rate was as low as 2.07 percent in June.
Banks are driving up short-term lending rates on concern that AIG will follow Lehman into bankruptcy and leave financial institutions with losses on $441 billion of credit derivatives issued by the biggest U.S. insurer. Central banks around the world pumped more than $210 billion into the financial system as they sought to alleviate the credit-market seizure.
``It's fear, you don't know who has exposure and who might not be getting their money anymore,'' said Imke Jersch, a senior money-market trader in Hanover at Norddeutsche Landesbank Girozentrale AG, Germany's fourth-biggest state-owned bank. ``It's a domino effect. You never know who might fall next.''
(Read Reast at Link...)
The cost of borrowing in dollars overnight more than doubled to the highest since 2001... more
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Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation's ninth bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices.
Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the... more
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It is only now becoming clear that our banking system is in trouble despite assurances from Bush. The system, as it is presently, rewards a few for bank failures while countless depositors will find themselves with no money and no federal insurance on their deposits. Bush was instrumental in allowing Wall Street to hijack the banks and our savings.It is only now becoming clear that our banking system is in trouble despite assurances... more
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When will the American people start to run scared and begin wanting worthless US dollars instead of worthless FDIC assurances.
American banks hold 1.28 Quadrillion dollars in worthless gambling notes called "derivatives"
If the American people lose faith in the banks, the system will rapidly self distruct.
Every time there is a Bush in the Whitehouse, the taxpayers suffer terrible losses in the backing system. Remember the S&L collapse? Bush was Vice President.When will the American people start to run scared and begin wanting worthless US... more
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The nation’s banks are in far less danger than they were in the late 1980s and early 1990s, when more than 1,000 federally insured institutions went under during the savings-and-loan crisis. The debacle, the greatest collapse of American financial institutions since the Depression, prompted a government bailout that cost taxpayers about $125 billion.
But the troubles are growing so rapidly at some small and midsize banks that as many as 150 out of the 7,500 banks nationwide could fail over the next 12 to 18 months, analysts say. Other lenders are likely to shut branches or seek mergers. Many investors are on edge after federal regulators seized the California lender, IndyMac Bank, one of the nation’s largest savings and loans, last week. With $32 billion in assets, IndyMac, a spinoff of the Countrywide Financial Corporation, was the biggest American lender to fail in more than two decades.
Now, as the Bush administration grapples with the crisis at the nation’s two largest mortgage finance companies, Fannie Mae and Freddie Mac, a rush of earnings reports in the coming days and weeks from some of the nation’s largest financial companies are likely to provide more gloomy reminders about the sorry state of the industry.
The future of Fannie Mae and Freddie Mac is vital to the banks, savings and loans and credit unions, which own $1.3 trillion of securities issued or guaranteed by the two mortgage companies. If the mortgage giants ever defaulted on those obligations, banks might be forced to raise billions of dollars in additional capital.
The large institutions set to report results this week, including Citigroup and Merrill Lynch, are in no danger of failing, but some are expected to report more multibillion-dollar write-offs.
But time may be running out for some small and midsize lenders. They vary in size and location, but their common woe is the collapsed real estate market and souring mortgage loans. Most of these banks are far smaller than the industry giants that have drawn so much scrutiny from regulators and investors. The nation’s banks are in far less danger than they were in the late 1980s and... more
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Borrowing at Fannie Mae, the U.S. government-sponsored mortgage company, has never been so expensive and it may not get better any time soon.Borrowing at Fannie Mae, the U.S. government-sponsored mortgage company, has never... more
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Billionaire investor Eli Broad said the U.S. economy is in the worst recession since World War II and a recovery in the housing market is ``several years'' away.
``This is worse than any recession we've had since World War II,'' Broad, 75, said in an interview yesterday. Broad, the founder of homebuilder KB Home, said the U.S. should avoid a depression on the scale of the 1930s because the country now has sufficient ``safety nets.''
Billionaire investor Eli Broad said the U.S. economy is in the worst recession since... more
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Like Camus' "The Plague" no one is talking about the perfect financial storm that is quickly gathering and converging on a huge financial house of credit cards and worthless bank assets.
Go on E-Bay and search for "silk carpet" and you will see dozens of once priceless carpets sitting on E-Bay with zero bids.
I am interestest if someone knows of a safe place to puts one's assets these days of failing banks and brokerage houses. The government will not be able to stop the panic once it starts and that could be any day and say a really big fall in the stock market.Like Camus' "The Plague" no one is talking about the perfect financial... more
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