Bank Failures // Current TV

A Lesson from Iceland

The following has been spread round the Internet, and It Is a Lesson for the people of... more

Radical_Centrist
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21 days ago
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GLOBAL POLITICAL AWAKENING: ForeclosureGate Could Force Bank Nationalization

For two years, politicians have danced around the nationalization issue, but... more

GLOBALPOLITICAL
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1 year ago
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GLOBAL POLITICAL AWAKENING: Most bank fails in one year since S&L crisis, FDIC bleeds red

Government regulators closed four more banks Friday, which makes the total failures in... more

GLOBALPOLITICAL
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1 year ago
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BANKSTERS AND GOV'T COMPLICITY

The Banksters are at it again, ethics be damned; leave honesty & integrity as well... more

ahiguy
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2 years ago
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1 comment

U.S. Suffers Its 100th Bank Failure

but now smaller banks are at the center of crisis.

ryan8566
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2 years ago
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Government Closes 100th Bank of the Year

In the latest sign of the lasting effects of the financial crisis, federal regulators... more

tcmfan08
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2 years ago
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Bank failures reach 95, more to come in 2009

The latest United States bank failure this year was the Georgian Bank in Atlanta... more

ladybugaz
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2 years ago
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FDIC: Failed Bank List

Just thought that this was interseting.....

kingfugazi
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2 years ago
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Bank Failures Draining The FDIC

WASHINGTON (Reuters) - U.S. regulators closed seven small banks on Friday, a pace... more

sespian
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2 years ago
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8 comments

Have the Banks Gone Crazy? Wells Fargo Sues Itself

Just when you thought you’d heard it all. Here comes another crazy, mixed up... more

consumeradvocate101
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2 years ago
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Foreclosure Roundtablet: Frustration Leads to Promises of Help

Homeowners are quick to voice frustration over dealing with mortgage lenders to avoid... more

consumeradvocate101
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3 years ago
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Why Won't My Mortgage Company Help?

With President Obama’s recently released Housing Rescue Plan, the pressure is on... more

consumeradvocate101
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3 years ago
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Today's Economy & the Depression: Is it Panic Time?

Are we headed for another Great Depression? It’s a question a lot of folks are... more

consumeradvocate101
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3 years ago
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Economy shrinks in third quarter, signaling recession

The economy jolted into reverse during the third quarter as consumers cut back on... more

Apocalipstick
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3 years ago
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Russian markets suspended

Both of Russia's main stock markets plummeted more than 13 per cent today,... more

Apocalipstick
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3 years ago
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2 comments

As the classified ads put it, everything must go. Socks. Christmas ornaments. Microwave ovens. Three-year-old Marita Duarte’s tricycle was sold by her mother, Beatriz, to a stranger for $3 even as her daughter was riding it.

On Mission Ridge Drive and other avenues, lanes and ways in this formerly booming community, even birthday celebrations must go. “It was no money, no birthday,” said Ms. Duarte, who lost her job as a floral designer two months ago. The family commemorated Marita’s third birthday without presents last week, the occasion marked by a small cake with Cinderella on the vanilla frosting. They will move into a rental apartment next month.

An eternity ago, people in this city in northern San Joaquin County braved four-hour round-trip commutes to the San Francisco Bay Area for a toehold on the dream. Today, Manteca’s lawns and driveways are storefronts of the new garage-sale economy — the telltale yellow signs plastered in the rear windows of parked cars Friday through Sunday directing traffic to yet another sale, yet another family.

“You can get great deals,” said Sharrell Johnson, 32, who was scouting for toys in the Indian summer heat last Friday amid boxes of tools and DVDs and forests of little skirts and shirts dangling from plastic hangers on suspended rope. “Sad to say, you’re finding really good things. Because everybody’s losing their homes.”

The garage-sale economy is flourishing here and in many other regions of the country, so much so that some cities have begun cracking down. With more residents trying to increase their income, the city of Weymouth, Mass., limited yard sales to just three a year per address. Detective Sgt. Richard Fuller said it was now common to see 15 cars parked in front of a house.

Richmond, Ind., has had such an onslaught of garage sale signs posted in the right of way that the city has placed stickers on prominent light poles warning of violations and fines.

But it is a Sisyphean task: Manteca’s ordinance, restricting residents to two sales a year, is widely ignored.

The sales are part of the once-underground “thrift economy,” as a team of Brigham Young University sociologists have called it, which includes thrift stores, pawn shops and so-called recessionistas name-brand shopping at Goodwill. As the classified ads put it, everything must go. Socks. Christmas ornaments.... more

Apocalipstick
added this
3 years ago
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7 comments

Wall Street layoffs could surge past 200,000

Traders and investment bankers might have more to worry about than dwindling bonus... more

Apocalipstick
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3 years ago
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Credit-Rating Companies `Sold Soul'

Employees at Moody's Investors Service told executives that issuing dubious... more

Apocalipstick
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3 years ago
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Mass layoffs at the highest level since 9/11 attacks

The number of layoff announcements involving at least 50 workers rose in September to... more

Apocalipstick
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3 years ago
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US Billionaire dumps Ford shares

BILLIONAIRE US investor Kirk Kerkorian announced today that he had sold shares in Ford and was considering divesting his whole stake, deepening the gloom around the loss-making auto group.

In a sharp change of strategy, Kerkorian's holding group Tracinda said it had sold 7.3 million shares in Ford for an average price of $US2.43 per share - representing a huge loss for the 91-year-old investor.

Tracinda said it also "intends to further reduce its holdings of Ford common stock, including the possible sale of all of its remaining 133,500,000 shares'' which amount to a 6.09 per cent stake.

"Investors are becoming more pessimistic about the Detroit Three's prospects in the environment of a deepening recession and restricted access to credit,'' wrote an analyst for Economy.com, Sean Maher, referring to the US motor industry giants.

Ford shares closed down 6.87 per cent at $US2.17 in a broadly negative market. They have shed about 65 per cent of their value since the beginning of the year.

Mr Kerkorian built a position in Ford in the early part of the year, announcing in June that he would pay $US8.50 to buy an additional 20 million shares.

The investor, who made a fortune from running and selling Las Vegas casinos, bought the shares in Ford after referring at the time to "meaningful traction in its turnaround efforts''.

At the time, Ford managers said they were on track to deliver profitability in 2009 - an objective that has now been shelved.

Since then, the Detroit giant has struggled to sell its heavy vehicles in its domestic market as consumers struggle with rocketing fuel prices and recent financial turmoil has also hit sales.

For the second quarter, Ford announced its worst loss ever of $US8.7 billion ($12.4 billion) due to hefty charges related to write-downs on the value of its assets and losses from auto leasing.

Ford also risks being left out of expected consolidation in the US auto industry if its two domestic rivals, General Motors and Chrysler, clinch a merger deal as several press reports have recently suggested. BILLIONAIRE US investor Kirk Kerkorian announced today that he had sold shares in... more

Apocalipstick
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3 years ago
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