US Government Seizes 120 Banks! Is it Time For Revolution. Should YOU take up arms to protect yourself? The news might surprise you. Might there be a way to kill the President? We "report", you "decide"*.
*Reporting, Deciding, and News are not meant to imply that the above hosts have any knowledge or judgement whatsoever.
But the MSM said the recession is over. Even with unemployment rising faster than expected as we approach seasonal holiday jobs and thousands of unemployed are no longer counted.
Nemo's Brother:But the MSM said the recession is over. Even with unemployment rising faster than expected as we approach seasonal holiday jobs and thousands of unemployed are no longer counted.
Oh, but it is. Wall Street traders are back to getting huge bonuses again. See? Recession over for the people who matter.
From this Link (new window)) is the real article I think:
Bank Failures Hit 120 as United Commercial Bank Fails By MICHAEL R. CRITTENDEN
WASHINGTON -- U.S. regulators closed five more banks on Friday, reaching 120 for the year, as souring loans and the lingering effects of last year's financial crisis continued to weigh on the nation's financial institutions.
San Francisco-based United Commercial Bank became the fifth and largest bank to be taken over by regulators on Friday evening, as annual failures hit levels not seen since the savings and loan crisis of the early 1990s. There were 25 bank failures in 2008, and three in 2007.
The Federal Deposit Insurance Corp. said in a release that East West Bank of Pasadena, Calif., would take over United Commercial's roughly $7.5 billion in deposits, as well as $10.2 billion in assets. The deal includes all of United Commercial's branches in the U.S., a branch in Hong Kong, and a subsidiary headquartered in Shanghai, China.
The agency said that it would continue to protect the bank's domestic deposits, while Hong Kong deposits would be covered by the Hong Kong Deposit Protection Scheme. U.S. regulators are also working with their counterparts in China on the bank's operations in that country, the agency said.
The failure is estimated to cost the FDIC's deposit insurance fund an estimated $1.4 billion. That's represents a significant hit for the fund, which has come under increasing pressure this year as failure costs have topped the agency's initial loss projections. Federal regulators are currently considering a proposal that would have U.S. banks pay three years worth of premiums in advance in order to raise $45 billion to provide more liquidity to the fund.
Earlier Friday evening, regulators closed banks in Minnesota, Missouri, Georgia and Michigan. Leading the list was Oakdale, Minn.-based Prosperan Bank, whose $175.6 million in total deposits were acquired by Alerus Financial, followed by United Security Bank of Georgia, which became the 21st bank in that state to fail this year.
Regulators also closed Detroit-based Home Federal Savings Bank, and Gateway Bank of St. Louis.
The four earlier failures are expected to cost the FDIC's deposit insurance fund an estimated $132.7 million.
Write to Michael R. Crittenden at michaelcrittendensenojwodcom
US Government Seizes 120 Banks! Is it Time For Revolution. Should YOU take up arms to protect yourself? The news might surprise you. Might there be a way to kill the President? We "report", you "decide"*.
*Reporting, Deciding, and News are not meant to imply that the above hosts have any knowledge or judgement whatsoever.
So I look at this comment and think "it must be tough living with that sort of vitriolic mindset and being filled with that much hate" and then I realize the truth of the matter is you are embarrassed by how poorly things have gone since the new administration came to power. The previous administration sucked. This administration is carrying on the tradition. It's high time we put the partisanship behind us and quit accepting good enough representatives. I'm sure you have some hate for me but just save it man because it's wasted on me.
oneodd1:So I look at this comment and think "it must be tough living with that sort of vitriolic mindset and being filled with that much hate" and then I realize the truth of the matter is you are embarrassed by how poorly things have gone since the new administration came to power. The previous administration sucked. This administration is carrying on the tradition. It's high time we put the partisanship behind us and quit accepting good enough representatives. I'm sure you have some hate for me but just save it man because it's wasted on me.
Actually, did you notice that he wasn't lashing out at the conservative members of the public? He was actually taking a shot at folks in the media that are spouting off with the intent to get people riled up and divide the country. Beck and Rush have no love for bipartisanship. It's not good for ratings.
nesler:oneodd1: So I look at this comment and think "it must be tough living with that sort of vitriolic mindset and being filled with that much hate" and then I realize the truth of the matter is you are embarrassed by how poorly things have gone since the new administration came to power. The previous administration sucked. This administration is carrying on the tradition. It's high time we put the partisanship behind us and quit accepting good enough representatives. I'm sure you have some hate for me but just save it man because it's wasted on me.
Actually, did you notice that he wasn't lashing out at the conservative members of the public? He was actually taking a shot at folks in the media that are spouting off with the intent to get people riled up and divide the country. Beck and Rush have no love for bipartisanship. It's not good for ratings.
Beck does not have very many kind words for Bush either. Only Rush and Olberman are complete partisan soldiers.
I disagree, that looks like two complete sentences to me: One complex and one simple, both sentences have subject and predicate. What's your issue with them?
Why Would I Read the Article:Of all the stupid myths that continue to get perpetuated, I think the one about China owning our asses pisses me off the most.
And now that I've registered my displeasure anonymously on the internet, I expect all future mentions will cease immediately.
ParadigmLeftShift:Nemo's Brother: But the MSM said the recession is over. Even with unemployment rising faster than expected as we approach seasonal holiday jobs and thousands of unemployed are no longer counted.
Oh, but it is. Wall Street traders are back to getting huge bonuses again. See? Recession over for the people who matter.
if i recall correctly that article earlier this year about the economic disaster in zimbawbwe, stocks soared even as the economy tumbled because people were taking money out of business investments and putting into a few large companies that they felt were safer investments... DOW 10,000 may just be money retreating from other sectors and into wall street
Calculated Risk has been my doom-n-gloom read of choice for the past couple of years. So far, the guy who runs it (and, until her unfortunate exit from this plane, his co-blogger, a woman who provided super-nerdy commentary and insight) has been pretty close to dead-on in terms of analysis and predictions.
I think the financial heads and their friends in governments are kidding themselves, because the truth is just too horrifying to face -- that circumstances may be out of their control, and they may lose their grip on power for a long time once this is over, barring fascistesque state takeovers of large sections of the economy that benefit the largest corp..... waaaaaaaait a minute.
kittyhas1000legs
2009-11-07 01:52:42 PM
AmazingRuss
2009-11-07 02:08:54 PM
diadelsuerte
2009-11-07 02:16:21 PM
I'd venture to say that probably less than 5 percent of farkers have a subscription to wall street journal - so we are all missing out here, folks.
ParadigmLeftShift
2009-11-07 02:29:13 PM
It's easier just printing the money.
Brainsick
2009-11-07 02:42:19 PM
US Government Seizes 120 Banks! Is it Time For Revolution. Should YOU take up arms to protect yourself? The news might surprise you. Might there be a way to kill the President? We "report", you "decide"*.
*Reporting, Deciding, and News are not meant to imply that the above hosts have any knowledge or judgement whatsoever.
Forbidden Doughnut
2009-11-07 03:05:59 PM
Nemo's Brother
2009-11-07 03:07:51 PM
ParadigmLeftShift
2009-11-07 03:25:29 PM
Oh, but it is. Wall Street traders are back to getting huge bonuses again. See? Recession over for the people who matter.
RunGMC
2009-11-07 04:24:50 PM
That link goes to nowhere.
From this Link (new window)) is the real article I think:
Bank Failures Hit 120 as United Commercial Bank Fails
By MICHAEL R. CRITTENDEN
WASHINGTON -- U.S. regulators closed five more banks on Friday, reaching 120 for the year, as souring loans and the lingering effects of last year's financial crisis continued to weigh on the nation's financial institutions.
San Francisco-based United Commercial Bank became the fifth and largest bank to be taken over by regulators on Friday evening, as annual failures hit levels not seen since the savings and loan crisis of the early 1990s. There were 25 bank failures in 2008, and three in 2007.
The Federal Deposit Insurance Corp. said in a release that East West Bank of Pasadena, Calif., would take over United Commercial's roughly $7.5 billion in deposits, as well as $10.2 billion in assets. The deal includes all of United Commercial's branches in the U.S., a branch in Hong Kong, and a subsidiary headquartered in Shanghai, China.
The agency said that it would continue to protect the bank's domestic deposits, while Hong Kong deposits would be covered by the Hong Kong Deposit Protection Scheme. U.S. regulators are also working with their counterparts in China on the bank's operations in that country, the agency said.
The failure is estimated to cost the FDIC's deposit insurance fund an estimated $1.4 billion. That's represents a significant hit for the fund, which has come under increasing pressure this year as failure costs have topped the agency's initial loss projections. Federal regulators are currently considering a proposal that would have U.S. banks pay three years worth of premiums in advance in order to raise $45 billion to provide more liquidity to the fund.
Earlier Friday evening, regulators closed banks in Minnesota, Missouri, Georgia and Michigan. Leading the list was Oakdale, Minn.-based Prosperan Bank, whose $175.6 million in total deposits were acquired by Alerus Financial, followed by United Security Bank of Georgia, which became the 21st bank in that state to fail this year.
Regulators also closed Detroit-based Home Federal Savings Bank, and Gateway Bank of St. Louis.
The four earlier failures are expected to cost the FDIC's deposit insurance fund an estimated $132.7 million.
Write to Michael R. Crittenden at michael
/Not subby
/For kittyhas1000legs
RockIsDead
2009-11-07 04:25:10 PM
Swine Flu (fake) numbers RISING!
ObamaCare NOW!
Afghanistan! tomorrow...next week...next month...
/pattern detectors ----->RED!
oneodd1
2009-11-07 04:25:30 PM
US Government Seizes 120 Banks! Is it Time For Revolution. Should YOU take up arms to protect yourself? The news might surprise you. Might there be a way to kill the President? We "report", you "decide"*.
*Reporting, Deciding, and News are not meant to imply that the above hosts have any knowledge or judgement whatsoever.
So I look at this comment and think "it must be tough living with that sort of vitriolic mindset and being filled with that much hate" and then I realize the truth of the matter is you are embarrassed by how poorly things have gone since the new administration came to power. The previous administration sucked. This administration is carrying on the tradition. It's high time we put the partisanship behind us and quit accepting good enough representatives. I'm sure you have some hate for me but just save it man because it's wasted on me.
Good Behavior Day
2009-11-07 05:27:58 PM
Swine Flu (fake) numbers RISING!
ObamaCare NOW!
Afghanistan! tomorrow...next week...next month...
/pattern detectors ----->RED!
DANGER! DANGER Will Robinson!
nesler
2009-11-07 07:16:48 PM
Actually, did you notice that he wasn't lashing out at the conservative members of the public? He was actually taking a shot at folks in the media that are spouting off with the intent to get people riled up and divide the country. Beck and Rush have no love for bipartisanship. It's not good for ratings.
Why Would I Read the Article
2009-11-07 09:54:23 PM
And now that I've registered my displeasure anonymously on the internet, I expect all future mentions will cease immediately.
Nemo's Brother
2009-11-07 10:04:44 PM
Actually, did you notice that he wasn't lashing out at the conservative members of the public? He was actually taking a shot at folks in the media that are spouting off with the intent to get people riled up and divide the country. Beck and Rush have no love for bipartisanship. It's not good for ratings.
Beck does not have very many kind words for Bush either. Only Rush and Olberman are complete partisan soldiers.
deadsanta
2009-11-07 10:19:23 PM
I disagree, that looks like two complete sentences to me: One complex and one simple, both sentences have subject and predicate. What's your issue with them?
One Thirty-two and Bush
2009-11-07 10:32:39 PM
And now that I've registered my displeasure anonymously on the internet, I expect all future mentions will cease immediately.
lulz for you sir, lulz.
AdamK
2009-11-08 12:16:05 AM
Oh, but it is. Wall Street traders are back to getting huge bonuses again. See? Recession over for the people who matter.
if i recall correctly that article earlier this year about the economic disaster in zimbawbwe, stocks soared even as the economy tumbled because people were taking money out of business investments and putting into a few large companies that they felt were safer investments... DOW 10,000 may just be money retreating from other sectors and into wall street
Notabunny
2009-11-08 09:08:12 AM
What? People stopped seeing real estate as their personal Fastmoney Fartknocker path to instant riches? Unpossible!
PlatinumDragon
2009-11-08 03:16:21 PM
I think the financial heads and their friends in governments are kidding themselves, because the truth is just too horrifying to face -- that circumstances may be out of their control, and they may lose their grip on power for a long time once this is over, barring fascistesque state takeovers of large sections of the economy that benefit the largest corp..... waaaaaaaait a minute.
Linux_Yes
2009-11-10 07:16:13 PM
frkkk Banks