Talk about EPIC "fail" ...some more Banks "failed" (a word not used in the media reports, it's too scary for the kids) Friday.
This brings the number of Banks who have gone to the morgue so far in 2011 to 7.
- Nothing to see here; move along. All is well. The economy is recovering.
Hmmm. Not very many Banks so far, seems to be business as usual and no big deal, right?
- Unless you consider that the recent closings will 'cost' the FDIC just under a billion dollars. This does not include the previous closings so far this year....just yesterdays.
Ho-hum.
3 banks closed in 2007 (yeah, 'closed' sounds so much nicer than 'failed' does it not?)
25 banks failed in 2008
140 banks failed in 2009....the total 'cost' to the FDIC (that's us, the taxpayers btw) was 36 billion dollars, leaving FDIC 8 billion dollars in-the-red.
- Deficit is another word, as is broke.
..........now it gets more interesting.
157 banks failed in 2010....and the total 'cost' to the FDIC was 'only' 21 billion dollars!
- We're recovering, right? Getting better? Not if you add that red ink to the deficit from 2009, and year-to-date....then we are easily 30 billion dollars overdrawn so far, and it's not going to get better any time soon. 2011 is going to be a long year, and we're not even a month into it yet.
NOT to worry!!!!!
- The media and FDIC are proud to announce that your money in the bank is 'safe' and insured by the FDIC (failing to mention that they're very broke now, and also failing to mention that as the FED debases/devalues the purchasing power of of our money ............hahahaha, I referred to the nicely engraved bits of paper as money.....it's certainly NOT safe from our private central bank a.k.a. the FED)!
Besides, mere millions and billions in bank failures doesn't seem that much when the 'new normal' deals in trillions.
- Here I had been considering going to Argentina, but it seems I won't have to since Argentina is coming here!
This will not end well.
Sunday 23 January 2011
Bank failure vs. Recovery?...............from Rico
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2 comments:
Banks are companies, companies can fail, why should banks be excempt from that?
Tough on the customers, but many countries have programs in place for that where the other banks together will cover at least part of customer losses when a bank fails.
Did they fail or were they "targeted". My wife's bank, Amcore out of Rockford, IL, was harrased for 2 1/2 years by the feds. When Amcore got to the point where it looked like they just might pull themselves up by their bootstraps....bang the feds closed them down and sold them off to Harris Bank...a CANADIAN bank. Also, here in Madison, WI., M&I Bank is being forced out and they are being sold to....Harris Bank...a CANADIAN bank.
The banking community is starting to see a pattern with these "failures"....banks failing (?) and then the assets being taken over by FOREIGN banks.
Steve
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