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Seven More Banks Fail
- Text size
July 3, 2009
Oh, the joys of not having to get up with the first ring of the alarm clock! But then, as I laid in bed this morning wondering what to write about, it came to me in a flash: There have been numerous alarming signs and portents in the markets this week, if one knows where to look.
—
The FDIC announced seven bank failures after the market closed Thursday, which brings the number of banks closed this year to 52. But, if you count the number of branch offices closed this week it’s 30 branches.
| Founders Bank |
| Millennium State Bank of Texas |
| First National Bank of Danville |
| Elizabeth State Bank |
| Rock River Bank |
| First State Bank of Winchester |
| John Warner Bank |
But what’s even more alarming is that if you look back over the last year of “We’re not in a Depression” bank numbers, you’ll see that the number of banks closed is nominally up to 75, but if you count up branches, the banking system has shuffled ownership of 2,969 branches.
That FDIC seems to be doing a smooth job of it – making depositors whole in each case (so far), one can’t help but wonder what’s the cost of all this to be in the longer term, especially since the real guts of the second leg down in financial markets isn’t expected till this fall.
When will FDIC have to go looking to recharge its coffers?
Meantime, at least the bad news was released after the markets were closed and has an extra day to contemplate what this all means. Answer to that should be apparent to anyone with half a brain (Depression 2.0 may be real and George may not be so crazy after all…).
If you divide the total offices closed (2,969) by 51 weeks (since July 11, 2008 is the IndyMac failure – 51 weeks back) closings have been averaging 58.21 offices per week, although admitted the data is skewed a bit by the WAMU and Downey Savings failures. Still, the count is the count.
—
Another one of the alarming stories this week to give ’cause to pause’ was the NY Fed Funds Rate which, if you look at the June 30th data, had someone paying 7% for overnight funds. The aberration, first caught on Karl Denninger’s “Market Ticker” site admittedly does leave one asking plenty of questions (Like: Who’d pay 7% for overnight money in this environment if they didn’t have a death-like financial mess to paper over quickly?), one can only pray that it was just someone needing quick cash for the end of Q2. The worst fear is that this is all a set up for the next collapse of the derivatives bubble which will be easily apparent as the Dow goes toward new lows in September, which is what I fear. Not to mention the possible banking and market holidays which could accompany that.
Make a note to self: Finish spreading money around to ’safe’ places. A bit more in the Treasury TIPS paper, a bit less in the Big National Bank – going instead to a couple of local banks which have weathered at least one Depression previously.
—
A third area where alarming developments are taking place is well-described under the headline “Financial lobby gears up for effort against Obama plan.” While it’s true that the Obama administration is trying to build a credible “Consumer Financial Protection Agency”, it’s more than equally true that the banksters are going to roll out all the big guns and pull out the stops since if this one goes through. it could have a Kondratieff cycle-long impact on the bankster coup – which means it could actually save America from financial interest/bankster domination for another 50-years. Why, who’d want to be shackled with interest rate caps and such when desperation of common folks can be turned into optimized yields on past-due accounts?
- A d v e r t i s e m e n t
Ah, the joys of having the best ‘democratic republic’ money can buy.
Related? “Washington Post cancels lobbyist event amid uproar.” You tell me. I’ve filed it under “Cookie jars and fingers.”
—
But there’s another point of alarm, right there. Groups like “www.firecongress.org” are popping up and they make it pretty clear that the world “revolution” which I’ve mentioned prominently ove rthe past year or so are starting to filter into the active area of language.
By the way, don’t forget to check out their poster – which you can print off on a good quality color printer and pass around:
Ballots beat bullets any old time.
—
Along about here, you may be figuring out that the reason the market dropped 223 points in Thursday’s trading is that it’s occurred to more people than just yours truly that there is not much stimulating going on from the over-hyped and over-sold ’stimulus’ bill.
Well, duh.
Nassim Taleb – who wrote the famous book on statistical outlier events The Black Swan: The Impact of the Highly Improbable
Nice thought, that. But, in case you haven’t noticed, at the current ‘burn rate’ the only possible outcome for the economy is to have runaway inflation, which is fine from the standpoint of the powers-that-be, since the people who were marginally ready to lose their homes, are in many cases already in default and the homes owned by the bankster class, so when prices start to go wild, they ought to sell like hotcakes and new and much higher rates since the public will be retrained into the borrow and refi industries, which will be retooled to maximize profits once again.
Graceful, ain’t it?
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July 3rd, 2009 at 4:09 pm
##########STOP CAP AND TRADE#############
SIGN
http://www.ipetitions.com/petition/stopcaptradetax
“The staff of the conservative group, Our Country Deserves Better PAC, has put together a database of phone numbers, fax numbers, and emails for each Senator. See the listing below, contact the two Senators from your state and if you want, work through the rest of the list as well. In terms of effectiveness, phone calls and faxes are most important, followed by emails. Our efforts will help defeat cap and trade!”
DIRECT-EMAIL ADRESSES… HERE:
ourcountrydeservesbetter.com/campaigns/stopcapandtrade.html
Videos:
ourcountrydeservesbetter.com/ads/index.html
Gov Reply:
July 5th, 2009 at 10:02 pm
Don’t worry you all will pay for it!! I don’t care who’s guilty, I don’t care who is good. I own everyone of you!! I am god, I am Obama!
July 3rd, 2009 at 4:12 pm
##PETITION OF THE CITIZENS OF EUROPEAN UNION COUNTRIES AGAINST LISBON TREATY RATIFICATION##
Sign:
http://www.petice.eu/?lang=EN
Say “no” to a one world (criminal) government!
Gov Reply:
July 5th, 2009 at 10:04 pm
Quite!! Obama is God and friend! He is saving you all from hell. This man is your savior!!
July 3rd, 2009 at 4:14 pm
#########EUROPE GOING CRAZY#########
SIGN AGAINST THE INAUGURATION OF BOMBODROM.
It would be the largest training area in Europe and essential in the preparation of military intervention of NATO and the EU.
[FOR GERMANY] UNTERSCHREIBEN SIE HIER:
https://www.campact.de/bomb/sn1/signer
Read info:
militarybases.twoday.net/stories/762920
July 3rd, 2009 at 4:16 pm
######STOP GEN MAIS Bt11 und 1507######
Say “no” to genetical modified crops.
[FOR GERMANY] Unterschreiben Sie hier:
https://www.campact.de/gentec/sn6/signer
July 3rd, 2009 at 4:28 pm
##########SPREAD THIS INFORMATION##########
**Wall Street criminals exposed By Marcy K.**
kaptur.house.gov/index.php?option=com_content&task=view&id=289&Itemid=1
youtube.com/watch?v=S27yitK32ds
youtube.com/watch?v=oAADyc6t4nY
**Rep. Alan Grayson asks the FEDERAL RESERVE Inspector General where the money is gone…**
youtube.com/watch?v=PXlxBeAvsB8
HQ version: youtube.com/watch?v=cJqM2tFOxLQ
#####ACTION STEPS – END THE FRAUD#####
Bills to be supported: ‘S 604′ and HR 1207 (information and SAMPLE LETTER here)
http://www.ronpaul.com/on-the-.....ve-hr-1207
&
campaignforliberty.com/campaigns/auditthefed.php
Senators Who are NOT Co-Sponsors of S 604 (Sister Bill to HR 1207)
scribd.com/doc/16483157
S 604 IS SLEEPING. Call your senators to support/co-sponsor this bill:
senate.gov/general/contact_information/senators_cfm.cfm
July 3rd, 2009 at 4:45 pm
Hopefully we’ll survive 2 more years with the same criminals you just reelected AGAIN!!
Married to 1/3 Native American Reply:
July 3rd, 2009 at 4:54 pm
I get the feeling people are so depressed that they don’t want to comment anymore!
Madman Reply:
July 3rd, 2009 at 5:08 pm
I have the feeling that JJ spams so much crap, that no one thinks anything they said will be read, after wadding through 8 messages by JJ.
Tailgunner Reply:
July 4th, 2009 at 12:03 am
I get the feeling JJ is doing way more than any of us…
And is one of the few who doesn’t care what you think of him for doing it.
Arab Obama Reply:
July 4th, 2009 at 7:59 am
Watch END OF NATIONS to understand the dastardly deeds of the lisbon treaty
mad mac's Reply:
July 4th, 2009 at 4:17 pm
I’m with you mad” jj’s little crazy…..but more to the point kinda glad 2 see “John Warner” bank shut down!!!!!!!!!!!!!!!!!!!! His name gave us all this hls sheiiiiioooottttt…
July 3rd, 2009 at 4:51 pm
why dont we just do citizens arrest? we have the right to do them, as long as the person or persons are 100% guilty and we all know they are guilty.. we should go down to DC and serve citizens arrest. only 2 options we have is overthrowing the government (violent or non violent), or citizens arrest. we must act now to restore america!!!!!!!!
Madman Reply:
July 3rd, 2009 at 5:10 pm
Why don’t we just do a old fashioned round up, put all the crooks in a holding cell, and accidentally slip in some Halon gas, or accidentally drop Cyanide in Battery Acid, and forget to turn on a vent . Ooopsee.
Omega Man Reply:
July 4th, 2009 at 8:55 pm
Good idea but I think we should drop them all off in the streets of a country that we’ve demolished (say Iraq) and see how they do there.
(o.k. so they are still running our country into the ground and we do nothing…..yet)
Your way is too humane in my opinion.
Gov Reply:
July 5th, 2009 at 10:06 pm
I can’t believe the hate speach! I can’t believe you won’t bow down to Obama!
July 3rd, 2009 at 5:08 pm
HERE: Stream and Download ALL the best interviews and rants from the Alex Jones Show Archives:
http://alex-jones-archives.politicsfiles.info/
TODAY:
- Speidi:We Must Audit The Fed & Why 9/11 was an Inside Job!
- Daniel Miller:Texas Independence Now!!
- Paul Watson:Destabilization of The World Using”The Taliban/Al-Qaeda Forces”
- Alan Watt:Eugenics Plan for America Underway & on Schedule
Backup your favorite episodes, don’t miss any!
July 3rd, 2009 at 7:13 pm
Less talky and more walky-walky.
July 3rd, 2009 at 7:35 pm
One man was STUPID enough to give the feds big ”creds”
I Hope WoodrowWilson is Burning right now wish he was alive so we could feed his
guts too the wolves, alive!
Jim Reply:
July 3rd, 2009 at 9:15 pm
(In my best Jon Stewart) “Damn you Woodrow Wilson!!!!”
July 3rd, 2009 at 10:23 pm
Obama: “Yes we can!”
A real men: “What?”
Obama: “Lick satans dick!”.
July 3rd, 2009 at 10:23 pm
Obama: “Yes we can!”
A real men: “What?”
Obama: “Lick satans dick”.
Ismal J Jackson Reply:
July 4th, 2009 at 7:12 pm
Man you one Racist White Boy aren’t you ? GROW UP YOU CLOWN OBAMA WON AND IS YOUR (THATS RIGHT ) YOUR MASTER . NOWONDER YOU WHITE CRACKER ASS GOOD FOR NOTHING CRY BABIES ARE A THING OF THE PAST – GOOD THING YOU WERE NOT HERE OR I WOULD SLAP YOUR RACIST LIPS OFF YOUR FACE .
Afro Man Reply:
July 4th, 2009 at 8:32 pm
You’re the racist Ismal. Return that stolen computer, and take the garbage out for your mamma.
Obummer is only the master of deception over YOU.
This is about the human race you turd….. we all need to stop the monsters together.
smoked Reply:
July 5th, 2009 at 10:55 am
bring it on try and slap any lips off any face! tough guy, you probably would soil yourself if someone punched you in the nose! coward.
July 4th, 2009 at 1:09 am
In the issue of “Foreign Affairs” which is printed by “CFR” members had written an article title “End of the Free Market?” MAY/JUNE Issue of 2009. Try to make this short.
In the article the journalist mentioned that “State Capitalism”, code word for “Nationalizing” big money maker Corporations such as Banks and Oil Companies is already into practice by other nations under what is called the “Sovereign Wealth Funds”. By consolidating and taking on a “Big Money Maker Corporation”, the government uses a crises situation and publicly announces that the government is taking over a “Bank” or “Oil Company” and consolidating the corporation out of the private sector. Alex Jones had mentioned this many of times over. As of now That “State Capitalism” has succumbed to the propagation in our culture today. They were championed on by ACORN and other Fabian Societies in various groups. By consolidation world wide, the estimation would be $15 trillion dollars under the SWF and it is to big to fail.
By 2012 a presidential candidate will advocate “Neo – Isolationist” ideas “To buy American” but it is a trap that will repeat history that will bring us down the path towards another great depression again which was caused by the “Smoot – Hawley Tariff Act of 1929″. Why the platform? because they predict by 2012 the manufacturing jobs will be exported to other foreign countries leading the U.S. in to higher unemployment numbers.
As of now the U.S. is in no position nor will foreign nations continue to buy our debts. As you can read in the news now that China is selling off our bonds to other foreign nations because there is no confidence in the American Dollar in the long term. Therefore the U.S. looses credibility to participate as an economic leader in G – 20. The CFR mentioned in the article that “Now is the right time for the United States to welcome new infusions of foreign investment including Sovereign Wealth Funds”.
Yet they admit that Free Markets are powerful to a prospering nation. Go figure.
July 4th, 2009 at 3:23 am
well I want to deposit my fortune in the bank which is hiding all the Big boys in the NWO’s money,
can be sure that Bank wont be going under! Plus I am going to hedge on the RFID chip manufacturers in China seeing as they want the US dollar scrapped and the ONE WORLD CREDIT introduced seems a sound bet. IF we all invested in the companies producing them, we could control the regulation and the ultimate demise of them and in turn ensure we prevent becoming Human Robots?
Ismal J Jackson Reply:
July 4th, 2009 at 7:13 pm
WHAT ALL 50 DOLLARS ……….YOUR A LOSER .
Ismal's Mamma Reply:
July 4th, 2009 at 8:41 pm
Ruff Ruff…Ismaaaaiiiilllll….I’m gonna lick your lips an stick ya to da wall fo a spell if you don’t stop dat!! You leaves dem smart folk alone ya hear!?
smoked Reply:
July 5th, 2009 at 10:56 am
did you look in a mirror lately? loser!
Gov Reply:
July 5th, 2009 at 10:15 pm
Please don’t worry. I will take care of you! These thugs don’t understand that better people like you are just that…. much better! So Cheerio and skip the milk hehe…. your wonderful, can I take your college books out of your car for ya? Your prof. is waiting! hehe… giggle
July 4th, 2009 at 6:47 am
Infowars is like a super sleuth for all bad news.
Me Reply:
July 4th, 2009 at 10:50 pm
I don’t see how anything to do with the New World Order is supposed to be good news???? Maybe good news for the elite…
July 4th, 2009 at 8:28 am
JJ is cool!
July 4th, 2009 at 9:30 am
1/3;
What is there to say any longer about the economy or anything else, or about how we have been looted and raped and it continues, or about what little we can do about it because of the corruption in congress and senate and the White House and Washington. What shall we do. The impostor continues. The banksters only change places to take their turn and we bend over on the anniversary of our imagined Independence. Ha. America has beaten down into submission and its the stockholm syndrom now. We love our captures. Please sir can I have another.
f--- this I’m going shooting and take pictures of people I dont like with me.
In spite of all this. I wish all of you a happy 4th of July and a good weekend. Enjoy yourself your friends your family. Give thanks for the blessings we have and have had. Remember the colleagues of our past stood strong and those that made the ultimate sacrifice for whatever reasons. But most of all think about what today really means. How our forefathers fought and gave all for us to be able to celebrate this day in defiance of tyranny, domination and oppression.
What must be done must be done for our children and not for ourselves. Remember 1776.
Bless you all
Happy 4th
Toecutter
July 4th, 2009 at 1:29 pm
How do banks fail if they have a leg up on everyone by operating on a fractional reserve? did all these banks go down because of bank runs?I really don’t understand this?
Gov Reply:
July 5th, 2009 at 10:31 pm
Good. You don’t need to worry about a thing! You are perfect.
July 4th, 2009 at 2:05 pm
Because the CEOs of the banks are terrible businessmen. Or out and out crooks. They simply stole all the banks and depositors money in risky “gambling” schemes like the CDOs and CDSs that were created and peddled by Wall Streeters and the huge mega banks. (Worse businessmen and bigger crooks.)
July 4th, 2009 at 4:04 pm
They simply get told to shut up shop, organised losses, slowly slowly close em down, soon the banking system will collapse. Closing off the International borders because of a bogey flu, if that don’t work let’s really drop something serious next time were Chemtrailing and then we’ll have to secotr out the masses.
Economies will topple moreso, and oh hello, more banks will fall – oh dear what a shame.
I’ll tell you what say’s the Rothschild Senior arsehumping homo, let’s have one Bank – a BIG BANK, one that will never collapse and we can all have u droids RFID chipped and live happily ever after on your flouride milk, GMO food, prozac water, add some mercury too for flavour and well let’s face it we need to cull a few hundred million while we’re at it, and if that’s doesn’t work we can start a war or all of the above for a right ole jolly up.
July 4th, 2009 at 5:41 pm
Stop cap and trade
July 4th, 2009 at 9:09 pm
In another issue I had read, the CFR are hoping to plan and call for a panel called the OIL RESERVE BOARD which will give the Oil Reserve Board power to buy and sell Oil Reserves for the United States. The plan is similar and functionality of the panel will be similar to that of the Federal Reserve Board. People this is no Joke, it’s straight “Foreign Affairs” magazine. It’s like reading tomorrow’s head lines but tells what will be coming.
People should be reading this magazine for certain and maybe have a different outlook on policies being made instead of accepting them like little sheep.
July 4th, 2009 at 10:40 pm
so a few that are on the top the greedy ones can control and take it all to the one masonic bank of the new world order so then they can try to force there micro chip the mark of the beast 666 .mass chemtrail spraying over philly this independence day!
al Reply:
July 5th, 2009 at 9:01 am
Where do you get the idea Lodge members are not God fearing people? The Lodge REQUIRES a solid belief in God to join!
July 5th, 2009 at 8:59 am
The baseless U.S. dollar currency (”currency” and “money” are NOT the same!) is just one more reason I am leaving the U.S.A. forever.
smoked Reply:
July 5th, 2009 at 10:57 am
SEE! YA!
July 5th, 2009 at 11:08 am
Go run home to Israel. Ah, dual citizenship passports, still another perk of being a Jew. W.T.F. are we talking about religion for in a bank closure forum? Just another reason religion sickens me. You just can’t get away from these people. Trade the big book in for a pocket constitution. It’ll do you more good, and make you more credible to a wider range of patriots, not just wing nuts of various persuasions and prejudices.
July 5th, 2009 at 2:02 pm
Say NO to geneticaly modified cops!
And no it,s not a spelling mistake. Latest conspiracy theory is, the new world chaos has a clone base of phycopathic, sadistic, micro-chiped, auto pilot( a bit akin to a ‘cop drone’ sociopath types. Well thats my way out theory for all the sub human nazi type abuse so prevalent in the police force. I feel sorry for the real human ones having to work with these cowards.
July 5th, 2009 at 2:26 pm
Wheres my reply post dissapeared to? It took me ages to write that rubbish! It was meant ‘tongue in cheek’, the old dry Irish sense of humour and irony,possibly doesn’t gel with American cultural tastes.
With all these pridictions of death, maybe the funeral business might be worth considering as a career choice.
Ps I love Alex even when he loses the plot occasionaly. He gets tired bless him.
July 5th, 2009 at 9:30 pm
The Zombie Banks are on the march.
Revolution in their minds – the children start to march
Against the world in which they have to live
And all the hate that’s in their hearts
They’re tired of being pushed around
And told just what to do
They’ll fight the world until they’ve won
And love comes flowing through
July 6th, 2009 at 9:20 am
All these small independent banks were creating too much competition for the money monopolists (aka capitalists) anyways.
July 9th, 2009 at 12:57 am
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