The closing of nine banks in one day is the most the FDIC has shut since this recent financial crisis began.
The nine banks are: The 68 branch California National Bank of LA; Bank USA of Phoenix; San Diego National Bank; Pacific National Bank in San Francisco; Park National Bank in Chicago; Community Bank of Lemont in Illinois; North Houston Bank, Madisonville State Bank, and Citizens National Bank in Teague, all in Texas.
Entire FDIC failed list here
This brings to 115 the number of failed banks this year with no end in sight.
The big problem now is: THE FDIC IS BROKE
Saturday, October 31, 2009
Goldman's Amazing Magic - a must watch!
MSNBC's two week old video on the Goldman Sachs magic trick that was used to record a $3 Billion profit - in a mere 3 months - while the US economy crumbled around them.
Hat tip Richard L.
Hat tip Richard L.
Visit msnbc.com for Breaking News, World News, and News about the Economy
$12 Trillion in debt - did anyone notice?
Anyone hear that sound - yup, crickets chirping.
This week's MASSIVE/UNPARALLELED sale of US debt ($153 Billion) caused the Gvt's public debt load to slice through the $12T mark like a hot knife through butter.
Next: expect our Congressionally authorized debt ceiling of $12.104 trillion to be breached by the end of November 09 - if so, and if the limit isn't raised by then, our Gvt could be forced to shut down... Don't expect that to happen though - lawmakers will once again raise the ceiling, as they have done more than 90 times since 1940 -- eight of them since 2002.
2002: Raised from $5950 billion to $6400 billion
2003: Increased again - from $6400 billion to $7384 billion
2005: Wasn't enough - increased to $8184 billion
2006: Raised from $8184 billion to $8965 billion
2007: Big one this time - from $8965 billion to $9815 billion
2008: July 08 housing Bailout package included provision for increase to $10,600 billion
2008: Another Bailout Package Plan - increased ceiling from $10,600 billion to ~ $11,300 billion.
2009: Ceiling increased to $12.104 Trillion as part of the American Recovery and Reinvestment Act of 2009 - an economic stimulus package that was approved in February.
The United States total public debt, commonly called the national debt, or U.S. government debt (clock below), is the amount of money owed by the federal government of the United States to holders of U.S. debt instruments.
Note: this national debt figure (above) does NOT include unfunded liabilities.
David Walker, Former Comptroller General of the United States, places "Unfunded Liabilities" - Future Obligations of our Nation IF we actually had the money in the bank today - at > $100 Trillion.
So, will our National debt (and unfunded liabilities for that matter) ever be repaid?
Well, that answer could be a No or Yes...
Answer #1 - No: If our country defaults on its debt the debt won't be paid - but that option will be avoided at all costs (Pun intended)...
Answer #2 - Yes: And this option has already been selected.
It WILL be paid through significantly devalued payouts caused by monetary expansion that will eventually lead to a currency collapse and hyperinflationary blowout (same end result as a default, just more palatable).
This week's MASSIVE/UNPARALLELED sale of US debt ($153 Billion) caused the Gvt's public debt load to slice through the $12T mark like a hot knife through butter.
Next: expect our Congressionally authorized debt ceiling of $12.104 trillion to be breached by the end of November 09 - if so, and if the limit isn't raised by then, our Gvt could be forced to shut down... Don't expect that to happen though - lawmakers will once again raise the ceiling, as they have done more than 90 times since 1940 -- eight of them since 2002.
2002: Raised from $5950 billion to $6400 billion
2003: Increased again - from $6400 billion to $7384 billion
2005: Wasn't enough - increased to $8184 billion
2006: Raised from $8184 billion to $8965 billion
2007: Big one this time - from $8965 billion to $9815 billion
2008: July 08 housing Bailout package included provision for increase to $10,600 billion
2008: Another Bailout Package Plan - increased ceiling from $10,600 billion to ~ $11,300 billion.
2009: Ceiling increased to $12.104 Trillion as part of the American Recovery and Reinvestment Act of 2009 - an economic stimulus package that was approved in February.
The United States total public debt, commonly called the national debt, or U.S. government debt (clock below), is the amount of money owed by the federal government of the United States to holders of U.S. debt instruments.
Note: this national debt figure (above) does NOT include unfunded liabilities.
David Walker, Former Comptroller General of the United States, places "Unfunded Liabilities" - Future Obligations of our Nation IF we actually had the money in the bank today - at > $100 Trillion.
So, will our National debt (and unfunded liabilities for that matter) ever be repaid?
Well, that answer could be a No or Yes...
Answer #1 - No: If our country defaults on its debt the debt won't be paid - but that option will be avoided at all costs (Pun intended)...
Answer #2 - Yes: And this option has already been selected.
It WILL be paid through significantly devalued payouts caused by monetary expansion that will eventually lead to a currency collapse and hyperinflationary blowout (same end result as a default, just more palatable).
Friday, October 30, 2009
Open Forum
Sunday, October 25, 2009
Dollar - The 800lb Gorilla in the room
Superb Peter Schiff interview w/Red Alert: "Get out of the US dollar"
His perspective is well worth your time - and if you agree with his warning you may want to get some gold/silver while it's still available (and a bargain), because when TSHTF and the dollar becomes a true global crisis, you'll likely be unable to find any precious metals at ANY fiat dollar price...
His perspective is well worth your time - and if you agree with his warning you may want to get some gold/silver while it's still available (and a bargain), because when TSHTF and the dollar becomes a true global crisis, you'll likely be unable to find any precious metals at ANY fiat dollar price...
Saturday, October 24, 2009
Weekend Funnies 24 Oct 09
Click on any of the cartoon images to enlarge
Closing Note:
HR 615
Doesn't it make sense that the public option - the one our elected officials in Washington are trying to ram down our throats - should also apply to those who vote for implementing it?
Rep. John Fleming (R-La.) is doing his part in the House by nudging his colleagues into doing the right thing. Ninety-six House members have recently signed on as co-sponsors to his non-binding H.R. 615, “Expressing the sense of the House of Representatives that Members who vote in favor of the establishment of a public, federal government run health insurance option are urged to forgo their right to participate in the Federal Employees Health Benefits Program (FEHBP) and agree to enroll under that public option.”
Bottom Line:
This amendment would require Congressmen and Senators to take the same health care plan that they plan to force on us. (Under currently proposed legislation they are exempt.)
Congressman Fleming is encouraging everyone to go to his Website and express their opinion/sign this petition. The process is very simple - even I (not quite the sharpest knife in the drawer) was able to complete it in ~ 15 seconds.
Express your opinion here: Congressman John Fleming
Closing Note:
HR 615
Doesn't it make sense that the public option - the one our elected officials in Washington are trying to ram down our throats - should also apply to those who vote for implementing it?
Rep. John Fleming (R-La.) is doing his part in the House by nudging his colleagues into doing the right thing. Ninety-six House members have recently signed on as co-sponsors to his non-binding H.R. 615, “Expressing the sense of the House of Representatives that Members who vote in favor of the establishment of a public, federal government run health insurance option are urged to forgo their right to participate in the Federal Employees Health Benefits Program (FEHBP) and agree to enroll under that public option.”
Bottom Line:
This amendment would require Congressmen and Senators to take the same health care plan that they plan to force on us. (Under currently proposed legislation they are exempt.)
Congressman Fleming is encouraging everyone to go to his Website and express their opinion/sign this petition. The process is very simple - even I (not quite the sharpest knife in the drawer) was able to complete it in ~ 15 seconds.
Express your opinion here: Congressman John Fleming
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