Saturday, October 31, 2009

Nine Banks Seized Last Night!

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


BxCapricorn said...

John Maudlin's e-mailed piece this week was great food for thought and hopefully everyone in Congress reads it, so that they do not panic when the market corrects, too big to fail companies fold, and we collectively get our buying window of opportunity for commodities (again). If the government attempts to stimulate Wall Street again, through quantitative easing (let's pray they don't), this time, we will inflate and stay inflated for what Nenner Research estimates as a 30-year part of a cycle.

This blog has some of the best comments and discussions going. Thanks to Randy for providing it.

Randy said...

Thanks and my pleasure BXCap.

Am I now sensing a change of heart in your outlook: Inflation vs Deflation?

BxCapricorn said...

I'm torn Randy, just like those that think the market goes higher because the dollar is destined for weakness, while the other camp feels that stocks are overpriced, value-traps.

They're both right!

It's a creamy desert's an excellent window's both!

I believe that both camps have mouth-pieces that will fleece both sets of followers, which is why I'll continue to play momentum trades, etc.

BxCapricorn said...

I went back to a Zero Hedge post from August that I bookmarked, which discusses Christ Martenson's investigative piece on Fed monetizing.

To really get a handle on what Bernanke is doing, and it's unbelievable.

You may have already read and posted about this, since I know you're a reader of Martenson, who like us, is self-taught and not subservient to any financial group. The inquisitive mind finds worrisome things...