Filed under: Big Banks, bob chapman, central bank, credit collapse, Credit Crisis, DEBT, Economic Collapse, Economy, end of america, FDIC, Federal Reserve, global elite, global government, global oligarchs, Great Depression, Greenback, housing market, Inflation, internationalist, internationalists, Lindsey Williams, liquidity, manipulation, New World Order, NWO, oligarchy, One World Government, real estate, Stock Market, tarp, US Economy, US Treasury, Wall Street, world government
Bob Chapman: US Dollar Will Collapse at end of 2010
Filed under: AIG, bankruptcy, bernanke, Big Banks, Central Banks, CNN, Cold War, Congress, corporatism, Credit Crisis, DEBT, Dictatorship, Dollar, Economic Collapse, economic depression, Economy, Empire, Euro, fannie mae, Fascism, FDIC, Federal Reserve, foreign aid, freddie mac, George Bush, georgia, glenn beck, global economy, gold, Goldman Sachs, Great Depression, Greenback, henry paulson, House, housing market, hyperinflation, Inflation, Lehman Brothers, liquidation, Media, middle class, Military, morgan stanley, mortgage, mortgage companies, mortgage lenders, nationalization, Nazi, Paulson, real estate, Ron Paul, Russia, Senate, silver, Stock Market, subprime, subprime lending, Taxpayers, US Constitution, US Economy, US Treasury, Wall Street, war funding, WW3, ww4 | Tags: john roberts, run on banks
Ron Paul: This Bailout Won’t Be the Last
Ron Paul on CNN w/ John Roberts
Ron Paul Blasts “Secret Government” Running Economy
Filed under: Big Banks, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, FDIC, global economy, Great Depression, Greenback, hyperinflation, Inflation, ohio, Stock Market, US Economy, Wall Street | Tags: Citizens Savings Bank, failed banks, Northfork bank, Pioneer Community Bank, run on banks, west virginia, Wilbur Ross
The 12th Bank Collapse This Year
CNN
September 20, 2008
Ameribank Inc. was shut down on Friday by the Office of the Thrift Supervision, making it the 12th bank this year to go under.
The Northfork, West Virginia bank had total assets of $115 million and total deposits of $102 million, according to a statement on the Federal Deposit Insurance Corporation Web site.
The FDIC was named receiver and announced that it entered into purchase and assumption agreements with Pioneer Community Bank, Inc., Iaeger, West Virginia, and the Citizens Savings Bank, Martins Ferry, Ohio, to take over all of Ameribank’s deposits.
Ameribank has five branches located in West Virginia and three branches located in Ohio. Branches in West Virginia will reopen on Monday and Ohio branches will reopen on Saturday.
All customer accounts were automatically transferred to the two new banks and the full amount of their deposits will automatically be insured, the FDIC said.
Customers of the banks can still access their money over the weekend by writing checks or using ATM or debit cards, according to the statement by the FDIC.
http://www.cnbc.com/id/26710362
UK: More Banks Will Fail
http://209.85.173.104/search?q..1&gl=us
List of Failed Banks
http://www.fdic.gov/bank/individual/failed/banklist.html
Filed under: bankruptcy, bear sterns, Big Banks, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, FDIC, global economy, Great Depression, Greenback, housing market, hyperinflation, Inflation, Lehman Brothers, Merrill Lynch, mortgage, mortgage companies, mortgage lenders, real estate, Stock Market, subprime, subprime lending, US Economy, Wall Street | Tags: Lehman Brothers Holdings Inc., run on banks
Lehman Brothers Bank Files For Bankruptcy
AP
September 15, 2008
Lehman Brothers, a 158-year-old investment bank choked by the credit crisis and falling real estate values, filed for Chapter 11 protection in the biggest bankruptcy filing ever on Monday and said it was trying to sell off key business units.
The filing was made in the U.S. Bankruptcy Court in the Southern District of New York by Lehman Brothers Holdings Inc., the bank’s holding company. The case had been assigned to Judge James M. Peck.
Lehman fell under the weight of $60 billion in soured real estate holdings, and the credit market’s dislocation ultimately forced it to seek court protection. The credit crisis has caused global banks to write down more than $300 billion in asset value since last year, and caused the shotgun sales of Merrill Lynch & Co. and Bear Stearns Cos.
Lehman’s bankruptcy filing marks the end of a Wall Street firm that started the U.S. cotton trade before the Civil War and financed the railroads that built a nation.
Filed under: AIG, bailout, bear sterns, Big Banks, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, fannie mae, FDIC, Federal Reserve, Fox News, freddie mac, global economy, Great Depression, Greenback, hyperinflation, Inflation, Media, Ron Paul, Stock Market, Taxpayers, US Economy, Wall Street | Tags: run on banks
U.S. Taxpayers to Bailout AIG With $85 Billion
AP
September 17, 2008
Another day, but not just another bailout. This one’s a stunning government takeover.
In the most far-reaching intervention into the private sector ever for the Federal Reserve, the government stepped in Tuesday to rescue American International Group Inc. with an $85 billion injection of taxpayer money. Under the deal, the government will get a 79.9 percent stake in one of the world’s largest insurers and the right to remove senior management.
AIG’s chief executive, Robert Willumstad, is expected to be replaced by Edward Liddy, the former head of insurer Allstate Corp., according to The Wall Street Journal, citing a person it did not name. Willumstad had been at the helm of AIG since June.
Ron Paul on AIG bailout…Bad Monetary Policy
http://news.yahoo.com/s/ap/20080917/ap_on_bi_st_ma_re/wall_street
AIG’s Collapse Would Have Impact Around the Globe
http://www.bloomberg.com/apps/news..&sid=adkrRxBFo5nA&refer=home
Filed under: Alabama, bankruptcy, Big Banks, brazil, California, central bank, Congress, Credit Crisis, DEBT, Dollar, Dow, Economic Collapse, economic depression, Economy, FDIC, georgia, global economy, Great Depression, Greenback, hyperinflation, Illegal Immigration, Immigration, indymac, Inflation, Merrill Lynch, Stock Market, US Economy, Wachovia, World Bank | Tags: Federal Deposit Insurance Corp., Integrity Bank of Alpharetta, run on banks
10th Bank Collapse This Year
Bloomberg
August 29, 2008
Integrity Bank of Alpharetta, Georgia, was closed by U.S. regulators today, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression.
Integrity Bank, with $1.1 billion in assets and $974 million in deposits, was shuttered by the Georgia Department of Banking and Finance and the Federal Deposit Insurance Corp. Regions Financial Corp., Alabama’s biggest bank, will assume all deposits from Integrity, which was run by Integrity Bancshares Inc. The failed bank’s five offices will open on Sept. 2 as branches of Regions, the FDIC said.
“Depositors will continue to be insured with Regions Bank so there is no need for customers to change their banking relationship to retain their deposit insurance,’’ the FDIC said.
Banks are being closed at the fastest pace in 14 years as financial companies report more than $505 billion in writedowns and credit losses since 2007. California lender IndyMac Bancorp Inc., which had $32 billion in assets, was closed July 11 in the third-largest bank seizure, contributing to a 14 percent drop in the U.S. deposit insurance fund that had $45.2 billion at the end of the in the second quarter.
FDIC may borrow money from Treasury to see it through an expected wave of bank failures: report
August 27, 2008
Federal Deposit Insurance Corp (FDIC) might have to borrow money from the Treasury Department to see it through an expected wave of bank failures, the Wall Street Journal reported.
The borrowing could be needed to cover short-term cash-flow pressures caused by reimbursing depositors immediately after the failure of a bank, the paper said.
The borrowed money would be repaid once the assets of that failed bank are sold.
“I would not rule out the possibility that at some point we may need to tap into (short-term) lines of credit with the Treasury for working capital, not to cover our losses,” Chairman Sheila Bair said in an interview with the paper.
Bair said such a scenario was unlikely in the “near term.” With a rise in the number of troubled banks, the FDIC’s Deposit Insurance Fund used to repay insured deposits at failed banks has been drained.
In a bid to replenish the $45.2 billion fund, Bair had said on Tuesday that the FDIC will consider a plan in October to raise the premium rates banks pay into the fund, a move that will further squeeze the industry.
The agency also plans to charge banks that engage in risky lending practices significantly higher premiums than other U.S. banks, Bair said.
The last time the FDIC had borrowed funds from the Treasury was at nearly the tail end of the savings-and-loan crisis in the early 1990s after thousands of banks were shuttered.
The fact that the agency is considering the option again, after the collapse of just nine banks this year, illustrates the concern among Washington regulators about the weakness of the U.S. banking system in the wake of the credit crisis, the Journal said.
Bankruptcy Filings Surge 29%
http://www.economicpolicyjournal.com/2008/08/bankruptcy-filings-surge-29.html
FDIC: Bank Profits Fell By 86% In 2nd Quarter
http://seattletimes.nwsource.com/html/busi..webbanks26.html
World Bank: More People In Poverty
http://www.reuters.com/article/worl..=RSS&feedName=worldNews
Dow Falls Another 240 Points
http://news.yahoo.com/s/ap/2..=1;_ylt=ArOpbuqd64sBzkF3Xyx3zOxv24cA
Merrill, Wachovia in Danger of Failing: Strategist
http://www.cnbc.com/id/26262..Cquote%7Ctext%7C&par=yahoo
Large U.S. bank collapse seen ahead
http://www.reuters.com/article/newsOne/idUSSP21695020080819
Deepening economic crisis ‘may trigger family breakdown’
http://www.dailymail.c..onomic-crisis-trigger-family-breakdown.html
Auto industry seeks $50B in loans from Congress
http://money.cnn.com/2008/08/23/news/economy/auto_bailout.ap/index.htm
Living the American dream in Brazil
http://english.aljazeera.net/focus/2008/08/200881884358873790.html
Illegal Immigrants Returning to Mexico in Record Numbers
http://www.foxnews.com/story/0,2933,409221,00.html
FDIC: Highest Level Of Troubled Banks Since 2003
http://news.yahoo.com/s/ap/20..s;_ylt=AiX6b2alma.c4GBC5tc9LJqs0NUE
FDIC Increasing Staff for Expected Increase in Bank Failures
Japan’s Mitsubishi takes over US bank
Filed under: Big Banks, central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, FDIC, global economy, Great Depression, Greenback, hyperinflation, Inflation, Merrill Lynch, Stock Market, Uncategorized, US Economy, Wachovia, writedown | Tags: columbian bank, Columbian Bank and Trust Co., topeka
9th U.S. Bank Failure This Year
Bloomberg
August 23, 2008
Columbian Bank and Trust Co. of Topeka, Kansas, was closed by U.S. regulators, the nation’s ninth bank to collapse this year amid bad real-estate loans and writedowns stemming from a drop in home prices.
The bank, with $752 million in assets and $622 million in total deposits, was shuttered by the Kansas state bank commissioner’s office and the Federal Deposit Insurance Corp., the FDIC said yesterday in a statement.
Citizens Bank and Trust will assume the failed bank’s insured deposits. Columbian Bank’s nine branches will open Aug. 25 as Citizens Bank and Trust offices, the FDIC said. Customers can access their accounts over the weekend by writing checks or using ATM or debit cards.
“There is no need for customers to change their banking relationship to retain their deposit insurance coverage,’’ the FDIC said.
The pace of bank closings is accelerating as financial firms have reported more than $500 billion in writedowns and credit losses since 2007. The FDIC’s “problem’’ bank list grew by 18 percent in the first quarter from the fourth, to 90 banks with combined assets of $26.3 billion.
Prior to yesterday, the FDIC had closed 36 banks since October 2000, according to a list at fdic.gov. The U.S. shut 12 banks in 2002, the highest in the period, and 2005 and 2006 had no closures.
U.S. bank regulators closed Florida’s First Priority Bank on Aug. 1; Reno-based First National Bank of Nevada, Newport Beach, California-based First Heritage Bank, and Pasadena-based IndyMac Bancorp Inc. in July; Staples, Minnesota-based First Integrity Bank and ANB Financial in Bentonville, Arkansas, in May; Hume Bank in Hume, Missouri, in March; and Douglass National Bank in Kansas City, Missouri, in January.
http://www.cnbc.com/id/26262925..%7Cquote%7Ctext%7C&par=yahoo
Large U.S. bank collapse seen ahead
http://www.reuters.com/article/newsOne/idUSSP21695020080819
Filed under: Big Banks, California, central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, FDIC, florida, global economy, Great Depression, Greenback, hyperinflation, indymac, Inflation, kansas, liquidation, michigan, nationalization, nebraska, Stock Market, US Economy | Tags: clarkston, clarkston state bank, first priority bank, hastings, hastings state bank, haven, irvine, MetroPacific Bank, run on banks, suntrust bank
8th U.S. Bank Failure This Year
Reuters
August 1, 2008
WASHINGTON (Reuters) – SunTrust Bank (STI – News) has acquired the insured deposits of Florida-based First Priority Bank, the eighth U.S. bank to fail this year as financial institutions grapple with a weak economy and a credit crisis precipitated by falling home prices.
The Federal Deposit Insurance Corp said on Friday that Florida regulators closed the bank, which had $259 million in assets and $227 million in deposits. The FDIC was named receiver.
The cost of the failure to the federal insurance fund is estimated to be $72 million, the FDIC said.
FDIC warns four US banks over liquidity
Financial Times
August 1, 2008
The Federal Deposit Insurance Corporation revealed on Friday that it had issued warnings to four small US banks that lacked sufficient reserves to cover potential loan losses.
The cease-and-desist orders issued in June said the four banks needed to raise more capital, expand their loss allowances and better oversee and diversify their loan portfolios. A fifth bank was cited for violating consumer protection laws.
Losses on mortages and other loans have helped bring down eight US banks this year, including one small Florida institution on Friday. Last month, Indymac, a California lender with $32bn in assets, became one of the largest banks to go under in US history. It filed for Chapter 7 bankruptcy protection on Friday.
The banks receiving cease-and-desist orders in June were MetroPacific Bank in Irvine, California; Bank Haven in Haven, Kansas; Clarkston State Bank in Clarkston, Michigan; and Hastings State Bank in Hastings, Nebraska.
Filed under: Amero, Australia, bailout, Bank of America, Big Banks, BIS, Britain, Canada, China, Congress, corporations, corporatism, Costa Rica, David Rockefeller, Ecuador, energy, Eugenics, Euro, Europe, european union, exxon mobil, fannie mae, FDIC, Federal Reserve, food market, food prices, food shortage, freddie mac, gas prices, general motors, George Bush, Germany, global economy, global elite, global government, Globalism, gold, housing market, hyperinflation, India, indymac, International Bankers, internationalist, Iran, Japan, job market, liquidation, malthusian catastrophe, Martial Law, Mexico, middle class, mortgage companies, mortgage lenders, mugabe, nationalization, neocons, New World Order, North American Union, Oil, Patriot Act, Petrol, Police State, Population Control, Posse Comitatus, private banks, real estate, rockefeller, rothschild, shell, silver, South America, spain, Stephen Harper, subprime, subprime lending, Taxpayers, United Kingdom, Venezuela, wells fargo, Zimbabwe | Tags: Deutsche Bank, george green, k-mart, run on banks, sears, silver shortage, spanish bank, wells fargo
Stressed banks borrow record amount from Fed
Reuters
July 31, 2008
Banks borrowed a record amount of funds from the Federal Reserve in the latest week as the year old credit crisis took a persistent toll, while the commercial paper market continued to contract, signaling tough conditions for short term borrowers.
Banks’ primary credit borrowings averaged $17.45 billion per day in the latest week, the second straight week this had hit a record and up from $16.38 billion the previous week, Fed data showed on Thursday.
Zimbabwe Devalues Currency
AP
July 30, 2008
Zimbabwe will drop 10 zeros from its hyper-inflated currency — turning 10 billion dollars into one — the country’s reserve bank said Wednesday. President Robert Mugabe threatened a state of emergency if businesses profiteer from the country’s economic and political unraveling.
Shop shelves are empty and there are chronic shortages of everything including medication, food, fuel, power and water. Eighty percent of the work force is unemployed and many who do have jobs don’t earn enough to pay for bus fare.
Inverview with George Green – (7/16/2008)
http://www.politico.com/news/stories/0708/12166.html
Soaring energy bills set to push inflation to 16-year high
http://www.dailymail.co.uk/news/ar..set-push-inflation-16-year-high.html
GM Has $15.5 Billion Loss on U.S. Sales Drop, Leases
http://www.bloomberg.com/apps/news?pid=20601087&sid=agMEuJ_r_yxA&refer=worldwide
Venezuela to Nationalize Spanish Bank
http://english.cri.cn/2947/2008/08/01/1821s388058.htm
IndyMAC Files For Bankruptcy Protection
http://www.nytimes.com/2008..2&ref=business&oref=slogin&oref=slogin
Jobless Claims Up Highest In Five Years
http://www.wnbc.com/news/17049831/detail.html
Inflation Could Hit 6% By Fall?
http://economictimes.indiatimes.com..Economist/articleshow/3307499.cms
Deutsche Bank Writedowns Exceed $11 Billion
http://moneynews.com/financenews/bank_writedowns/2008/07/31/117802.html
Shell reports 33% rise in profit
http://www.iht.com/articles/2008/07/31/business/31shellNEW.php
Exxon posts record $11.68 billion profit
http://money.cnn.com/2008/07/31/news/.._profits/?postversion=2008073109
Britons Skipping Meals Due To Money Worries
http://www.money.co.uk/article/100..-meals-due-to-money-worries.htm
IMF Calls For N. African Economic Integration
Greenspan: Housing No Where Near Bottom
Economic Rebound Not As Energetic As Hoped
Biggest dive for commodities in 28 years
Filed under: Arizona, Big Banks, California, central bank, charles schumer, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, fannie mae, FDIC, Federal Reserve, freddie mac, global economy, Great Depression, Greenback, henry paulson, housing market, indymac, Inflation, liquidation, mortgage lenders, nationalization, nevada, Paulson, real estate, Stock Market, subprime, subprime lending, US Economy, US Treasury, Wachovia, Wamu, washington mutual | Tags: federal bank, Federal Deposit Insurance Corp., Federal Deposit Insurance Corperation, Federal Home Loan Mortgage Corporation, Federal National Mortgage Association, First Heritage Bank, mutual of omaha, National Bank of Nevada, run on banks, william poole
FDIC Takes Over Two More Failed Banks
AP
July 26, 2008
The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday by federal regulators.
The banks, owned by Scottsdale, Ariz.-based First National Bank Holding Co., were scheduled to reopen on Monday as Mutual of Omaha Bank branches, the Federal Deposit Insurance Corp. said.
The FDIC said the takeover of the failed banks was the least costly resolution and all depositors – including those with funds in excess of FDIC insurance limits – will switch to Mutual of Omaha with “the full amount of their deposits.”
The FDIC also said accountholders can access their funds during the weekend by writing checks or using ATM or debit cards.
Wachovia Joins the Financial Apocalypse
JBS
July 22, 2008
It’s beginning to look as if Fortis was right. In June the Belgium-Dutch financial giant, itself beset by financial woes, warned, according to a Dutch paper, that the “complete collapse of the U.S. financial markets” was in the offing, just days or weeks away.
Maybe it won’t be a “complete” collapse, but the dire warning is beginning to appear more credible daily. Just days after the Fortis warning, letters from Senator Charles Schumer speculating about the “possible collapse of big mortgage lender IndyMac Bancorp Inc.” set off a run on that ailing mortgage lender with depositors withdrawing more than $1.3 billion in just 11 days.
In the weeks since there has been increasing speculation about the stability of both the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). These holdovers from the Roosevelt Administration’s ill-conceived New Deal presently own or guarantee half of the $12 trillion U.S. mortgage market, yet they were characterized recently as “insolvent” by former Federal Reserve President William Poole.
In a free market, when you perform poorly your business might fail. But Poole, a consummate government regulator, thinks Fannie Mae and Freddy Mac are too big to fail. “Clearly they must be supported,” he said according to a July 11 Reuters report. “They (the U.S. government) cannot allow that amount of assets … to go into limbo.” In other words, according to Poole, the federal government must take money (a lot of money!) from some and give it to others. As economist Frederic Bastiat eloquently pointed out, that is socialism, the law run amok and turned on its head.
On top of IndyMac and Fannie and Freddie, the bad news from the financial sector keeps coming. On Tuesday, Wachovia Corp. reported striking losses totaling nearly $9 billion for the quarter. “Our reported results today are clearly a disappointing performance for which we take responsibility,” Wachovia CEO Bob Steel told analysts on a conference call. The nation’s fourth largest bank also noted that it would eliminate as many as 10,750 positions.
http://www.bloomberg.com/apps/news?pid=20601110&sid=a3479q5QfJhw
Two Troubled U.S. Banks Post Big Losses
http://www.iht.com/articles/2008/07/22/business/bank.php
Bank Gave Counterfeit Bills, Couple Says
http://www.local6.com/news/16960809/detail.html
8,500 Banks Will Fail
http://cryptogon.com/?p=2994
Evidence of the US Banking System Teetering on the Brink of Collapse
http://www.marketoracle.co.uk/Article5594.html
Paulson Says Banks Safe & Sound (liar)
http://business.timesonline.co.uk/../united_states/article4368749.ece
Arabs Buying Up Failing Western Banks
http://www.israelnationalnews.com/News/News.aspx/126866
Filed under: Big Banks, California, central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, FBI, FDIC, global economy, Great Depression, Greenback, indymac, Inflation, JP Morgan, liquidation, merill lynch, nationalization, Oppression, Police State, Stock Market, US Economy, Wall Street | Tags: federal bank, Federal Deposit Insurance Corp., Federal Deposit Insurance Corporation, run on banks, uninsured deposits
Police Threaten IndyMAC Customers With Arrest
Daily News
July 15, 2008
Police ordered angry customers lined up outside an IndyMac Bank branch to remain calm or face arrest Tuesday as they tried to pull their money on the second day of the failed institution’s federal takeover.
At least three police squad cars showed up early Tuesday as tensions rose outside the San Fernando Valley branch of Pasadena-based IndyMac.
Federal regulators seized Pasadena-based IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC.
Worried customers with deposits in excess of insured limits flooded IndyMac Bank branches on Monday, demanding to withdraw as much money as they could or get answers about the fate of their funds.
When it was clear some wouldn’t get in before closing, FDIC employees apparently took down names and told them to return Tuesday.
Other customers began lining up at 1:30 a.m. Tuesday, and by dawn, tensions escalated because people on the list were getting priority.
By 8 a.m., about 50 people on the list waited in one line and many more waited in another.
Five people were allowed in at a time.
Customers became infuriated, and police told them they could be arrested if they didn’t remain calm.
Police stood by at some other branches around Southern California but there were no other reports of problems.
$1 Billion of uninsured deposits lost in IndyMAC collapse
http://news.yahoo.com/s/ap/20080716/ap_..hV3SphAft82dzYRq61lv24cA
IndyMac depositors line up for cash after seizure
http://www.reuters.com/article/topNews/idUS..pNews&rpc=22&sp=true
http://www.azcentral.com/news/artic..mortgage-investigation0716-ON.html
Merill Lynch Posts Loss Of $4.6 Billion
http://news.yahoo.com/s/afp/2..gVyF2eFsdB6zZUjUSc5tL2oOrgF
Bank Shares Plummet Amid Stability Fears
http://biz.yahoo.com/rb/080714/financial_shares.html?printer=1
Banks hit by fallout from the crisis at IndyMac
http://www.latimes.com/business/la-fi-indymac15-2008jul15,0,431088.story
List Of Troubled Banks Worries Wall Street
http://abcnews.go.com/Blotter/story?id=5374205
JP Morgan CEO: ’We’re very early in the loss curve’
http://www.housingwire.com/2008/07/..mon-prime-mortgages-look-terrible/
Filed under: Bear Stearns, Big Banks, central bank, Credit Crisis, DEBT, Dollar, Economic Collapse, economic depression, Economy, FDIC, Great Depression, Greenback, indymac, Inflation, liquidation, nationalization, Stock Market, US Economy, Wall Street | Tags: Federal Deposit Insurance Corp., Federal Deposit Insurance Corporation, IndyMac Federal Bank, run on banks
The Second Largest Bank Failure in U.S. History
IndyMac Bank seized by federal regulators
AFP
July 11, 2008
The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.
Citing a massive run on deposits, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: “Please, please, I want to take out a portion.” All she could do was read a two-page notice taped to the door.
The bank’s 33 branches will be closed over the weekend, but the Federal Deposit Insurance Corp. will reopen the bank on Monday as IndyMac Federal Bank, said the Office of Thrift Supervision in Washington. Customers will not be able to bank by phone or Internet over the weekend, regulators said, but can continue to use ATMs, debit cards and checks. Normal branch hours, online banking and phone banking services are to resume Monday.
Filed under: Big Banks, credit cards, Credit Crisis, DEBT, Economic Collapse, economic depression, Economy, exxon mobil, FDIC, Federal Reserve, gas prices, general motors, George Bush, global economy, gold, Great Depression, Greenback, housing market, imf, Inflation, interest rate cuts, michigan, Oil, OPEC, Petrol, rate cut, south africa, Stock Market, subprime, subprime lending, US Economy, Venezuela
Another Fed Cut May Spur Gold Rally
Dilip Kumar Jha
Business Standard
February 17, 2008
More interest rate cuts by the US Federal Reserve to protect its slowing economy are likely to strengthen gold prices further with the metal being a safe haven for investors having offered handsome returns in the last year-and-a-half.
Additionally, closure of mines in the wake of power shortage in South Africa have affected supplies badly. As a consequence, the metal has enjoyed great support from retail and institutional investors which will continue to boost it in the future.
Thus, gold is set to touch $915 an ounce this week. However, after breaching this level, the metal may take another two to three months to hit the $950 an ounce-mark.
In India, however, standard gold may see good support at the present level of Rs 11,630 per 10 grams and is likely to rally beyond Rs 11,800 per 10 grams this week. The breach of the Rs 12,000-mark is on the cards, too.
The US Federal Reserve cut the key lending rate twice (75 and 50 basis points) last month to 3 per cent, providing fresh funds for the US and world economy.
However, experts believe the rate cuts haven–t help revive the economy. Hence, prospects of a further 50 bps cut looms large.
High prices have dampened demand in India severely as total imports in January were a meagre 4 tonnes from 62.5 tonnes in January 2007.
India, the world–s largest gold consumer, is a market sensitive to price fluctuations. The nominal imports in January were a result of the knee-jerk reaction to volatile and high prices.
–Even if the price moves in the higher range, consumers will get used to it and demand will resume,– said Jayant Manglik, head (commodities) at Religare Enterprises. Manglik believes that both gold demand and prices will continue to go up.
In the last year-and-a-half, gold offered 32 per cent returns which other asset classes failed to achieve. Reportedly, the International Monetary Fund (IMF) is unlikely to offload gold in the physical market before two to three months as it may wait for prices to rise further.
Meanwhile, investors from other classes are gradually shifting their funds towards gold which is evident from the record gold trading in London during January.
Trading volumes in London rose to a 19-month high in January at an estimated average of 25.3 million ounces. Trading volumes in January 2007 stood at 17.1 million ounces.
Gold remained volatile last week in Jhaveri Bazar, a major spot market in Mumbai, with prices touching high of Rs 11,895 per 10 grams on Monday.
However, weak sentiment continued to prevail throughout the week with fresh orders for weddings drying up. The metal ended the week at Rs 11,630 per 10 grams.
Oil surges above $96 to one-month high
Randy Fabi
Reuters
February 15, 2008
Oil rose above $96 a barrel on Friday, surging to a one-month high as investors fixated on the possibility — however slim — of OPEC member Venezuela halting supplies to top consumer the United States.
The South American country, one of the largest crude exporters to the United States, cut shipments to Exxon Mobil (XOM.N: Quote, Profile, Research) earlier this week after the U.S. oil major won court orders to freeze over $12 billion of Venezuela’s assets.
Venezuelan President Hugo Chavez, a critic of U.S. President George W. Bush, imposed the embargo on Exxon after threatening to cut off all shipments to the United States in the row over nationalization of Exxon assets in Venezuela.
U.S. crude CLc1 was up 45 cents at $95.91 by 1015 GMT, after earlier hitting $96.05. London Brent crude LCOc1 rose 25 cents to $95.41.
“I can’t believe the Venezuelans will actually go ahead and do that, but as long as there is this uncertainty it’s going to continue to have a bullish impact,” said Tony Machacek at Bache Commodities.
U.S. Energy Secretary Sam Bodman said on Thursday he did not expect Exxon to have trouble replacing oil supplies from Venezuela, but said the nation’s Strategic Petroleum Reserve would be available if needed. nN13311576
“Venezuela will not affect the crude supply fundamentally. There will be some risk premium but there will not be any natural shortfall in crude,” said Gerard Burg of National Australia Bank in Sydney.
Major oil producers in the Middle East have already assured the United States they could compensate for a supply disruption if Venezuela slows exports.
FDIC Chairperson Bair: “Housing Crisis Has Just Begun”
http://www.cnbc.com/id/22933893
Federal Reserve gives away Billions to banks!
http://mparent7777-2.blogspot.com..gives-away-billions-to.html
OPEC considers dumping US dollar
http://www.presstv.ir/detail.aspx?id=43221§i..3510213
Recession to be longer than usual: University of Michigan
http://www.reuters.com/article/domesticNews/idUSN0826726720080208
Imploding Credit Bubble to Hit $1 Trillion
http://www.washingtonindependent.com/view/part-two-the-united
Banks Begging For Government Bail Out
http://www.reuters.com/article/ousiv/idUSN1440273120080214
Global Inflation Climbs To Historic Levels
http://www.iht.com/articles/2008/02/12/business/inflate.php?page=1
Credit Card Rates Continue To Rise
http://www.washingtonpost.com/..0/AR2008021002537_pf.html
Chavez ‘may cut oil supplies to US’
http://www.spacewar.com/2006/080210153450.k8y2za8p.html
A $43 Trillion Dollar Market That Most People Have Never Heard Of
http://www.huffingtonpost.com/jac..ar_b_86199.html
World bourses lost 5.2 trillion dlrs in January
http://afp.google.com/article/ALeqM5gFCytl_9hgGZdhCYPN01fbFqosHg
G.M. Loss Worst Ever for U.S. Carmaker
http://www.wsmv.com/automotive/15278246/detail.html?rss=nash&psp=news
Filed under: bernanke, Big Banks, China, citigroup, Euro, FDIC, Fox News, George Bush, global government, gold, imf, Japan, New World Order, New York, peter schiff, platinum, south africa, tax rebates, UAE, War On Terror, Zimbabwe
Bush Unveils $3.1 Trillion Spending Plan
AP
February 4, 2008
http://www.youtube.com/watch?v=H5HYIAQn4Lg
President Bush unveiled a $3.1 trillion budget on Monday that supports sizable increases in military spending to fight the war on terrorism and protects his signature tax cuts.
The spending proposal, which shows the government spending $3 trillion in a 12-month period for the first time in history, squeezes most of government outside of national security, and also seeks $196 billion in savings over the next five years in the government’s giant health care programs _ Medicare for the elderly and Medicaid for the poor.
Even with those savings, Bush projects that the deficits, which had been declining, will soar to near-record levels, hitting $410 billion this year and $407 billion in 2009. The all-time high deficit in dollar terms was $413 billion in 2004.
Democrats attacked Bush’s final spending plan as a continuation of this administration’s failed policies which wiped out a projected 10-year surplus of $5.6 trillion and replaced it with a record buildup in debt.
“Today’s budget bears all the hallmarks of the Bush legacy _ it leads to more deficits, more debt, more tax cuts, more cutbacks in critical services,” said House Budget Committee Chairman John Spratt, D-S.C.
Platinum stable near record as gold solid above $900
Reuters
February 7, 2008
Cash platinum was hemmed in a tight band near its record high on Friday as another record high price in Japanese futures prices provided solid support due to concerns over supply problems in South Africa.
Spot gold was solid above $900 an ounce as the metal was supported despite the dollar jumping more than 1 percent against the euro on Thursday.
“There is no ceiling for platinum now as long as supply worries in South Africa remain,” said Tatsuo Kageyama, an analyst at Kanetsu Asset Management in Tokyo.
“You just can’t sell platinum considering that the country which supplies 80 percent of the world’s supply is facing trouble,” Kageyama said.
Cash platinum was trading at $1,840/1,850 an ounce as of 9:43 p.m. ET, from $1,841/1,846 late in New York on Thursday when it hit a record high of $1,850 an ounce the previous day.
Peter Schiff On Fox Business News – (2/4/2008)
http://www.youtube.com/watch?v=JKCNZFJWiRc
http://www.reuters.com/arti..RSS&feedName=domesticNews
Dozens of U.S. banks will fail by 2010: analyst
http://www.canada.com/ottawa..2-f8fbb851a367&k=53982
ICBC Deposes Citigroup as Chinese Banks Rule in New World Order
http://www.bloomberg.com/apps/ne..BhYtHt.s3gM&pid=20601103
Greenback Has Lost 30% in Past 7 Years, Becomes “Bernanke Peso”
http://www.dailyreckoning.com.au/greenback/2008/02/04/
IMF Calls For Revamping Global Government
http://www.imf.org/external/pubs/ft/fandd/2007/12/boughton.htmauthor
China’s Inflation Hits American Price Tags
http://www.nytimes.com/2..7600&en=51da850cefb4bbf5&ei=5087
UAE Likely To Revalue Dollar Pegged Currency
http://www.middle-east-online.com/english/business/?id=24186
U.S. recession could be worse than recent downturns
http://www.reuters.com/article/newsOne/idUSN0563297420080205
U.S. loses jobs for first time in 4-1/2 years
http://www.reuters.com/article/ousiv/idUSN3134479520080201
Zimbabwe Inflation At Over 26,000%
http://news.scotsman.com/world/Mugabe-in-poll-setback-as.3734498.jp
U.S. Loses Its Status As World Economic Power
http://www.newsday.com/news/o..n31,0,2812464,print.story
FDIC Gears Up For Large Bank Failure
http://www.marketwatch.com/news/story..yhoof&print=true&dist=printTop
Filed under: Credit Crisis, Economic Collapse, economic depression, Economy, Euro, european union, FDIC, Federal Reserve, freddie mac, gold, Greenback, housing market, Inflation, Oil, Stock Market
US Headed for Housing Depression
Crikey
September 28, 2007
Official figures showed that the US economy grew at a strong 3.8% in the June quarter, before all the subprime turmoil hit in July and August, but the US housing slump continues to deepen.
Would it be too dramatic to call it a housing depression? Not after the latest figures released overnight.
American homebuilders are now holding more than 8 months supply of built but unsold houses on their books (and remember these are new and completed new homes: the figures for existing homes will be out in the next day or so).
And economists are now saying that the true extent of the slump in new homes is being understated in the official figures from the US Census Bureau. For example, the latest report does not take into account the rising level of cancellation rates or sales inducements that builders have reported in recent months.
According to the Census Bureau report, new homes sold at an annual pace of 795,000 in August, down 8% from the revised 867,000 sales level in July. It was the slowest pace of sales since June 2000 and was worse than all forecasts made ahead of the release of the report.
The Bureau’s report also showed the median price of a new home fell 7.4% from August 2006 to $US225,700, and the stockpile of new homes on the market rose to an 8.2 month supply. That fall in the median house price was the largest drop in the annual median price since 1970!
And according to a report in the Financial Times: “The US economy faces a 40 to 45 per cent risk of recession induced by the housing market downturn, the chief executive of Freddie Mac, one of the two quasi US Government sponsored mortgage insurers, has warned.”
And in London, the Telegraph reports that leading US investment bank, Goldman Sachs, has abandoned its ultra-bullish view of the world economy, warning of a likely recession in Japan and mounting risks that US property slump could spread to parts of Europe.
Goldman said in a report called, “The Global Economy Hits a Crunch”, that it was no longer sure that Asia and Europe would be able to make up for slowing US growth.
Gold Prices Surge As Dollar Falls to Low
AP
September 29, 2007
NEW YORK (AP) — Gold rose on Friday to the highest level since 1980 as the U.S. dollar scavenged new lows against the euro and oil prices headed near record territory.
Commodities were set to end the third quarter with substantial gains, despite a bumpy ride through August when concerns about the availability of credit roiled financial markets. Crude prices rose on Friday, while industrial metals and agriculture futures traded mixed.
Meanwhile, gold breached $750 an ounce as investors sought shelter in precious metals from the inflationary signs of rising oil prices and a weakening dollar. The dollar’s decline against the euro has been precipitous this week, as the greenback has slid to a fresh low for seven straight trading days. On Friday, the European currency purchased a record $1.4207.
There also were signs of strong gold demand from India this week, said Tom Pawlicki, an analyst with MF Global in Chicago. India, the world’s largest gold consumer, is in the midst of its wedding and festival season, a traditional time of gold-buying for gifts and investment. The country’s economy has been robust, and the Indian rupee has strengthened as a result.
December gold advanced $11.60 to $751.50 an ounce at midday on the New York Mercantile Exchange — the highest since an ounce fetched more than $850 in January 1980, according to Thomson Financial data. December silver jumped 32 cents to $13.965 an ounce.
Gold’s recent climb has been fast and sharp. Jon Nadler, senior analyst with Kitco Bullion Dealers, cautioned in a note to clients that gold “is also taking on some ominous and purely speculative features that may not see it correct in orderly fashion, or end too well.”
Oil prices headed for a strong finish to the quarter as crude extended the sharp gains a day earlier despite a general lack of fundamental, bullish news. The current supports for oil remain the dollar’s continued decline, a slight shortage of supply at a key delivery point in Cushing, Okla., and unrest in the oil-producing region of Nigeria, JPMorgan analysts said in a report.
A rise in speculative buying, typical at the month’s and quarter’s end, also helped prices rally, Pawlicki said.
Light, sweet crude for November delivery gained 42 cents to $83.30 on the Nymex, shy of the all-time peak $83.90 reached last week. Gasoline futures slipped 1.64 cents to $2.0775 a gallon.
Elsewhere, industrial metals traded in a narrowly mixed range. Nickel and zinc prices dipped about 1 percent on the London Metal Exchange. Copper edged higher in London and New York
In Chicago, corn and soybean futures gave back a portion of the huge gains made a day earlier, while wheat continued its rise. Strong export demand for U.S. agriculture products has prodded prices of soybeans to three-year highs and wheat to an-all time record. The wheat market, in particular, has been strained by shrinking global supplies, which has supported a rash of buying of U.S. grain.
December wheat rose 5 cents to $9.38 a bushel on the Chicago Board of Trade. Corn for December delivery fell 11.25 cents to $3.755 a bushel, and November soybeans dropped 10.5 cents to $9.985 a bushel.
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