Monday, August 31, 2009

money in the bank?

I have often wondered if it was in the best interest of America for our President or any President to bite off or do more than they can chew. I say this not to point fingers but rather because I feel as if we have not really addressed the seriousness of our current economic conundrum. Last year I made a prediction that about 100 more banks would fail this year, so fare more than 80 have and there are four more months left until 2010. This past Friday, two banks and one thrift failed. These included Bradford Bank of Baltimore, Main Street Bank of Forest Lake, Minn. and Affinity Bank of Ventura, Calif. Just the week before four banks failed including ebank of Atlanta, First Coweta Bank of Newnan, Ga., CapitalSouth Bank of Birmingham, Ala. Guaranty Bank of Austin, Texas (which the FDIC sold all of the bank's retail deposits to the main U.S. subsidiary of Banco Bilbao Vizcaya Argentaria).

This is somewhat unsettling, especially given all this spending of a so-called stimulus that only seems to get allocated in New York on Wall Street as well as the suggestion that over the next 2 years maybe an additional 1000 banking institutions are anticipated to fail. The issue for me is that it appears that none of the Bear Stearns folk like Sumner, or the current Fed Chairman are interested in Main Street as much as they say. It is obvious giving loot to New York Banks ain’t helping anyone since most failed banks tend to be smaller and private, which makes things even worse for small business owners such as me.

It makes me think that the current administration, the Federal Reserve and the FDIC are all in this together to stump out small business and engender the death of we the people for big corporations and the K street lobby. The Federal Insurance Deposit Corporation recently just implemented new restrictions on private equity firms that are trying to purchase failed institutions. It may be a little to late since they no longer have the funds available in insure all of the account holders in America and because they have allowed the over zealous and aggressive practices to occur unmitigated with respect to buying failed institutions.

What I can see is that even with all this, things will only get worse and that the FDIC and Federal Reserve are still not ready, prepared or able to deal with the impending wave of bank failures to come. Not to mention that they still aint figured out what to do with the billions of dollars of troubled assets it has stuck some where on its books. Plus the fact that its pockets have been depleted with reports of the $52.8 billion it had on hand last year has been reduced to about $13 billion.

The future of our economic system is only getting bleaker unlike what is reported in our media. The market is artificially inflated with the help of crooks the likes of Lawrence Summers, Robert Rubin and Ben Shalom Bernanke will be the death of America and main street and Obama cant even see it coming, but I know they do for the got money in the bank and will be sitting pretty living high off the hog as the rest of us suffer. Maybe this is why they are pushing for control of the internet, so folk like me cant spread the word they way things did in Iran during their recent election - just a guess.


Sista GP said...

Hard to find a "safe" place for your money. may have to go back to the mattress with the shotgun on top.

msladydeborah said...

I was listening to an economist the other night talk about the number of expected bank failures for the upcoming year. It seems to me that the Feddies are already aware of which institutions are in trouble. The economist also stated that it was not sensible to save them from their final death.

I'm not sure what will be the best approach to handling money on a personal level. For the moment my bank is pretty solid-if it is a lie then they told it. I've been debating about what to do for my own personal peace of mind. It is difficult to break lifelong habits.
I've always been taught to save, save and save more. But where to put that savings is a major question in my mind.

I read the article about policing the internet. If it is one thing that I learned over the past few months-there is a hack somewhere that can and will find a way around it. When all hell was breaking loose and Twitter was being worked overtime-I read post after post on where to go to bypass internet blocks. I suspect that there is a geek who is right there in the moment waiting for the government to try it-so they can prove who is the real webmasters in this part of the world.

Urban Thought said...

I'm wondering if I can put my money is some foreign account, just in case my current bank goes under. I wouldn't put it under my mattress for concern of a fire.

neshia said...


Curious said...

You know a few months ago when my mother said she was unsure about her money and the safety of banks, I joked that maybe she should convert her money into gold and invest in a shotgun. Reading what others have said so far, maybe it wasn't so funny after all.

Jay Midnyte said...

1000 banks the next 2 years may be easy to reach because we still got commercial real estate delinquencies rising, option-arm's, Alt A's and jumbo mortgages to go

Jay Midnyte said...

And i put up a new post on the mortgage crisis.

Anonymous said...

Ours is an envionment where evil is perceived to be rewarded while good is punished. As with everything the Gods have a reason for creating this perception::::
People who fall on the good side of the good/evil scale have more favor, and when they do something wrong the Gods punish them BECAUSE THEY WANT THEM TO LEARN. The Gods want them to receive this feedback in hope they make corrections and begin to behave appropriately. The Gods DON'T like evil and refuse to grant this feedback.
EVERYBODY pays for what they do wrong, only evil people must wait until their next life before they will experience the wrath of the Gods, manifested in their reincarnation as a lower form of life into environments with increased/enhanced temptations.
Sadly, this allows the Gods to position this perception of evil rewarded as temptation, one which they use as an EXTREMELY effective corruptor.

Both Africa and the Medittereanean are regions which have sexual issues. This is a sign of morbid disfavor once you understand that females are the God's favored gender. Muhammad's (Mohammed's) polygamy halfway through his life as a prophet was preditory. Now a huge percentage of Muslims believes in male superiority and that the abuse of women is God's will. Female genital mutilation is still practiced in Africa. Black misogyny is the most eggregious example in the recent past.
Black member size is temptation to a predisposed population.
The patriarchal cancer spread throughout Europe because of Christianity, of which the majority of policy makers were Italian men. Expect the largest landowner in Europe and the continent's original superpower also played a major role in African slavery.

Militancy in Africa is consistant with the Iraqi example, as was slavery and the KKK here in America:::Fear enforces proper behavior. Without it we see what happens as a result of gross/morbid disfavor:::::AIDS, crack babies, dead young men in gangland retaliation killings. This is the purpose behind many black's historical tendancy towards resistance.
The same principle was true in Europe and throughout the world for centuries:::People whom lived under iron fists were conditioned to think the right way. As a result they experienced higher numbers of children accend into heaven because they were taught to think and behave appropriately, which they passed on to their children. Our preditory envionment of "freedom" was the primary purpose the Gods had when implimenting this strategy that is the United States, one which they used to spred the cancer of democracy and westernization throughout the world. And the Gods use this tool that is America to prey on the disfavored both at home and abroad:::Much like the ghetto, America in general experiences a heightened level of temptation due to the people's disfavor.

Even the Old Testiment is not to be taken literally, but the Gods do offer clues throughout to help the disfavored:::The apple is a tool of temptation used to corrupt Adam and Eve and cast them out of the Garden of Eden.
There is another lesson to be learned from this passage, and it is quite similar to the vailing issue and the discourse over women's attire which ultimately died in the 70s:::Women are responsible for and control the fate of mankind.

Think about what I say. Consider what I teach. Society is going to become disturbingly ugly as we approach the Apocalypse due to spiralling, runaway disfavor.
I do not know when this will occurr, but it is the God's way to grant some time before they end on Planet Earth.
Make the decision to always be good and never look back. Until you do this technology will employ tactics to test your resolve:::Ridicule, beligerance, doubt and refusal to abandon what people perceive to be their "investment".
Pray daily. Think appropriately. Too many are confident, unaware of the God's awesome powers or their status as antients. Others may fall prey to their positioning.
Be humbled, God-fearing and beware of the God's temptations, for everyone is tested to evaluate their worthiness.
Search rest

nicki nicki tembo said...

Just looking at the # of bank failures is depressing enough but when you take a micro look at the total # (approx. 3800, plus or minus a couple hundred) of branches whose doors have closed it's even bleaker.

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Rich Fitzgerald said...

It continues to be all about the big boys.

I've been wondering how long they are going to let those toxic assets sit on the books. I hear that come 2010 you will start to see the collapse of the commercial real estate market. I wonder what will happen then.

In the meantime, I'm continuing to wrap my mind around the game so I can make as wise a play as possible. My loot will be sitting in the only safe place --- a broker account.

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