Seven banks fail, pushing 2009 tally to 52

[pickel]

Seven banks fail, pushing the 2009 tally to 52 - Jul. 2, 2009



The total cost of Thursday's bank failures to the FDIC is $314.3 million, bringing the FDIC fund's total cost for failed banks to $12.3 billion this year. That compares with $17.6 billion in all of 2008.

The FDIC, which is funded primarily by fees paid by banks, insures individual deposits up to $250,000. The amount was increased from $100,000 late last year in response to concerns about the stability of the nation's banks.

Is there any end in sight ??

[Toadman]

The Chosen One of Hope and Change promised to fix everything. Have faith, o' minion.


See this shiny object? Look at it! Its shiny! S-H-I-N-E-Y, ooooooohhhh....

Don't look at my other hand. Don't you worry your pretty little heads about what its doing. Remember, my other hand... its holding something SHINEY!

My point is the American electorate has all the intelligence and sophistication of an eight year old with head trauma now. A fourth-rate hack stage magician could hypnotize them with a couple parlor tricks and stage props. PT Barnum lived in the wrong age. He'd own half the country by now if the rubes and Michael Jackson fans ever saw his name on a ballot. Laughing his ass off to the bank as well.

[MTAtech]

Quote:

Originally Posted by pickel

The total cost of Thursday's bank failures to the FDIC is $314.3 million, bringing the FDIC fund's total cost for failed banks to $12.3 billion this year. That compares with $17.6 billion in all of 2008.

What you are alarmed about is a 39% increase in the cost of bank failures for 2009 when 2008 was the worst year on record.

As of June 2008, the Deposit Insurance Fund (DIF) had a balance of $45.2 billion and FDIC is required to develop a restoration plan to replenish the fund when the reserve ratio (fund's balance divided by the insured deposits) to falls below 1.15 percent.

Is this a problem? Yes
Is this a crisis? No

Quote:

Originally Posted by Toadman

The Chosen One of Hope and Change promised to fix everything. Have faith, o' minion.

[pickel]

Quote:

Originally Posted by MTAtech

What you are alarmed about is a 39% increase in the cost of bank failures for 2009 when 2008 was the worst year on record.

As Yogi said "It ain't over , til it's over"

Didn't answer my inquiry..."Is there any end in sight"

[pickel]

Quote:

Originally Posted by MTAtech

Obama walked into the worst economy since the Depression and has been active at trying to solve the problems. I don't understand the blame. What did Obama not do that he should have done or what did he do that he shouldn't have done that would have changed FDIC's bank failure problem?

He may have stepped into a BIG mess, but ,IMO, as well as ,the media , now that the honeymoon is waning, has done nothing but , exponential , increase the deficit to an out of sight amount. He's lied, flip flopped and now, with the latest press meeting from W.C. Fields, has shown his policy of secretiveness is way in the extreme of Bush. Like I've said, we've only just begun.

[pickel]

Quote:

Originally Posted by MTAtech

What did Obama not do that he should have done or what did he do that he shouldn't have done that would have changed FDIC's bank failure problem?

Much could have been done to prevent the bank failures, but that's hind sight. However, it seems that we haven't learned from our mistakes and are letting the same policies with different faces continue down the same damning road. Damn the torpedoes, full speed ahead. I feel, with the present rate of decline, I'm getting the corner on shoe laces and cheap wrist watches to , hopefully,be able to sell on the streets of Baghdad when we go belly up.

[MTAtech]

Quote:

Much could have been done to prevent the bank failures, but that's hind sight.

The Obama Admin has been proping up the banks to the point that some say too much. I can't think anything more could have been done.

One doesn't need to worry about your bank deposits. FDIC has money for now and FDIC is backed by the full faith and credit of the U.S.

[Toadman]

Well that's comforting to know. So much for all the stimulus money thrown at the problem to be repayed by our children and grandchildren.

[pickel]

Quote:

Originally Posted by Toadman

Well that's comforting to know. So much for all the stimulus money thrown at the problem to be repayed by our children and grandchildren.

The banks, the Auto industry, and whomever received stimulus money should pay it ALL back with 10 % interest. I never thought when I started to work , that I'd being paying my taxes to those who should be in JAIL. And our wonderful representatives are right in bed with these bastards giving them a hand job.
Just plain SUCKS. PERIOD

[Toadman]

If an institution earned any profit-equity with the TARP bail-out money they have to submit it with final repayment. Who says the Gov't isn't business savvy.