I thought banks failed on Fridays …

[CardiffBaseball]

I owe citibank for a credit card where I did some consolidating, and pay dutifully. I think Uncle Sam should forgiveth my debt….

[Arraya]

Zombies, those banks are vampires and we should all run…

http://theautomaticearth.blogspot.com/

It’s no surprise that when I write about Americans needing to check the $100 trillion elephants in their own back, front and side yards, instead of those elsewhere in the world, I get comments suggesting I’m anti-American or something along those lines. I have one riposte: the reason people react like that is the very exact same one that distorts the bank nationalization theme. There is a huge and concerted effort underway to not see what is happening.

And no matter how hard y‘all try, it won’t make one iota of difference. I’m on record for years saying that the main US banks are insolvent and way beyond salvation. And after all the hundreds of billions thrown into that fiery pit, where are we today? On the cusp of full-blown nationalization. Which will be executed so badly that the nation as a whole will go broke and broken. All the attempts to save the already insolvent banks can only have one outcome: an insolvent country. Instead of liquidating and gutting the banks, something that should have been done years ago, the money-controlled political system opts to liquidate and gut the entire nation.

No, America is not the only nation that gets it wrong. But there is no nation that gets it as wrong as America. There no longer is an alternative to nationalizing the main commercial banks. That moment passed by long ago. And the government has no idea how it will deal with the issue. Robert Rubin is the wizard behind Geithner and Summers’ curtain, and he ain’t going to save the taxpayer any money. He’ll save it for his Citi and Goldman friends. The country doesn’t have the means, the structure, the system, to save itself. The people in charge have interests in mind that contradict those of the people in the street. The system carries the seeds for its own destruction, They are built in.

The demise of Citi and BofA will cause a shock wave like nothing you’ve even known. The government guarantees deposits? Oh really? The losses fermenting in the vaults far outweigh the deposits. Bad bank? Really bad bank? Confidence in a system brought down by debt can not be restored by more debt, and that happens to be all they have to offer. No-one in Washington has the guts to open the doors, because their campaigns are financed by keeping the doors shut.

[Arraya]

Zombies, those banks are vampires and we should all run…

http://theautomaticearth.blogspot.com/

It’s no surprise that when I write about Americans needing to check the $100 trillion elephants in their own back, front and side yards, instead of those elsewhere in the world, I get comments suggesting I’m anti-American or something along those lines. I have one riposte: the reason people react like that is the very exact same one that distorts the bank nationalization theme. There is a huge and concerted effort underway to not see what is happening.

And no matter how hard y‘all try, it won’t make one iota of difference. I’m on record for years saying that the main US banks are insolvent and way beyond salvation. And after all the hundreds of billions thrown into that fiery pit, where are we today? On the cusp of full-blown nationalization. Which will be executed so badly that the nation as a whole will go broke and broken. All the attempts to save the already insolvent banks can only have one outcome: an insolvent country. Instead of liquidating and gutting the banks, something that should have been done years ago, the money-controlled political system opts to liquidate and gut the entire nation.

No, America is not the only nation that gets it wrong. But there is no nation that gets it as wrong as America. There no longer is an alternative to nationalizing the main commercial banks. That moment passed by long ago. And the government has no idea how it will deal with the issue. Robert Rubin is the wizard behind Geithner and Summers’ curtain, and he ain’t going to save the taxpayer any money. He’ll save it for his Citi and Goldman friends. The country doesn’t have the means, the structure, the system, to save itself. The people in charge have interests in mind that contradict those of the people in the street. The system carries the seeds for its own destruction, They are built in.

The demise of Citi and BofA will cause a shock wave like nothing you’ve even known. The government guarantees deposits? Oh really? The losses fermenting in the vaults far outweigh the deposits. Bad bank? Really bad bank? Confidence in a system brought down by debt can not be restored by more debt, and that happens to be all they have to offer. No-one in Washington has the guts to open the doors, because their campaigns are financed by keeping the doors shut.

[Arraya]

Zombies, those banks are vampires and we should all run…

http://theautomaticearth.blogspot.com/

It’s no surprise that when I write about Americans needing to check the $100 trillion elephants in their own back, front and side yards, instead of those elsewhere in the world, I get comments suggesting I’m anti-American or something along those lines. I have one riposte: the reason people react like that is the very exact same one that distorts the bank nationalization theme. There is a huge and concerted effort underway to not see what is happening.

And no matter how hard y‘all try, it won’t make one iota of difference. I’m on record for years saying that the main US banks are insolvent and way beyond salvation. And after all the hundreds of billions thrown into that fiery pit, where are we today? On the cusp of full-blown nationalization. Which will be executed so badly that the nation as a whole will go broke and broken. All the attempts to save the already insolvent banks can only have one outcome: an insolvent country. Instead of liquidating and gutting the banks, something that should have been done years ago, the money-controlled political system opts to liquidate and gut the entire nation.

No, America is not the only nation that gets it wrong. But there is no nation that gets it as wrong as America. There no longer is an alternative to nationalizing the main commercial banks. That moment passed by long ago. And the government has no idea how it will deal with the issue. Robert Rubin is the wizard behind Geithner and Summers’ curtain, and he ain’t going to save the taxpayer any money. He’ll save it for his Citi and Goldman friends. The country doesn’t have the means, the structure, the system, to save itself. The people in charge have interests in mind that contradict those of the people in the street. The system carries the seeds for its own destruction, They are built in.

The demise of Citi and BofA will cause a shock wave like nothing you’ve even known. The government guarantees deposits? Oh really? The losses fermenting in the vaults far outweigh the deposits. Bad bank? Really bad bank? Confidence in a system brought down by debt can not be restored by more debt, and that happens to be all they have to offer. No-one in Washington has the guts to open the doors, because their campaigns are financed by keeping the doors shut.

[Arraya]

Zombies, those banks are vampires and we should all run…

http://theautomaticearth.blogspot.com/

It’s no surprise that when I write about Americans needing to check the $100 trillion elephants in their own back, front and side yards, instead of those elsewhere in the world, I get comments suggesting I’m anti-American or something along those lines. I have one riposte: the reason people react like that is the very exact same one that distorts the bank nationalization theme. There is a huge and concerted effort underway to not see what is happening.

And no matter how hard y‘all try, it won’t make one iota of difference. I’m on record for years saying that the main US banks are insolvent and way beyond salvation. And after all the hundreds of billions thrown into that fiery pit, where are we today? On the cusp of full-blown nationalization. Which will be executed so badly that the nation as a whole will go broke and broken. All the attempts to save the already insolvent banks can only have one outcome: an insolvent country. Instead of liquidating and gutting the banks, something that should have been done years ago, the money-controlled political system opts to liquidate and gut the entire nation.

No, America is not the only nation that gets it wrong. But there is no nation that gets it as wrong as America. There no longer is an alternative to nationalizing the main commercial banks. That moment passed by long ago. And the government has no idea how it will deal with the issue. Robert Rubin is the wizard behind Geithner and Summers’ curtain, and he ain’t going to save the taxpayer any money. He’ll save it for his Citi and Goldman friends. The country doesn’t have the means, the structure, the system, to save itself. The people in charge have interests in mind that contradict those of the people in the street. The system carries the seeds for its own destruction, They are built in.

The demise of Citi and BofA will cause a shock wave like nothing you’ve even known. The government guarantees deposits? Oh really? The losses fermenting in the vaults far outweigh the deposits. Bad bank? Really bad bank? Confidence in a system brought down by debt can not be restored by more debt, and that happens to be all they have to offer. No-one in Washington has the guts to open the doors, because their campaigns are financed by keeping the doors shut.

[Arraya]

Zombies, those banks are vampires and we should all run…

http://theautomaticearth.blogspot.com/

It’s no surprise that when I write about Americans needing to check the $100 trillion elephants in their own back, front and side yards, instead of those elsewhere in the world, I get comments suggesting I’m anti-American or something along those lines. I have one riposte: the reason people react like that is the very exact same one that distorts the bank nationalization theme. There is a huge and concerted effort underway to not see what is happening.

And no matter how hard y‘all try, it won’t make one iota of difference. I’m on record for years saying that the main US banks are insolvent and way beyond salvation. And after all the hundreds of billions thrown into that fiery pit, where are we today? On the cusp of full-blown nationalization. Which will be executed so badly that the nation as a whole will go broke and broken. All the attempts to save the already insolvent banks can only have one outcome: an insolvent country. Instead of liquidating and gutting the banks, something that should have been done years ago, the money-controlled political system opts to liquidate and gut the entire nation.

No, America is not the only nation that gets it wrong. But there is no nation that gets it as wrong as America. There no longer is an alternative to nationalizing the main commercial banks. That moment passed by long ago. And the government has no idea how it will deal with the issue. Robert Rubin is the wizard behind Geithner and Summers’ curtain, and he ain’t going to save the taxpayer any money. He’ll save it for his Citi and Goldman friends. The country doesn’t have the means, the structure, the system, to save itself. The people in charge have interests in mind that contradict those of the people in the street. The system carries the seeds for its own destruction, They are built in.

The demise of Citi and BofA will cause a shock wave like nothing you’ve even known. The government guarantees deposits? Oh really? The losses fermenting in the vaults far outweigh the deposits. Bad bank? Really bad bank? Confidence in a system brought down by debt can not be restored by more debt, and that happens to be all they have to offer. No-one in Washington has the guts to open the doors, because their campaigns are financed by keeping the doors shut.

[4plexowner]

it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?

[4plexowner]

it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?

[4plexowner]

it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?

[4plexowner]

it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?

[4plexowner]

it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?

[davelj]

[quote=4plexowner]it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?[/quote]

Depends. As I’ve stated here before, there are two things that kill a bank: concentration and leverage (which eventually lead to death via lack of liquidity). The biggest banks are being killed by both (but mainly leverage). The small banks that are failing thus far are entirely the result of insanely high concentrations in construction and development. I think we’re in for 300-500 FDIC-insured failures, so we’re really just getting started. But, personally, I don’t expect to have any involvement with any of these. Recall that this number represents 4%-6% of the total bank and thrift charters out there. Regarding “worry,” well, where you stand depends upon where you sit. I’m concerned about the overall economy (that’s an understatement), but I’m not particularly concerned about my personal economy, which is the only one I have much control over. I can’t speak for your personal economy, though.

[davelj]

[quote=4plexowner]it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?[/quote]

Depends. As I’ve stated here before, there are two things that kill a bank: concentration and leverage (which eventually lead to death via lack of liquidity). The biggest banks are being killed by both (but mainly leverage). The small banks that are failing thus far are entirely the result of insanely high concentrations in construction and development. I think we’re in for 300-500 FDIC-insured failures, so we’re really just getting started. But, personally, I don’t expect to have any involvement with any of these. Recall that this number represents 4%-6% of the total bank and thrift charters out there. Regarding “worry,” well, where you stand depends upon where you sit. I’m concerned about the overall economy (that’s an understatement), but I’m not particularly concerned about my personal economy, which is the only one I have much control over. I can’t speak for your personal economy, though.

[davelj]

[quote=4plexowner]it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?[/quote]

Depends. As I’ve stated here before, there are two things that kill a bank: concentration and leverage (which eventually lead to death via lack of liquidity). The biggest banks are being killed by both (but mainly leverage). The small banks that are failing thus far are entirely the result of insanely high concentrations in construction and development. I think we’re in for 300-500 FDIC-insured failures, so we’re really just getting started. But, personally, I don’t expect to have any involvement with any of these. Recall that this number represents 4%-6% of the total bank and thrift charters out there. Regarding “worry,” well, where you stand depends upon where you sit. I’m concerned about the overall economy (that’s an understatement), but I’m not particularly concerned about my personal economy, which is the only one I have much control over. I can’t speak for your personal economy, though.

[davelj]

[quote=4plexowner]it’s friday after the close and we have …

ta da: bank closing 15 and 16 for 2009

http://www.calculatedriskblog.com/2009/02/bank-failure-15-in-2009-heritage.html
http://www.calculatedriskblog.com/2009/02/bank-failure-16-in-2009-security.html

nothing to worry about, right ljdave?[/quote]

Depends. As I’ve stated here before, there are two things that kill a bank: concentration and leverage (which eventually lead to death via lack of liquidity). The biggest banks are being killed by both (but mainly leverage). The small banks that are failing thus far are entirely the result of insanely high concentrations in construction and development. I think we’re in for 300-500 FDIC-insured failures, so we’re really just getting started. But, personally, I don’t expect to have any involvement with any of these. Recall that this number represents 4%-6% of the total bank and thrift charters out there. Regarding “worry,” well, where you stand depends upon where you sit. I’m concerned about the overall economy (that’s an understatement), but I’m not particularly concerned about my personal economy, which is the only one I have much control over. I can’t speak for your personal economy, though.

[Author]

Posts