Credit crunch: FDIC, state regulators shut down two banks in Illinois and Washington
Trust government with your money? But FDIC, regulators shut down two banks. The Federal Deposit Insurance Corporation and state regulators on Friday shut down banks in Illinois and Washington – the first bank failures of the year and the 26th and 27th since the start of the current credit crisis. Thumbs up for yes, thumbs down for no.
January 17, 2009 SAN FRANCISCO – The Federal Deposit Insurance Corporation and state regulators on Friday shut down banks in Illinois and Washington – the first bank failures of the year and the 26th and 27th since the start of the current credit crisis. The end game is for complete wealth transference to a few. In time the very rich will buy up all assets including land, businesses and property. The US will look like China where there’s a large population of underclass.
Berkeley, Ill.-based National Bank of Commerce was shut down and he FDIC said Republic Bank of Chicago will assume all of National Bank of Commerce’s deposits. The two locations of National Bank of Commerce will reopen Saturday as branches of Republic Bank, the FDIC said.
The last Illinois bank to fail was Eldred-based Meridian Bank, in October, the FDIC said.
National Commerce Bank had total deposits of $402.1 million as of Jan. 7, and total assets of $430.9 million, the FDIC said.
Republic Bank has agreed to buy roughly $366.6 million in National Commerce Bank’s assets at a discount of $44.9 million.
The FDIC estimated that the cost of National Commerce Bank’s failure to the Deposit Insurance Fund will be $97.1 million.
Also on Friday, the Bank of Clark County, Vancouver, Wash. was shut down and the FDIC was named receiver. The FDIC said Umpqua Bank (UMPQ:
umpqua hldgs corp com
News , chart , profile , more
Last: 9.38+0.22+2.40%
4:00pm 01/16/2009
Delayed quote data
Add to portfolio
Analyst
Create alert
Insider
Discuss
Financials
Sponsored by:
UMPQ 9.38, +0.22, +2.4%) , based in Roseville, Ore., will assume the insured deposits.
Bank of Clark County had total assets of $446.5 million and total deposits of $366.5 million. At the time of closing, there were approximately $39.3 million in uninsured deposits held in approximately 138 accounts that potentially exceeded the insurance limits. This amount is an estimate that is likely to change once the FDIC obtains additional information from these customers.
Umpqua will not assume the approximately $117.8 million in brokered deposits. The FDIC will pay the brokers directly for the amount of their insured funds.
The following are just comments, not from the author of this article. Please leave your views afterwards:
After a break for the Holidays,the Friday Night Follies has resumed…..
just another failure. one of many which will most likely occur this year. i hate to say it but i really don’t care. this has building up for a while. the 50+year credit bubble in this country was going to pop at sometime. too bad most people missed this potential big move in the markets. good luck to all of you. protect your money and your investments. may want to buy some inverse etfs or at least not be long this equity market; atleast until we see a true mid term bottom.
In about 10 years we’ll all really find out how bad this is/was on a documentary on the History channel. Until then no one will tell the truth ; and frankly I don’t think most American’s could handle it even if they thought they could.
Pensions gone, 401k’s wiped out completely, if you own a home that’s nice but you can’t afford the prop taxes cuz you’re unemployed , bye bye bond market etc etc.
It just might be what’s needed to avoid this reinflation of the system although as Ron Paul said on the Cavuto show, ‘I’m not sure they’ll be able to fool the markets this time’.
I completely agree with your comments except for one thing, in 10 years we will not find out about this on the History channel because we will not be able to afford cable. Perhaps the Chinese will watch it.
LossAngeles said “if you own a home that’s nice but you can’t afford the prop taxes”
What if you are employed and can’t afford the property taxes?
Do your government employees get to retire after 25 years like they can here? I keep being told that government work is the hardest in the known universe. I think not. Those early pensions seem like an unnecessary burden on the taxpayers. In many cases they are retirement benefits for jobs that are not necessary in the first place.
If you believe as I do that there is a growing tyranical class, and that it is the greatest enemy we face collectively, then you must arrange to set aside many, many lesser differences.
Building up the differences fractionalizes the opposition, and therefore is one of their most effective strategies.
This is all to do with power and control. Money is an inevitable consequence for those that gain absolute power – and they know it.
They can wait for time to pass, for things to go their way slowly if need be. We on the other hand, can’t.
The only thing I might say here is that the tyrannical class already has all the money they could ever want; they’ve been creating it out of thin air in the USA for decades! It is total power and control they now want–world domination, really. So in this case, it’s not that money is a consequence of power, it’s quite that power is the consequence of creating funny money and duping people into accepting it as real.
I agree with your observation that a tyrannical class has emerged and believe that it, like us, is suffering. They got in debt over their head, just like some of us did.
The difference is that the tyrannical class has access to the government and we do not. The tyrannical class can go to the government, the senior members of which owe their political lives to the tyrannical class, and demand taxpayer dollars be invested in keeping their ships afloat.
The senior government members need the continued support of the tyrannical class, so they fork over billions of taxpayer dollars to the tyrannical class. The senior government members stay safe (for awhile), the tyrannical class stays afloat (for awhile) and the masses keep paying for it.
It’s happened rather a lot in the past 2,440 years or so. The Romans, the Greeks, the British — it always looks the same. The ending looks the same, too. The tyrannical class goes one step too far and then fails. In the end, they wind up just like us. Broke.
FACT from the business media: top 900 CEOs received $1 trillion in compensation in one year. That is 0.0002% of the population receiving 6.7% of the US. Gross Domestic Product.
Using my calculations, even if you are giving absolute benefit of the doubt to the above figures, it still means that well below 1% of the population has 99.9% of the wealth!
Calculation method: It is very reasonable to assume that the next $1 trillion of the GDP or 6.7% goes to the next 1800 people(900×2) i.e. doubling the number of the people receiving each subsequent $1 trillion. We continue the calculation making the same very reasonable assumption; next $1 tril to the next 3600(1800×2) people, next $1 tril to 7200 and so on until all of the $15 tril GDP is accounted for.
CONCLUSION: There is just one class in this country. The other 99.9% of the people are nothing. They are just -0-. They do not exist. They have been liquidated by your tyrannical class.
forum, while I’m in agreement with you about where most of the wealth is, there are a couple of problems with your logic. One, wealth is not compensation, it’s what one has acquired via compensation, investment, inheritance, etc.–i.e., assets. So, the correlation between compensation and wealth is blurred at best. Second, the total value of all the wealth in this country (money, equities, property) is far greater than the annual GDP.
What is unfair, in my opinion, is that they are deemed too small to save. Whereas C and BAC are swallowing up huge amounts of our tax dollars whilst growing larger and more powerful – when they should also be taken over.
Who decided that the large should become more powerful and the small should perish? If the FDIC took over C and BAC, it would most likely have cost the taxpayers billions less.
Right now, the shareholders (and I am one) are being propped up. It is unfair. C and BAC should be allowed to fall as well. The end game is for complete wealth transference to a few. In time the very rich will buy up all assets including land, businesses and property. The US will look like China where there’s a large population of underclass.
It’s called corruption, the BIG BANKS that are going to survive this crisis (if any banks survives anyway) , you know they are corrupt.
Just boycot the big banks, make them small, make them dissapear, along with it’s managers etc.
The people are not stupid anymore, 90% of the people know exactly what’s going on and what the consequences are most likely going to be.
Miracle’s don’t exist in this financial world, so don’t count on it.
Hope isn’t a good advisor either. So don’t count on that one either.
Use your common sence, place yourself in ‘their’ world, and you know instantly that it doens’t make sense, and it DON’T LAST !!!
It WILL go down, it’s really doomed to go down.
As long as the people are awake, and with every single bail-out the resistence is going to be bigger, and more people wake up.
When they use censorship people will dig further and find out more, makeing them even more mad.
If they continue like this (wich they will) this is going to get really nasty.
But in the long run, the more they do wrong, makeing bad decisions, the better it will be.
But it’s no question that the people who live today are going to suffer over these corrupt r*tards.
their is a huge fight going on between the banks and the governments.
The fight for control, in the ’20′s and 30′s the banks won and could scare of the goverments untill this day.
This is round 2.
If the goverments win, socialism.
If the banks win, enslavement, who’s gonna pay the debt ?
In the outcome of this fight, we will all lose, the banks, governments, and the people.
It’s really up to the governments to do what the suppose to do, be their for the people and protect them.
The only way to do this, is that the government need to decide that we go back to the gold standard with sound money, and forbid the FEDs (they are illegal anyway)
If the governments just did what they where created for, this would never have happend.
In the 20′s the government go screwed because they didnt fully understand it (exept a few people their, who knew it exactly)
Now they know how it works.
So basically, it’s up to the government now to make the right decision.
Printing more money isn’t solving the problem, not in the short term, and not in the long term.
If they only realize this.
If the government does not act properly, then the people will.
It’s unevitable, we can do this peacefully without harm to anyone, or we can do it the hard way.
We are heading towards hard way, the governments are still FULLY ignoring people like Ron Paul and his idea’s (wich are sound and solid).
In America they ignore him and in Europe aswell.
Governments need to do what they where invented for
Banks need to do where they where created for originally.
It actually isn’t that hard.
But the self interest seems to dominate in those 2 important sectors.
Why can’t everybody just be fair, lieing is the whole problem basically.
And yet they can’t understand why their is no trust in those 2 sectors.
He||, if they where fair and had sound money and no corruption, we would have been flying around in space, exploring galaxy’s and that s*it.
But no, they need to be corrupt, for their own SAKE !!
I agree with the notion that the public is getting more angry with each bag of money being distributed because nothing seems to be changing in their daily life and the media is just showing the bad news. When the public realizes that they are actually in control with spending or no spending you will see the coffers of the Government begin to dwindle as more people decide to drop out and not pay taxes or buy anything where taxes can be derived. Thats exactly what happened to the price of oil. No public, no value.
This entire so-called “credit crunch” is phony! Two of our local financially secure banks are receiving $20 million from TARP. Bank officials announced publicly they are using the money not to loan out, but to acquire other banks. The banks are raping the US treasury on the false pretext of a “credit crunch”.
Related posts
Thank you for visting iflove.com, the fairy legend of Edward Chen the Movie Star! You may want to Find Love or subscribe to RSS feed. Enjoy or do a search!