2009 Bank Failures

This info shows the Chinese unemployment rate at 4%, as opposed to ours of over 10%. Their source book was the CIA factbook.

http://www.indexmundi.com/china/unemployment_rate.html

I have to qualify my answer. They have a smaller percentage of people below the poverty level in China, but they could have more people below their line. Nevertheless, with a 4% unemployment rate, and a shrinking population growth, their economic model seems to be on track.

Unlike ours. So, do we now think communism has been a tremendous failure? What planet do I live on? Well, I live in the decaying and decrepit US, a country that seems to be heading the way of the former Soviet Union in so many ways. Make no mistakes, the Chinese have made all the right moves, and when you go overseas, you notice how quickly they move into spaces that we've abandoned already.

Where we'd send a carrier battlegroup, they'd just send a small delegation. They're a lot smarter than we are. 10 plane tickets and a little cash get them a lot further.
 
OBGibby said:
To suggest that the Chinese have fewer people below the poverty line is so far removed from reality it begs the question: What planet are you living on? The absurdity is astonishing, even coming from you.
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Poverty in China has fallen dramatically, from 65% of the population living on less than a dollar a day in 1984, to less than 10% of the population in 2004. According to the World Bank, [FONT=Arial, Helvetica, sans-serif]more than half a billion people were lifted out of poverty[/FONT]. It continues to improve in China, as they are the beneficiaries of their world trade, including selling you everything in your local Wal-mart store.


http://web.worldbank.org/WBSITE/EXTERNAL/COUNTRIES/EASTASIAPACIFICEXT/CHINAEXTN/0,,contentMDK:22131856~pagePK:141137~piPK:141127~theSitePK:318950,00.html


Facts about poverty in China:
http://blogs.wsj.com/chinarealtime/...verty-in-china-challenge-conventional-wisdom/

Yes, America still leads in per-capita income. But the trend it ominous here.
 
phil said:
.....They also have fewer people below the poverty level than we do.....
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I can normally let your comments go as you opine and pontificate about everything. But this one really takes the cake. I'll call it the "Phil Quote of the Day." Though, to be honest, you've had quite a competition today with your usual assortment of tired and useless political rhetoric. It was tough choosing just one.

To suggest that the Chinese have fewer people below the poverty line is so far removed from reality it begs the question: What planet are you living on? The absurdity is astonishing, even coming from you.
 
Fool me once, shame on you. Fool me twice, shame on me. The Republican Revolution has brought us to the brink of disaster, thank you. All we have now is the largest military buildup in the world, but with absolutely nothing to show for it.

While we've been doing this, the Chinese and others have built up the largest economic machine in the world. They have forged powerful economic ties with the rest of the world while we simply rattle our sabres.

In the end, they'll own a larger empire. They also have fewer people below the poverty level than we do. Yeah, I forgot....they're a communist country.


Show-me said:
Change for the sake of change does not make it the right change. Please! I have all the answers just ask me and accept it.:D
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Why only three bank failures this week, instead of the normal five?

Answer: Wednesday was a holiday. Shortened work week.

Next week we'll have five again. You watch.


Only 400 more to go.......
 
phil said:
And all of these are a drop in the bucket compared to what the Wall Street banks received. Citigroup alone received 29 billion in guarantees.

What, pray tell, did the Republican Revolution bring us, except financial ruin? That's why we can't believe the incredible resistance to the current changes. They had their chance for a looooong time, and basically wrecked our country with 2 foreign wars, burgeoning debt and failing infrastructure.
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Change for the sake of change does not make it the right change. Please! I have all the answers just ask me and accept it.:D
 
And all of these are a drop in the bucket compared to what the Wall Street banks received. Citigroup alone received 29 billion in guarantees.

What, pray tell, did the Republican Revolution bring us, except financial ruin? That's why we can't believe the incredible resistance to the current changes. They had their chance for a looooong time, and basically wrecked our country with 2 foreign wars, burgeoning debt and failing infrastructure.


Show-me said:
To bad both sides of Congress and both Presidents reward 15 years of mismanagement and bail outs.

No change yet, GMAC, Fred, and Fan are all back in line for more imaginary tax dollars.
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FDIC's Bair: Bank Failures Will Peak In 2010

NEW YORK (Dow Jones)--Federal Deposit Insurance Corp. Chairman Sheila Bair said Tuesday that more banks are set to fail.

"We do obviously have a lot more banks that will close this year and next," Bair said, adding the failures "will peak next year and then subside."

Bair was responding to audience questions at an event held in New York by the Institute of International Bankers. Bank regulators have shuttered more than 100 banks this year as the financial crisis has exacted a heavy toll on the banking sector, a sharp rise from what's been seen over recent years.

The official also said she was disappointed about the state of bank credit right now, saying "none of the large institutions are doing a good job of lending right now." She added, "it used to be you take deposits and lent out money, and we'd like to see more of that."

More: http://online.wsj.com/article/BT-CO-20091110-715147.html
 
Re: Bank Failures

grandma said:
http://tinyurl.com/y8b48vl
interesting article: `are you ready if yours...'
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Very good article, it should be used as a checklist for all of us and to help our parents. I wasn't aware of the 2013 FDIC reduction though. When Mom died last year, we went thru the multiple ownership cagegories to protect Dad. I also bought a huge safe from a business liquidation sale for cash and other sundry valuables, in the event banks are shut dwon for awhile and you get blocked from you SD box..
 
Re: Bank Failures

ezmoney said:
Very interesting. What they don't tell you is that if the banks go belly up and the government insure it. You will get your money back they just don't tell you how long it will be before you get it. One week,one month,one year or maybe longer.
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Its good to be poor. :blink:
 
Re: Bank Failures

Very interesting. What they don't tell you is that if the banks go belly up and the government insure it. You will get your money back they just don't tell you how long it will be before you get it. One week,one month,one year or maybe longer.
 
To bad both sides of Congress and both Presidents reward 15 years of mismanagement and bail outs.

No change yet, GMAC, Fred, and Fan are all back in line for more imaginary tax dollars.
 
I guess I'd like to know how we got here, but just looking at the last 15 years of mismanagement in the financial markets, and lack of government oversight, I can see how. What was the former administration doing for the last 8 years? I guess they bought into the notion that "less government was better".
 
phil said:
It's amazing. The underpinnings in our economy have eroded so completely over the last 15 years that now banks are failing left and right.

Do we believe that we've reached a peak and are heading back to solvency, or that 5 bank failures a month may be a steady figure in the coming months?
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Five bank failures a month? No. I think we'll see five bank failures a WEEK for the next two years.

I figured out WHY we are seeing five bank failures a week now. There are already more than 300 banks which have fallen below the FDIC required 4% reserves list. In normal times, those banks would have been shut down. Here is the list as of last July- many in this list which are marked in RED (below minimum reserves) have been closed, but are not shown as updated since then. This list is only marked with those closed by early Sept or so. Nearly 300 of them should have already been shut down under FDIC rules.
http://bankimplode.com/list/troubledbanks.htm


However, the FDIC doesn't have the manpower to do them all at once.

They are shutting them down as fast as they can get in, review the books, and type up the legal paperwork ordering them to close/sellout. And they have to find some other bank to pick them up.

With the limited manpower they have, they are doing it as fast as they can, but they won't be finished for a LONG long time. They can do anywhere from four to nine per week- as we've seen over the last month or so. They have to find a buyer, have to prepare all the paperwork, and have to spend time reviewing the books of the next one.

Bad times for banks, for as far as they eye can see. As property values continue to go down, and as foreclosures continue, banks will continue to fall like flies.
 
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