Posted on 02/09/2008 5:48:41 PM PST by Halgr
Dozens of U.S. banks will fail by 2010: analyst Fri Feb 1, 2008 3:39pm EST
By Jonathan Stempel
NEW YORK (Reuters) - Dozens of U.S. banks will fail in the next two years as losses from soured loans mount and regulators crack down on lenders that take too much risk, especially in real estate and construction, an analyst said.
The surge would follow a placid 3-1/2 year period in which just four banks collapsed, all in the last year, RBC Capital Markets analyst Gerard Cassidy said in a Friday interview.
Between 50 and 150 U.S. banks -- as many as one in 57 -- could fail by early 2010, mostly those with no more than a couple of billion dollars of assets, Cassidy said. That rate of failure would be the highest in at least 15 years, or since the winding down of the savings-and-loan debacle.
"The initial round of failures will come from smaller banks with limited access to capital and overexposure to commercial real estate," Cassidy said.
[snip]
(Excerpt) Read more at reuters.com ...
This deserves a heads up
It's my policy to abstain completely.
DEPOSIT INSURANCE Learn how deposit insurance works and whether the FDIC insures your deposits
Read “The Creature from Jekyll Island” to learn how your deposits are “insured.”
This is BS. The banks fail, and we the taxpayer “insure” the depositor.
We’ll be picking up the tab for the bad loans. Enjoy.
These flyspecks will be merged into bigger banks with no impact on small depositers.
I am not saying there ain't big problems in financeland, but the shiny pants kids in Washington won't let Ma and Pa suffer when Podunk Trust goes under.
They'll screw ALL of us with inflation, though.
Like in ‘92 and 2004 when the pubs were the sitting presidents, MSM kept using “recession” and hyperinflation. I remember the day after the 92 elections when the Bubba & the RATS won the newspapers after months of failing economy talk wrote “the economy isn’t so bad after all.”
Yes! Great book!!
Me too. I’m sick of BofA and their catering to illegal aliens. Pulled all my money out of there.
I remember that also. The very first day after Clinton was first elected in 1992, Peter Jennings, who had been trashing the economy for months, came out with news that the US was officially out of a recession; it had been growing for the last 6 months. That was the last time that I watched any of the MSM newscasts.
did you see this one, ovrtaxt?
Yes, outstanding book. Not for the faint of heart (reader discretion suggested). ;-)
Ma and Pa will not lose the money in their account, which is guaranteed by the federal government. Remember though, that the Savings and Loan crisis cost the taxpayers 160 billion dollars. This will be bigger.
Immigration is great when they truly want to become Americans and contribute wholly to America, but what our southern born enemy’s do is to infiltrate our economy by stealing jobs from Americans and then sending their ill-gotten gains back to their country, where their real loyalties lie.. If the money were going back into our economy we could prosper, but to add insult to injury, not only do they take money from stolen jobs, but they take welfare and SS benefits and send them them out of the country via these corporate banks. This is like farming without care for the soil. We are in a war for our infrastructure and nobody seems to know it.
The Mexican citizens cross our border illegally. Some of them find work, and many of them send their earnings back to Mexico. Those earnings have added up to nearly $17 billion in the past year. ‘Remittances’, as they’re politly called by policy wonks, are expected to become Mexico’s primary source of income this year, surpassing the amount of money that Mexico makes on oil exports for the first time ever.
Meanwhile, the U.S. Trade deficit with Mexico for the last year surpassed $45 billion.
I moved all of my accounts away from BofA long before they started catering to illegals. BofA has a long history of financing liberal campaigns, including -- but not limited to -- multiple gun-grabber campaigns.
The moment I learned they were waging war against my Second Amendment rights, I cut all ties with that abomination of a banking institution. Good thing, too. Not long after that, BofA "lost track" of thousands of customer records, leaving all of those people open to identity theft.
I’m looking forward to dumping B of A.....when we move in a couple of months to another state...
Ron Paul proven right
No problem, price of capitalism!
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