More U.S. economic woes

[noise]

_http://news.yahoo.com/s/nm/20080726/bs_nm/banks_fdic_dc

"WASHINGTON (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch."

Holy heaven batman I had no idea there were 4 other failures since the IndyMac Bancorp Inc, apologies if I spaced off on some of the great economic articles Mr. Hunt has put together. Pardon me Mr. Hunt for speaking as if your not here.

Man this is kind of shocking. In my daydream state, well you kind of see it coming and yet kind of shrug, it's dissociation on my part. How disrespectful. Really reminds me of seeing the Pentagon Strike video http://www.pentagonstrike.co.uk/flash.htm the 1st-50th time.

 

[Mr. Premise]

_http://news.yahoo.com/s/nm/20080726/bs_nm/banks_fdic_dc

"WASHINGTON (Reuters) - U.S. regulators took over two banks on Friday and sold them to Mutual of Omaha Bank, the sixth and seventh bank failures this year as financial institutions struggle with a housing bust and credit crunch."

Holy heaven batman I had no idea there were 4 other failures since the IndyMac Bancorp Inc, apologies if I spaced off on some of the great economic articles Mr. Hunt has put together. Pardon me Mr. Hunt for speaking as if your not here.

No problem, Noise, I also didn't know about the other failures since Indy Mac. Thanks for pointing this article out.

Man this is kind of shocking. In my daydream state, well you kind of see it coming and yet kind of shrug, it's dissociation on my part. How disrespectful. Really reminds me of seeing the Pentagon Strike video http://www.pentagonstrike.co.uk/flash.htm the 1st-50th time.

You're right. After a while, bank failures start to seem normal. Ho hum, another bank failure. Funny how that works.

 

[noise]

Hi Don!

Seems I wasn't clear with where I was coming from. I don't personally see bank failures as normal. Was attempting to get at the fact that, if you'd mentioned the prior "other" 4 banks folding then I must've not been paying attention. I'll attempt to kind of self-analyze it, bare the machinery some, as best as I am able.

As the economic train wreck is striking currently, though I'm not/wasn't paying attention, reading your articles has always reminded me that it is approaching/hitting. In my (constant/usual) sleep state I'd heard about Indy Mac, but had kind of shrugged it off, market correcting itself and all that.. It's like what is often said, "wishful thinking will get you everytime." So disrespectful meant, that though I'm singing this song -Change, wake up, grow, yet I'm still not working at DOing to my greatest potential. As learning things economically, politically, psychologically.. move forward, things become more clear, giving more meaning and depth to statements like "time is of the essence" and "this is not a game" which take on a more personal, depth.

Apologies if this comes across as self-defeating, beating myself up. It's not meant to. It's really an apology, in a way. You work to produce a weekly economic post, I look forward to reading it every Monday like clock work. I feel informed by your words and the links/quotes from other articles. Then I go back to my dissociative state back in the land of Milk and Honey where everything is going to wind up peachy. Then I just happened to glance across an article on a Saturday, when financial church is kept mostly to Monday and bamm it's very shocking, having either overlooked the other 4 bank closures or not been informed/missed the article(s)/commentary.

For the record I'd like to extend that apology to Laura, Henry, Joe and the rest of the signs team as well, as I've dozed off from the info and knowledge you've shared.

A question for you Don: Do you think there 'may' be a surge of these bank closures before the end of the year? Been considering getting my family out of a private household account at a 3 star bank lately. The NW doesn't seem to be getting 'hit heavily,' so far, in the economic downturn. Anyhow thanks for all you do!

-noise

 

[Bobo08]

Hi noise,

Man, your post is almost painful to read. You said that you didn't want to sound as self-beating, but it certainly sounds that way, and not juts this post. You've got to understand, no absorb, the notion that you ARE safe here. Sure, the other members will point out if you miss something or mess up somehow. But so what? It's not the end of the world. You pull yourself up and do it again. The important thing is that no one here is gonna judge you. You have tried very hard to avoid manipulation. Try to work on the self pity / self beating trap too.

I know it is very hard because that is not how we were raised. We were loved, if at all, for what we did, not for what we were. So every time we made a mistake, we were frightened with the thought of losing love from our parents. And even when our parents are not physically with us any more, they are still inside us, whipping us up for every mistake we make. Try to keep that in mind, at least intellectually, when a self beating thought comes up. (I'm also working on that myself.)

 

[Mr. Premise]

Hi Don!

Seems I wasn't clear with where I was coming from. I don't personally see bank failures as normal. Was attempting to get at the fact that, if you'd mentioned the prior "other" 4 banks folding then I must've not been paying attention. I'll attempt to kind of self-analyze it, bare the machinery some, as best as I am able.

Give yourself some credit, Noise. I actually meant that your reaction was correct! In other words that you shouldn't see bank failures as normal. I was trying to say that if you read these news articles long enough, a person risks seeing these events as normal. I go in an out of that kind of state, so your reaction and your pointing out that more banks failed (something the media was keeping quiet) was welcome to me.

As the economic train wreck is striking currently, though I'm not/wasn't paying attention, reading your articles has always reminded me that it is approaching/hitting. In my (constant/usual) sleep state I'd heard about Indy Mac, but had kind of shrugged it off, market correcting itself and all that.. It's like what is often said, "wishful thinking will get you everytime." So disrespectful meant, that though I'm singing this song -Change, wake up, grow, yet I'm still not working at DOing to my greatest potential. As learning things economically, politically, psychologically.. move forward, things become more clear, giving more meaning and depth to statements like "time is of the essence" and "this is not a game" which take on a more personal, depth.

Apologies if this comes across as self-defeating, beating myself up. It's not meant to. It's really an apology, in a way. You work to produce a weekly economic post, I look forward to reading it every Monday like clock work. I feel informed by your words and the links/quotes from other articles. Then I go back to my dissociative state back in the land of Milk and Honey where everything is going to wind up peachy. Then I just happened to glance across an article on a Saturday, when financial church is kept mostly to Monday and bamm it's very shocking, having either overlooked the other 4 bank closures or not been informed/missed the article(s)/commentary.

For the record I'd like to extend that apology to Laura, Henry, Joe and the rest of the signs team as well, as I've dozed off from the info and knowledge you've shared.

A question for you Don: Do you think there 'may' be a surge of these bank closures before the end of the year? Been considering getting my family out of a private household account at a 3 star bank lately. The NW doesn't seem to be getting 'hit heavily,' so far, in the economic downturn. Anyhow thanks for all you do!

-noise

Well, individual bank closures are usually OK, because the FDIC insures deposits up to $100,000. The banks don't always close, they, like IndyMac are taken over by the government or by another bank.

The thing people are afraid of is if there is a wave of bank closures and they don't let you take more than a couple of hundred a week out. In other words what happens if the FDIC is overwhelmed? Then, if you have savings, and the currency is collapsing, you are helpless as the savings lose value. So even if they let you take your money out after several months you may have lost a lot of value. This happened in Argentina several years ago.

And yes, many people think more banks will fail. Will it happen in a big wave, or will they keep it to one or two at a time and prevent panic? I don't know.

Things do look scary this Fall for many reasons, though.

 

[noise]

What you said Bobo08 is something I will certainly keep in mind. Trying to let it sink in more. Thank you very much for sharing.

See what your saying Don, thanks for clearing that up for me.

Here's an interesting article/link about presidential candidate McCain's family and banking meltdown(s).
---
_http://www.politicalbase.com/profile/Mark%20Nickolas/blog/&blogId=2910

(headline)20 Years Later: Another McCain At Center Of Bank Collapse and Government Take-Over?


"Silver State Bancorp (NASDAQ:SSBX), the holding company for Silver State Bank, announced today that Andrew K. McCain submitted his resignation today as a director on the Boards of Directors of Silver State Bancorp and Silver State Bank, citing personal reasons..

Andrew is none other than the son of John McCain."

"..It was pointed out above that Andrew McCain served on the bank's audit committee -- the entity which would know most about the bank's financial situation and its portfolio of increasingly bad loans. Is McCain fleeing the bank, knowing that federal regulators are likely to seize it in short order and did not want his name attached to a collapsing bank right in the middle of a presidential race where his dad is the trailing nominee and whose own political history is soiled with unethical actions involving a bank collapse during the last great banking crisis?"
---
There's much more in the link above.

Looks like things are getting pretty interesting. Wonder if/when that bank gets bought up by the feds and relinked under some more suspicious characters/banks if it will be publicized in the slightest.