I Don't Mean to Alarm You, but....

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PostTue Aug 25, 2009 9:42 pm » by Lowsix


http://www.lewrockwell.com/sardi/sardi116.html

and

http://finance.yahoo.com/tech-ticker/ar ... BAC,AIG,WM

I have been hunting the Release of the info myself for an update, and so far have been unable to locate it, although i can find several places where it states today would be the release date of the 2Q FDIC report which would tell how much of their fund they had left after the most recent bank closures. To MY understanding in my follow up, they would remain solvent by tapping into Federal Reserve Funds to maintain their ability to protect individual acounts, but that Assets of bank takovers would spread the losses between the FDIC and the purchaser of said failed Bank.

In the case of the most recent guaranty Bank in Austin Texas, the FDIC split the losses with the new owners..a large banking conglomerate out of Spain...with FDIC payouts to account holders nearing 785 million...

In march they were down to 13 Billion with around ten pretty large banks closing in that time.. They started with 52 Billion mid 2008.

Either way, there is no harm in closing an account,
since its just as easy to reopen one..its not the same as selling all your assets..
The market sure doesnt seem to have reacted to the Budget oFfice Drudge Headline of OMB OMG!..which I would have thought would have tanked it some..

But the market rally has EVERYTHING to do with stimulus money and printed cash finding its way into the market as opposed to any improving fundamentals of ANY kind..so the only thing in dispute is a timeframe for a second tier bear rally (downward) since commercial realestate loans are coming due, consumer spending reports coming due, and simulus packages comeing to a close...

They are arguing tooth and nail as to the meaning, one side says green shoots, the other side (equal in size) says comingbear rally when the market figures out there was NO change in demand, and that numbers are STILL crashing across the board.. adn stimulus packages running out of steam..

But to sum up, i cant find the release of the FDIC 2Q stuff..so im not sure what to make of that..I trust Roubini more than Sardi, since Roubini is tied into the market more than sardi (original post)..but i dont regret at all keeping an eye out, as it was more of a heads up than a warning to Run..

But if it stays cool for a couple days, reopen the accounts..
nothing lost whatsoever in being cautious..
I put my money where my mouth was and pulled everything as well..
with a similar wifely reaction...until i told here there was no cost either way...
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PostTue Aug 25, 2009 9:56 pm » by Lowsix


UPDATE 1

'Dismal' 2Q Puts FDIC Premiums On the Table[/b]
Byline: Joe Adler - American Banker Magazine

WASHINGTON - The Federal Deposit Insurance Corp. said Tuesday it reserved $10 billion in the second quarter to cover the costs of bank failures - a 2,000% increase over the first quarter.

The massive provision shaved 18 basis points off the Deposit Insurance Fund's reserve ratio, pushing it down to 1.01%, which in turn is expected to translate into steeply higher premiums for banks and thrifts next year.

The number of banks and thrifts on the FDIC's "problem" list jumped 30%, to 117, and their assets tripled, to $78.3 billion.

Unveiling its Quarterly Banking Profile Tuesday, the FDIC also said that industry profits fell 87% from a year ...
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warløckmitbladderinfection wrote:blasphemous new gehenna inhabitant makes god sad...

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PostTue Aug 25, 2009 10:06 pm » by Lowsix


UPDATE 2

Well it appears not to have made much of a splash, which is good as always..
I dont regret for a second bringing attention to it, however..
Being aware is being prepared..


Video of press conference at Link below:
http://www.cnbc.com/id/26408785

FDIC: Troubled Banks Rise To 117, Most in Five Years
By: Reuters | 26 Aug 2008 | 03:00 PM ET

The number of problem banks on a regulatory watch list increased to 117 by the end of the second quarter from 90 at the end of the first quarter, the Federal Deposit Insurance Corp said.

The combined assets of the problem banks increased to $78 billion from $26 billion, the agency said.

The housing slump and worsening economic conditions forced U.S. banks to set aside $50.2 billion in loan loss provisions during the second quarter, the FDIC said in its quarterly industry update.

That figure is more than four times the $11.4 billion that the industry set aside in the second quarter last year.

"By any yardstick, it was another rough quarter for bank earnings, but the results were not unexpected as the industry coped with financial market disruptions, the housing slump, worsening economic conditions and the overall downturn in the credit cycle," FDIC Chairman Sheila Bair said in a statement.

Nine banks have failed so far this year, including IndyMac Bancorp Inc, which became the third-largest U.S. bank failure and was on the FDIC watch list in the second quarter.

Bair also said the agency will consider a plan in early October to replenish its Deposit Insurance Fund, which had a large drop due to IndyMac and other bank failures.

Watch Bair's news conference in video at left.

The fund, which is used to cover insured deposits, fell to $45.2 billion at the end of the second quarter from $52.8 billion at the end of the first quarter.

The agency maintains a running tally of banks with financial, operational or managerial weakness that threaten their financial viability.

FDIC examiners closely monitor the list but do not publicly release the names on it.

Earnings at U.S. banks and thrifts were $5 billion in the second quarter, versus $36.8 billion in the year-ago period, the agency said.

With the exception of the fourth quarter of last year, second-quarter earnings in 2008 were the lowest for the industry since the fourth quarter of 1991.
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warløckmitbladderinfection wrote:blasphemous new gehenna inhabitant makes god sad...

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PostWed Aug 26, 2009 1:37 am » by Torofamily


regardless of one story or the other, I believe better safe then sorry. I think there are to many sings and coincidences for all this to just be another Y2K.
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PostWed Aug 26, 2009 1:59 am » by Lisakitty


Well, as usual, it seems like the wall street peeps, are oblivious to the obvious. Check out this link, and you will see what I mean by that statement.

http://money.cnn.com/2009/08/25/markets/markets_newyork/index.htm?postversion=2009082517

I, for one, can hardly wait for their day of reckoning. I will never play the stock market, because even I know, that it is rigged, so that the very rich people, always win, and the not so rich people, always lose.

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PostWed Aug 26, 2009 2:02 am » by Stone069


Hey telo, last four threads I have opened there you are, spewing stupidity. Why don't you just go find a short rope and a tall tree. Don't forget to put the knot at the back of your neck so you can fantasize about being with MJ. Putz
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PostWed Aug 26, 2009 2:11 am » by Lowsix


The stock market is ONLY running off the momentum of the stimulus and bank bailouts.
Instead of loaning money, they all invested it, and collectively, it made the market spike 47% and NOT A SINGLE FUNDAMENTAL HAS IMPROVED.

Not one.

Not homes, not employment (although there was a two week drop when everyone who fot fired on new years ran out of unemployment checks) not production, no the BDI ( Baltic Dry Index - shipping index, which shows when goods start moving again - which they arent) Durable goods down 47%, retail off 32% on the year.. The small amounts of activity are due to the stimulus short term mostly government contracts, like a bubble in a hose...all to prop fake numbers..Like with the Clunker program..made fake numbers..the new Durable goods program and First time homebuys programs, same thing..The small spikes which Obama has seized on to make it appear as we are coming out of the woods is a total crock of shit from every serious economist out there, and this what Im saying here, is a summation of their collective opinions..

This is what is known as a Dry Rally, in that there is nothing driving it but investment..that was supposed to be going to move the credit markets. China is locked in the same thing..They knew they could get short term gains in their market as well..

BUT its a mexican standoff.

Once they start to sell, everybody panics, and it falls off a cliff again..
There is no supply/demand curve feeding these numbers whatsoever..NONE..

And any politician who is serving that to his constituents should be led out of office in cuffs..Although the subject of THIS thread appears to have been headed off by the Fed authorizing an ADDITIONAL $500 BIllion for the FDIC to tap into as the new batch (117 more) of big bad banks go under..

EVERY ECONOMIST AGREES that this is fundamentally a bear rally, in which the over all crashing trend has been suspended temporarily, but cannot and iwll not sustain itself. Due in large part to two factors..Commercial Real Estate and Construction loans coming due at the end of the second quarter, and the banks slowly releasing the remaining numbers of housing (bad housing) still on their books.

Prices have not fallen enough to prop the housing market back up, becuase they are being proppsed up artificially so that the banks do NOT have to list their Losses based on Accurate market demand bookeeping..same with commercial realestate brokers..

When they get honest, and tag price to demand, the market will shit..and then Commoditites are going to shoot through the roof (because of all the printed money FLYING OUT OF THE STOCK MARKET) and the second bubble bursting will occur.

Im not even remotely shitting..
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PostWed Aug 26, 2009 4:07 am » by Killtylerdurden


LowSix wrote:NOT A SINGLE FUNDAMENTAL HAS IMPROVED.


How about consumer confidence? :ohno: However, it IS down YoY.
http://www.earnings.com/economiceventdetail.asp?event=2035932&client=cb

I agree that the market is set to tank. A few weeks back, it was near 11 times next year's earnings, I could only imagine where it's @ now.

A great Benjamin Graham quote comes to mind:
"In the short run, the market is a voting machine but in the long run, its a weighing machine.

lisakitty wrote:I will never play the stock market, because even I know, that it is rigged, so that the very rich people, always win, and the not so rich people, always lose.


The stock market isn't "played", and money can be made regardless of capital invested. People have started out nearly broke and a few short decades later, they're up hundreds of millions of dollars. This is not an opinion, this is a fact.

And as far as the markets being rigged, what of the SEC? They're just pawns of the rich? Or are they in on it?

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PostWed Aug 26, 2009 4:02 pm » by Lisakitty


When I was in high school, taking business courses, the term used, if you wanted to get involved with the stock market, was 'play', not necessarily meaning, playing a game. It amazes me, with how fast people are to judge someone's comments, when it comes to the phrases people use to describe something of this nature.


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