Posts Tagged ‘Arizona’

“Sequestration or Secession?”

Is sequestration a fête accompli?

It’s looking more like it everyday.

We’re facing yet another incomprehensible battle in Congress, another unnecessary deadline which could have grave consequences for the nation and the global economy.

Despite being firmly established in a previous economic battle, sequestration — automatic cuts to the budget, half military and half discretionary — has become a political hot potato with both sides pointing fingers fearful of holding the proverbial spud when the music ends on March One!

So, what’s to fear from sequestration?

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Posted in Economy, On Survcast, Politics, Rebalancing America | Comments Off

“A Harmful Proposition: 32”

California has 11 propositions on the ballot this year!

As in every election, one of the most difficult tasks for voters is wading through the cumbersome initiatives that various organizations place on the ballot.

This year in California there are a few that have become controversial, adversarial, and heavily financed. Californians are inundated by fliers, brochures, and television ads costing millions of dollars funded by Special Interest Groups.

It becomes increasingly difficult to wade through the minutiae to formulate an informed opinion.

So what’s the answer?

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Posted in Election 2012, Politics, Supreme Court | Comments Off

“Georgia Loses 67th Bank”

Two more Georgia banks failed last Friday!

Since banking crisis began in January of 2008, the FDIC has taken over 377 banks.

Besides the two Georgia banks closed on Friday, the FDIC shuttered another bank in Florida and one in Arizona, the 55th bank closed this year. The two banks were the 15th and 16th closed in Georgia this year and the 67th since the crisis began.

The cost to the Deposit Insurance Fund this week was only $129.3 million which isn’t too bad, but every week the Fund gets hit depletes it.

Losing seven banks, compared to last year’s losses, doesn’t seem to bad. The improvement is welcome bu, seven in the first two weeks of July is just short of the losses for May and June.

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Posted in Economy, FDIC Foreclosures | Comments Off

“Florida Loses First Bank of 2011”

Two banks were seized by the FDIC to start the new year!

Florida lost its 46th bank since the banking crisis began in 2008 edging closer to Georgia which has lost 51 in that time.

With the closure of First Commercial Bank in Orlando and Legacy Bank in Scottsdale, Arizona a potentially new dynamic may exist in 2011.

The agreement between First Southern Bank, assuming bank of First Commercial, and the FDIC includes a loss-share of $484 million. First Commercial which had only nine branches had combined assets and deposits of $1.1 billion. The loss-share amount is 44% of the total assumption and nearly 80% of the total assets.

In addition, the cost of the foreclosure to the Deposit Insurance Fund is $78 million, or $8.7 million per branch.

It is also the case in the smaller Legacy Bank take-over in Arizona, where the loss-share of $119.8 million is also 80% of the assets. But the hit of $27.9 million to the DIF is a loss of $15 million per branch. Combined the DIF will lose $105.9 million for the two banks.

The number of lost banks during the crisis edged higher to 324, but the loss of two banks the first week of January is double the loss last year.

In 2010 two banks were seized in the 2nd week and 15 during the month of January, so next week will be interesting to watch.

It will be even more interesting to watch the cycle of the first month in this fourth year of the banking crisis.

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Posted in FDIC Foreclosures | Comments Off