Posts Tagged ‘banks’

“One-Hundred and Counting!”

This is my 100th article published on Huffington Post.

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It hasn’t been 100 days, or 100 years, or even 100 victories.

But each one has been a victory even though it’s not tied to seasons, or sobriety, or jail time. It’s not historical or record breaking, but each is painstakenly researched, often prescient, generally significant, and usually relevant.

What, then, is it?

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Posted in HuffPost Articles, Mitt Romney, Politics, Rebalancing America | Comments Off

“Georgia’s Banks Continue To Fail”

Unbelievably, two more banks fail in Georgia!

On Friday, five more banks failed and were taken over bringing the year’s total to 38 closures by the FDIC.

The five closed last Friday brought July’s total to seven equalling June’s total. This is only the second time in 2012 that five banks were seized in a single week.

But the big news was the loss of two more Georgia banks, the seventh and eighth this year and the 83rd failure in Georgia since the crisis began in 2008.

Georgia’s the worst, but others are not far behind.

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Posted in Economy, FDIC Foreclosures | Comments Off

“The FDIC Again Wields It’s Sword”

On Friday the FDIC closed five more banks!

That’s the most banks closed in one week since April 29, 2011 — one full year ago.

Bank foreclosures had slowed dramatically in the past six months. Only one was closed in April until Friday’s foreclosures. Only five were closed in March and four in February.

So what has changed?

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“Bank Foreclosures Take A Holiday!”

Until Friday there had been no foreclosures in over a month.

On Friday the FDIC closed three banks, the first to be closed in 2012.

Notably, the three banks seized on Friday included number 75 in Georgia and number 54 in Florida. The First State Bank in Georgia cost the Deposit Insurance Fund $216 million. The cost of the other two were of little significance comparatively.

The year ended with the loss of 92 banks, less than each of the previous two years. Since the crisis began in January, 2008, 417 banks have fallen including the three new ones on Friday.

But the question is, as we start a new year of foreclosures, how many banks can Georgia and Florida lose before it becomes an extreme crisis in each state? How much money should be poured into these failed banking systems from the Fund, and eventually taxpayers, before the bleeding is stopped.

Another question is where would we be if there were no FDIC; a government created safety net established by the Glass Steagall Act in 1933? The legislation separated the banks into two types — commercial banks (safe depositories) and investment banks (risk elevated) which protected the banking system and responsible Americans for more than 68 years.

The third question — why haven’t any of these shady bank executives gone to prison?

These are questions the American people should be asking.

Maybe the time has come to Occupy the FDIC?

I’m just saying.

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Posted in FDIC Foreclosures | Comments Off

“More Georgia Banks Succumb”

Two more Georgia banks failed on Friday!

With the failure of the 72nd and 73rd banks since the banking crisis began Georgia’s banking system remains extremely vulnerable.

Florida lost another bank, the 12th this year and number 52 since the crisis began. Florida remains 2nd to Georgia in bank foreclosures.

A total of 406 U.S. banks have been taken over by the FDIC, and the four lost last week cost the DIF nearly $360 million.

But, the problem brewing in Europe may far exceed our crisis here in the United States.

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Posted in Economy, FDIC Foreclosures | Comments Off

“An UnTea Party Revolution”

New article has been posted on The Huffington Post. Read it on HuffPost by clicking on the link.

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Stop the revolution, I want to get off!

Revolution is nigh and this time it’s not the product of the misguided anger of the Tea Party!

This one is ‘real.’ Not manufactured. A protest the right loves to hate.

Armed with legitimate complaints, too many to count, people — ignored by an uncaring Congress — have taken their concerns to the street.

It started with the occupation of Wall Street, spread to more than 100 cities throughout the United States, then to cities all over the world.

Is this a populist movement?

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Posted in HuffPost Articles, Occupy, Opinion, Politics, Tea Party | Comments Off

“Over 400 Banks Have Fallen”

Since 2008 over 400 banks have been closed by the FDIC!

On Friday, another Georgia Bank was shuttered by the Federal Deposit Insurance Corporation along with three others, including another in Illinois.

What began with the closure of Douglass National Bank in Kansas City, Missouri on January 25th of 2008 has now spread to over 40 states and 402 banks.

The 400th bank to be seized was Blue Ridge Savings Bank in Asheville, North Carolina. It was also the 78th of the 80 closed this year. Country Bank in Aledo, Illinois was the 80th and the 41st in Illinois since the crisis began.

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Quick Hit: “Move Your Money”

Are small banks and credit unions safer than big banks?

Big banks and Wall Street caused the financial meltdown, were bailed out by the taxpayers, and are operating under the same destructive model that caused our financial problems. By remaining with any one of the top 20 banks you are helping create another financial crash that will be even worse for the global economy.

Occupy Wall Street has brought the collusion of  big banks and Wall Street into focus as the main cause of our declining economy. It has served, in growing numbers, to expose their collusion and calls for Congressional action.

But, the next move can be yours!

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Posted in Banking, Quick Hits, Rebalancing America, Too Big to Bail | Comments Off

“It’s All Greek To Me”

This article was posted on The Huffington Post on Monday, 10/17/11. To view it on HuffPost click on the link.

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The Greek Parliament agreed on new austerity measures to avoid sovereign default.

As the European Union, the International Monetary Fund, and European Banks grapple with a plan to avoid the collapse of Greece, and the potential domino affect on Portugal, Ireland, Spain, and Italy, the social unrest in Greece grows.

Austerity measures imposed by the ECB are deep and damaging to the Greek people, striking at the most vulnerable citizens; sparking huge protests in the cradle of democracy.

The problems in Greece and Southern European countries are microcosms of a problem throughout the world; financial destruction caused by a greedy, protected, unregulated banking system.

But, the anger and unrest are not confined to the socialistic states of Europe.

It is happening globally and the thirty year move to a Plutocratic Oligarchy is propagating class warfare.

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Posted in HuffPost Articles, Occupy, Politics | Comments Off

“Defining Occupy Wall Street”

The right-wing attempts to define the Occupy Wall Street movement!

Maybe the Occupy movement — rapidly spreading to a city near you — defies explanation. But the one thing that can be said, unequivocally, is that it grows daily fueled by the growing frustration at the decline of this great nation and the number of egregious issues that must be addressed.

It is an unrest and dissatisfaction of a Congress that is not listening to the many while supporting the few; a Congress that has been deaf to the voice of justice and fairness.

They are the cadre of hard-working Americans disenfranchised by the system and declaring the causes, individually and collectively, which impel them to express their grievances. And, like the Opressions listed by our 56 signators of the Declaration of Independence, those grievances and usurpations are listed below for all to see and understand, conceding that these will not be the sum of their grievances.

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Posted in Economy, Occupy, Politics, Wall Street | 2 Comments »