Posts Tagged ‘California’

“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

“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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“Congressman Issa Goes Postal!”

This article has been posted on The Huffington Post. To read it on Huff Post click the link here.

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The California Congressman tries to stop your mail!

We’re again being deceived by evil right-wing zealots — this time they’re lying about your postal service.

The insufferable Congressman from California’s 49th District is at it again trying to destroy one of our most efficient government agencies, a Constitutionally established entity (Article. I., Section, 8.) — The United States Postal Service.

The Founding Fathers understood the necessity of the fluid national distribution of mail, and it’s importance to democracy, over 235 years ago. Republican’s, polished at the art of deceiving the American People, are telling everyone that will listen that the Post Office is going bankrupt.

The Post Office bankrupt? How does that happen?

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Posted in Congress, Economy, HuffPost Articles, Jobs, Politics | Comments Off

“Bank of the Commonwealth Closes In Virginia”

Cantor’s state loses its second bank this year!

The Bank of the Commonwealth, Norfolk, Virginia was closed by the FDIC on Friday. It was only the second bank closed in Virginia this year and the 72nd bank closed in 2011.

But, the Virginia bank will cost the Deposit Insurance Fund (DIF) $268.3 million. And, the FDIC entered into a loss-share agreement with Southern Bank and Trust, the acquiring bank, of $798.2 million dollars.

Only 12 banks have been seized in August and so far in September, but there is one week left in the month.

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Quick Hit: “Oil Slides While Executives Whine”

The price of oil fell by over $5.00 a barrel yesterday after EIA report was released.

Speculators were running for the exits yesterday as demand for their pumped-up product continues to fall.

Oil Executives of the big five oil companies, Exxon Mobil, Chevron, BP, Conoco, and Royal Dutch Shell, testified before the Senate Finance Committee to justify—after amassing huge quarterly profits—the need of government subsidies of $2.1 billion dollars a year.

In a pre-statement with unAmerican overtones, Conoco-Phillips CEO, James Mulva, called the elimination of the subsidies ‘UnAmerican’ and ‘discriminatory.’

With the oil industry making record profits, why continue subsidies?

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Posted in Economy, Oil, Uncategorized | Comments Off

“The Psychology of $4.00 a Gallon”

Oil companies are playing games with our heads and our wallets!

Disruption of oil production in Libya, the turmoil in Bahrain, and potential of unrest in Saudi Arabia are being blamed for the sudden rise in the price of oil and gasoline.

The American people are being lied to by Big Oil Companies and the people have little recourse.

Republican House members voted to continue the Big Oil subsidies despite record quarterly profits last quarter and huge profits in previous quarters.

That’s taxpayer money being given to private companies that are screwing the same taxpayers with a manufactured oil crisis.

Every single Republican Representative voted for big oil and against the American people. Every damn one of these sleazeballs!

But it’s the application of oil psychology that’s killing the American consumer.

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“Four More Banks Fail on Friday”

Two more Georgia and two more California banks are taken over.

Georgia lost their 5th and 6th banks this year—California their 2nd and 3rd in 2011.

Since the bank crisis began in 2008 Georgia has now lost 57 banks. Though still fourth, California extended its total to 35 with the loss of the two this week, but remains behind both Florida and Illinois in bank foreclosures.

Another $267.6 million was drained from the DIF for the four losses on Friday and the loss-share is a heavy $670.5 million. The FDIC is also going to retain $28.5 million in assets from Charter Oak Bank in Napa for later disposition.

The ‘problem bank’ list for last quarter should be released this week and will indicate the direction the banking crisis is heading.

Anything over last quarter’s 860 troubled institutions would be a negative and not bode well for the nation’s banking system.

An interesting and important point has resurfaced in the banking debate that should be aggressively discussed with renewed interest and action.

Hundreds of banksters were indicted and incarcerated for their parts in the Savings & Loan crisis. To date, not one—not a single executive—has gone to prison as a result of this banking crisis.

It appears Shiela Bair and the FDIC are too weak or lack the desire to bring these criminals to justice.

Is it the Department of Justice’s obligation to bring charges against these criminals?

Are they doing their job? Or is this just another failure of another weak administration?

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Posted in FDIC Foreclosures | Comments Off

“The Contagion In Georgia Spreads!”

Two more Georgia banks were seized by the FDIC on Friday!

American Trust Bank in Roswell and North Georgia Bank in Watkinsville were the third and fourth taken-over by the Georgia Department of Banking and turned over to the FDIC this year.

North Georgia Bank was the 55th Georgian bank closed since the crisis began. Illinois also lost its 40th this week. Community First Bank, Chicago was the 14th bank closed in 2011.

With the three foreclosures in Georgia and Illinois the big four, which includes Florida and California, account for 52% of the 333 banks closed since the crisis began. The four states have lost 174 banks in the three years and one month.

The banking crisis shows little sign of slowing as banks continue to have problems with their balance sheets and capital requirements after years of ignoring the fundamentals of finance or suffering from the downturn caused by the Big Banks that were bailed out by the Treasury Department.

As a result the Deposit Insurance Fund of the FDIC continues to be stretched, with expenses outpacing the inputs from member banks.

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“Georgia Loses 21 Banks This Year!”

Georgia has now lost 51 banks in the crisis which began in ’08.

Chart of Bank Failures

Three Years of the Bank Crisis

On Friday, Georgia lost three more banks and has seen no let up in the foreclosure process. Georgia has suffered the most of any state during the crisis.

Three other states have also struggled over the last three years. Florida (45), Illinois (39), California (33), and Georgia (51) account for 52% of all the FDIC foreclosures since the banking crisis began. Georgia lost 21 banks this year, but Florida lost 29 in 2010. The four states have lost 168 banks of the 322 seized by the FDIC since the beginning of 2008.

The six banks closed this past Friday will cost the Deposit Insurance Fund (DIF) $267 million. Weekly losses have declined from the billion dollar levels in mid-year, but are still significant hits to the Fund.

For the 4th quarter foreclosures will total 30 after a loss of only 21 last quarter.

What will be interesting to observe is the ‘watch list’ which grew to 860 last quarter. Another increase could determine the direction we’re headed in 2011, the 4th year of the crisis.

Despite the recovery 2011 could be accelerating for the FDIC.

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“Bank Failures Surpass 2009 Foreclosures!”

Chart of Banking Crisis

Bank Failures During the Banking Crisis

The FDIC shutters four more banks on Friday passing 2009 total.

No banks were foreclosed by the FDIC on the final Friday in October which was good news. But the four closed last Friday brought the 2010 total to 143, three more than all of last year.

The total number of banks that have failed since the crisis began in 2008 has now climbed to 308.

California, which had escaped foreclosures for over two months, lost two banks in southern California, including the first Vietnamese American bank to fail. They were the 11th and 12th California banks taken over by the FDIC this year and the 32nd and 33rd since 2008.

The week was moderate for the DIF, costing the Fund approximately $250 million for the four foreclosures.

There are still six weeks till the end of the year. At the current rate only 12 to 15 banks will fail bringing the total around 160 for the year and in the vicinity of 320 for the three years since the crisis began.

A spike in bank foreclosures, given the huge number on the ‘problem banks’ list, would be bad for the FDIC and for the economy.

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Posted in FDIC Foreclosures | Comments Off