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The "up-to-the-minute Market Data" thread

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posted on Mar, 20 2009 @ 06:46 PM
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TeamBank, National Association, Paola, KS March 20, 2009 March 20, 2009

Colorado National Bank, Colorado Springs, CO March 20, 2009 March 20, 2009

up to 5 now...anyone for 6???





posted on Mar, 20 2009 @ 06:46 PM
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Just off the wire

Regulators seize two large credit unions:

U.S. Central and WesCorp.

This will not go over well on Monday...

Story on www.cnbc.com

EDIT: Sorry didn't read page before it.

[edit on 20-3-2009 by RetinoidReceptor]



posted on Mar, 20 2009 @ 06:48 PM
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reply to post by DangerDeath
 


Yes, I would agree with that. The money that is being printed is being printed to replace debt which never really existed. When it was defaulted on it went back to non-existence and it should be left there. It's what's called 'Monetizing Debt', highly inflationary. Once the money's printed it has an amazing ability to find its way into everything everyday people need.



posted on Mar, 20 2009 @ 06:48 PM
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reply to post by DangerDeath
 


I like your sense of humor!

And Elvis is very cool as well!

Thanks for cheering me up a bit.

Guess the "credit union" situation will start to freak out some of the posters on other ATS threads: many were asking "where to put their money" after removing it from the banks and credit unions were "suggested" to be totally safe.

"Monday Monday, can't trust that day,
Monday Monday, sometimes it just turns out that way..." Mammas and Papas

It's going to get dicey.



[edit on 20-3-2009 by irishchic]



posted on Mar, 20 2009 @ 06:50 PM
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off-topic post removed to prevent thread-drift


 



posted on Mar, 20 2009 @ 06:52 PM
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Boy getting hard to keep up tonite...

Press Releases
--------------------------------------------------------------------------------

Great Southern Bank, Springfield, Missouri, Assumes All of the Deposits of Teambank, National Association, Paola, Kansas

FOR IMMEDIATE RELEASE
March 20, 2009 Media Contact:
David Barr (202) 898-6992
Cell: (703) 622-4790
E-mail: dbarr@fdic.gov


Teambank, National Association, Paola, Kansas, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Great Southern Bank, Springfield, Missouri, to assume all of the deposits of Teambank.

The 17 offices of Teambank will reopen as branches of Great Southern Bank on Saturday. Depositors of Teambank will automatically become depositors of Great Southern Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Great Southern Bank can fully integrate the deposit records of Teambank.

Over the weekend, depositors of Teambank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2008, Teambank had total assets of $669.8 million and total deposits of $492.8 million. Great Southern will assume $474 million in deposits and the FDIC will pay out $18.8 million directly to the broker. In addition to assuming all of the deposits of the failed bank, Great Southern Bank agreed to purchase approximately $656.5 million in assets at a discount of $100 million, and pay a 1 percent premium on deposits. The FDIC will retain the remaining assets for later disposition.

The FDIC and Great Southern Bank entered into a loss-share transaction. The FDIC will share 80/20 percent in the losses with Great Southern Bank on approximately $450 million in assets covered under the agreement. The loss-sharing arrangement is projected to maximize returns on the covered assets and to minimize disruptions for loan customers.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-830-4697. The phone number will be operational this evening until 9 p.m., CDT; on Saturday from 9:00 a.m. to 6:00 p.m., CDT; on Sunday from noon to 6:00 p.m., CDT; and thereafter from 8:00 a.m. to 8:00 p.m., CDT. Interested parties can also visit the FDIC's Web site at www.fdic.gov...

The FDIC estimates that the cost to the Deposit Insurance Fund will be $98 million. Great Southern Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Teambank is the twentieth FDIC-insured institution to fail in the nation this year and the first in the state. The last FDIC-insured institution closed in Kansas was The Columbian Bank and Trust Company, Topeka, on August 22, 2008.

Teambank was affiliated with Colorado National Bank, Colorado Springs, which was also closed today by the Office of the Comptroller of the Currency. The FDIC entered into a separate transaction with Herring Bank, Amarillo, Texas, to assume the banking operations of Colorado National Bank.

================================
Press Releases
--------------------------------------------------------------------------------

Herring Bank, Amarillo, Texas, Assumes All of the Deposits of Colorado National Bank, Colorado Springs, Colorado

FOR IMMEDIATE RELEASE
March 20, 2009 Media Contact:
David Barr (202) 898-6992
Cell: (703) 622-4790
E-mail: dbarr@fdic.gov


Colorado National Bank, Colorado Springs, Colorado, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Herring Bank, Amarillo, Texas, to assume all of the deposits of Colorado National.

The four offices of Colorado National will reopen as branches of Herring Bank on Saturday. Depositors of Colorado National will automatically become depositors of Herring Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers of both banks should continue to use their existing branches until Herring Bank can fully integrate the deposit records of Colorado National.

Over the weekend, depositors of Colorado National can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of December 31, 2008, Colorado National had total assets of $123.5 million and total deposits of $82.7 million. In addition to assuming all of the deposits of the failed bank, Herring Bank agreed to purchase approximately $117.3 million in assets at a discount of $4.2 million, and pay a 1 percent premium on deposits. The FDIC will retain the remaining assets for later disposition.

The FDIC and Herring Bank entered into a loss-share transaction. The FDIC will share 80/20 percent in the losses with Herring Bank on approximately $62 million in assets covered under the agreement. The loss-sharing arrangement is projected to maximize returns on the covered assets and minimize disruptions for loan customers.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-830-4698. The phone number will be operational this evening until 9:00 p.m., MDT; on Saturday from 9:00 a.m. to 6:00 p.m., MDT; on Sunday from noon to 6:00 p.m., MDT; and thereafter from 8:00 a.m. to 8:00 p.m., MDT. Interested parties can also visit the FDIC's Web site at www.fdic.gov...

The FDIC estimates that the cost to the Deposit Insurance Fund will be $9 million. Herring Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's Deposit Insurance Fund compared to alternatives. Colorado National is the nineteenth FDIC-insured institution to fail in the nation this year and the first in the state. The last FDIC-insured institution closed in Colorado was BestBank, Boulder, on July 23, 1998.

Colorado National Bank was affiliated with Teambank, Paola, Kansas, which was also closed today by the Office of the Comptroller of the Currency. The FDIC entered into a separate transaction with Great Southern Bank, Springfield, Missouri, to assume the banking operations of Teambank.
that's 3 banks and 2 CU's now for those keeping track...




posted on Mar, 20 2009 @ 06:53 PM
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reply to post by Hx3_1963
 



Damn...you are amazing,seriously.
Also really getting the scoop on what's going down,THANKS!



posted on Mar, 20 2009 @ 06:59 PM
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reply to post by Donny 4 million
 


Once again, please let those of us who are here to learn and read do just that. Without the rude and bullying comments.



posted on Mar, 20 2009 @ 06:59 PM
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reply to post by HimWhoHathAnEar
 


There is a HUGE difference between HYPER inflation and a regular inflation environment.

Hyper-inflation is Zimbabwe

Inflation is something we will see probably by next year - and it will be worse than what we experienced in the 1970's.

But, Hyperinflation is not in our future - yet.

until there is a mechanism in place to put paper dollars into the hands of the people, whether through wages or .gov handouts - HYPERinflation will not occur.

See, even though it appears that the monetary base is rising - it is ALL .gov spending - it is not going to the pockets of people who buy things.

People don't have money - hyperinflation cannot occur - that is my only point.

You may have been referring to a rapid rise in inflation - rather than actual hyperinflation - and just used the wrong terminology. It seems to be a common mistake by many people these days
If so, please don't be offended with me taking the time for others reading the thread to make clear the difference between regular inflation and hyper inflation.



posted on Mar, 20 2009 @ 07:03 PM
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Ouch the carnage has started. It would appear that perhaps things weren't as peachy as they where alluding to. If this keeps up Monday will definately be fugly.
Oh Wells fagro is going to be letting some more people go too. Things have been getting "very" stressful over there.



posted on Mar, 20 2009 @ 07:03 PM
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reply to post by irishchic
 
Yeah hope they don't get to my CU!!!

Getting close US midwest....





posted on Mar, 20 2009 @ 07:04 PM
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Originally posted by redhatty


Inflation is something we will see probably by next year - and it will be worse than what we experienced in the 1970's.



12 to 13 % wasn't it ?

I question because im not 100%



posted on Mar, 20 2009 @ 07:04 PM
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Originally posted by xoxo stacie
Oh Wells fagro is going to be letting some more people go too. Things have been getting "very" stressful over there.


WFC is letting some employees go? Link please?



posted on Mar, 20 2009 @ 07:06 PM
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reply to post by redhatty
 


Could the money in people's hands perhaps be a reason for the massive credit pull back? Seems plausible being they started doing it when the huge influxes started to hit the books.



posted on Mar, 20 2009 @ 07:10 PM
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reply to post by RetinoidReceptor
 


My friend is a bank manager for them and has seen several from other branches here in north cali and she had to let 3 more go.Mostly they where tellers and one loan officer. Right now the only day they have more than 2 tellers and two managers is Friday and Saturday.



posted on Mar, 20 2009 @ 07:10 PM
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reply to post by redhatty
 



But, Hyperinflation is not in our future - yet.


Then I will leave the distinction between high inflation and hyperinflation to you, it is a dubious one. That's why most countries that have experienced it have reported that no one saw it coming and it hit like a freight train.

I am not at all offended, a little surprised by your initial post, but I don't mind a little surprise time to time and always enjoy a challenge to discuss.



posted on Mar, 20 2009 @ 07:11 PM
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reply to post by Seany
 


Peaked at 14% during 1980-81 but started at 4-5% during 1969-70

That was the only peacetime inflation period in US history



posted on Mar, 20 2009 @ 07:14 PM
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Congress Help Urged to Avert CU Meltdown

Banking and credit union leaders implored lawmakers yesterday to give regulators vast new financial resources to help stabilize the nation's depository system.
I found this posted todays date...

I'll try to find more on it and post...



posted on Mar, 20 2009 @ 07:14 PM
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off-topic post removed to prevent thread-drift


 



posted on Mar, 20 2009 @ 07:20 PM
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reply to post by HimWhoHathAnEar
 


For now the solution that goes against inflation is letting go of people. If that wasn't the case, there would be either cuts in salaries, or inflation.



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