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In less than two months, regulators have seized 13 banks. Experts think many more banks will collapse before the financial crisis is over.
NEW YORK (CNNMoney.com) -- If it's Friday, there must be a bank failing somewhere across the country.
For five consecutive weeks, industry regulators have seized control of a bank after the market closed on Friday, bringing the total number of failed banks so far this year to 13.
To put that into perspective, 25 banks failed in 2008, suggesting that the rate of failures is quickening as the economic crisis deepens.
"We'll have a banner year [of failures] this year," said Stuart Greenbaum, retired dean and professor emeritus at the Olin Business School at Washington University in St. Louis.
At the current rate, nearly 100 institutions-- with a combined $50 billion in assets -- will collapse by year's end.
But with more consumers and businesses likely to default on loans as the recession drags on, some industry observers think the pace of bank failures could accelerate further.
NEW YORK (CNNMoney.com) -- Stocks tumbled Friday afternoon, with the Dow Jones industrial average floundering at 6-year lows, as worries about the financial sector sparked a broader retreat. The Dow Jones industrial average (INDU) slid 200 points, or 2.7%, with 2-1/2 hours left in the session. The S&P 500 (SPX) index lost 228 points, or 2.9%. The Nasdaq composite (COMP) fell 23 points, or 1.6%.
Originally posted by marg6043
Just out of Washignton, "they will keep American banks private" while forcing tax payer to pay for their loses with bail outs.
This is just fantastic.
TESTIMONY OF JONATHAN MAY
Jonathan May formerly worked for the International Monetary Fund in
England. In the early 1980s he came to America with a plan to release
Americans from debt to the banking system by employing the same
"credit creating" system used by international banking. The law
governing this system is the Uniform Commercial Code (UCC). May was
initially successful. Eventually, however, he was targeted and
imprisoned by the banking system. He is now in a Federal prison in the
midwest. While in prison he was interviewed by Lindsey Williams via
phone. The following is the text of that interview.
"There are thirteen families which effectively control the central
banks of the hard currency countries of the world. The hard currency
countries are those whose currency is not allowed to fluctuate as much
as the other countries' currency fluctuates. These thirteen families
have the control of the policy-making and decision-making of the
central banks of
those countries. They all practice fractional reserve banking.
Who actually controls the Federal Reserve? Who are the stockholders of
this private corporation? In a legislative session regarding
abolishing the Fed, the following eight family banks were named as the
owners of the Federal Reserve:
Rothschild Banks of London and Berlin
Lazares Brothers Banks of Paris
Israel Moses Seif Bank of Italy
Warburg Bank of Hamburg and Amsterdam
Lehman Brothers Bank of New York
Chase Manhattan Bank of New York
Kuhn, Loeb Bank of New York
Goldman, Sachs Bank of New York.
In his book, "To Seduce a Nation" Lindsey Williams lists the same 8
We Are Watching You Watching US Watching You. And We are curious as to whether it is your policy to Do as Johnathan Mays has proposed. And, if the current crisis' and past administration's since the Snedley Butler FDR incident, the New Deals, and the creation of Joint Trust's, by the same Rockefeller's who then had them banned, the creation of Fractional Reserve Banking and the Federal Reserve, the IRS, National ID Debit System, Star Wars banking Satellites, such as the bright one that now seems like a planet or star it is so bright, etc, and the buying up of forclosed homes, the stimulation of home purchases,etc. by those in a high unemployment crises, the Monday Asian market problem with trillions of dollars buying up US Dollars and devaluating foreign currencies and stocks, by a foreign banking interests', only to buy up the devalued currencies and dollars plunging the value of the US dollar while profiting from the rise of the devalued currencies and stock's in a controlled usary engineered market slide with a market controlled by 75% US Dollars, are all tied together in the alleged System 2000 plan of Global Federal Reserve financial takeover of the globe and the crash of Capitolism to a more Communistic system which is more favorable to the Federal Reserve Banks? Well, are all of these things part of your real policy or is it all coincidentally just got the appearance of a conspiracy in that all of these things are clearly occuring whether due to the stated reasons or not. And if the Mid East wars are tied into that, as well as the US sponsored coups and dictatorship's since the 1930's. And, if we are surrendering our natural resources in perpetuity to the Federal Reserve, are people and their children consider natural resources, as well as intellectual and physical property of the US? And, is this all in place to deliberately crash the Global Economy of the US and our Allies, the World over? If so, is it constitutional to create holding companies to hold Arabian Dollars, etc. which are designed to go bankrupt deliberately. In fact is any of it Constitutional at all? And, if such things are not part of the US Treasury's Economic Policy, is it incompetance not to protect the US from such threats, as they are provably taking place? And, what rights do Citizen's have against the US and Federal Reserve, if such things come into existance and we are offered credit in place of currency, especially if Propogandists begin to tell us it will prevent drug trafficker's as they will have no cash, and will prevent tax evasion, despite there being not one single Law making failure to pay tax illegal, and penalizing only the middle class. Since clearly aristocracies never liked the capitalist middle class wealth and power rivalling their own and are obviously on a path to transfer wealth from the public to the private sector and turn the elected officials into a monarchy type system. Paranoia develops a keen eye for things in reality a normal eye would overlook and rosy delusions would tend to ignore. We are not in the habit of denying ignorance. We are curious, is it your official position that such treason is or is not part of your official economic policy. I do not fear asking questions, I fear not having asked them. The response means little next to the importance of the official position being on the record. The people are allowing too much to take place in their names, and, a well informed public is a well informed opinion, would you not agree? You can find the Johnathan Mays prison Interview at www.vinesbranch.com/view/?pageID=60862 Granted he's in jail, but, since the Book of Psychopolitics, Psyops, Guerrilla Cell psycho manuals, the 1928 work of Edward Bernay's Propoganda, the use of it to sell WAR WORLD 2 and all conflicts and wars since , and is overuse, and poorly at that, by those who write text books, journals, experts and falsified case studies and official looking forgeries, Media like tv radio and internet, CGI and all that techno jazz, well, it disintoxifies people to see past it and builds a high tolerance to it after time, which I guess is a plus for us, bad for the US- Corporate sponsored Propoganda's of Public Affairs and Policy, but, since we see past all of that. We would like to know, are we being tricked into funding the System 2000, or, similiar policies, like in the 80's and our more recent gas hikes, and by buying up real estate which will ultimately foreclose and remove Equity from the majority of homeowners? Is there an organized bankruptcy and collapse epidemic underway, whereby the benevolent banksters in a move straight out of Machiavelli/ Helgian 101 logic will be the Instigator, fuel both sides, wait for the fall out, sweep in like the source of resolve? Like when the CIA gave arms and drugs to the bloods and crips and set off a bloodbath, justifying their war on drugs and control of guns. I am Athiest, rational, and unfeeling. And, even I know it's not unhealthy to be concerned.
Originally posted by liquidsmoke206
So should I pull all my money and go buy some silver? I should huh?
Originally posted by Make Speed Limit 45
reply to post by carole9999
We can bring the corrupt govt officials and banksters to their knees quite easily if we the people practice jury nullification. If some guy is charged with attacking or even killing one of the elite gangsters, juries need to say not guilty even if they thing he is guilty.
That will scare the crap out of our "leaders".