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Feds shut banks in Georgia, Colorado, Kansas

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posted on Mar, 20 2009 @ 10:44 PM
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Feds shut banks in Georgia, Colorado, Kansas


apnews.myway.com

Regulators on Friday shut down banks in Georgia, Colorado and Kansas, marking 20 failures of federally insured banks this year. More are expected to succumb to the prolonged recession. The Federal Deposit Insurance Corp. was appointed receiver of the failed banks. FirstCity Bank of Stockbridge, Ga., had about $297 million in assets and $278 million in deposits as of March 18.
(visit the link for the full news article)




posted on Mar, 20 2009 @ 10:44 PM
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Here it comes people, the banks are being shut down as the system literally fails from within. This is interesting that 20 different banks are going belly up, yet our illustrious President is giving the banks more money to lend to American's who are already having their house foreclosed on, their vehicles repossessed, and being kicked out on their butts.

The "Bailout" is nothing more than a scam perpetrated on the American people, because anyone with an ounce of common sense knows, if you're already having trouble paying bills, you do not want yet another loan, to get out of debt.

apnews.myway.com
(visit the link for the full news article)



posted on Mar, 20 2009 @ 11:37 PM
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I fear that only 20 banks may just be the beginning and I think the FDIC shares that fear according to this article from a few weeks ago:

Bill Seeks to Let FDIC Borrow up to $500 Billion

For those that might not understand the FDIC insures your deposits at your bank. In other words, if the bank fails then you, presumably, won't lose all the money you had in the bank. Now, if the FDIC is looking to borrow $500 BILLION (!!) dollars it doesn't show them having a lot of faith in our banks right now.

What's worse is that they only want to borrow it until 2010 which means they're predicting that if the crap really hits the fan it'll happen this year.



posted on Mar, 21 2009 @ 12:09 AM
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reply to post by Shadowflux
 


That's right. That's exactly what the F.D.I.C. does.

Thanks for the post. Be sure to read to Wikipedia link I provided, to understand more of what this organization does, and how it's involved in the whole process.



posted on Mar, 21 2009 @ 12:59 AM
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I would have thought, they needed more money now, to cover increasing deposits into insured type of accounts.
People moved there money from non insured accounts into savings accounts.
That could explain there need for ready capital to match what is there.



posted on Mar, 21 2009 @ 01:17 AM
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Originally posted by CaptainCaveMan
I would have thought, they needed more money now, to cover increasing deposits into insured type of accounts.
People moved there money from non insured accounts into savings accounts.
That could explain there need for ready capital to match what is there.


So, what would explain their only needing the 'ready capital' until 2010? Do they foresee the People then moving their monies into 'uninsured' accounts in 2010? Maybe I'm missing something, but it seems like a ballsy risk to me (on both sides).



posted on Mar, 21 2009 @ 08:33 AM
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Originally posted by SourGrapes

Originally posted by CaptainCaveMan
I would have thought, they needed more money now, to cover increasing deposits into insured type of accounts.
People moved there money from non insured accounts into savings accounts.
That could explain there need for ready capital to match what is there.


So, what would explain their only needing the 'ready capital' until 2010? Do they foresee the People then moving their monies into 'uninsured' accounts in 2010? Maybe I'm missing something, but it seems like a ballsy risk to me (on both sides).


More than likely this will be when they try to institute the Amero utilizing the nefariously preplanned North American Union.



[edit on 21-3-2009 by SpartanKingLeonidas]



posted on Mar, 21 2009 @ 09:44 AM
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this show that things are about to get way worst. all these banks shutting down are transfering bad assets and debt to the next bank down the line. these toxic assets are getting worst and hemorging banks at an insane rate. all were doing is prolonging it by passing around toxic assets and debt that are bankrupting institutions.....were putting band-aids on axe wounds. this problem wont be fixed until all the debt abd toxic assets are thrown out.



posted on Mar, 21 2009 @ 10:47 AM
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Well, to play "Moderate's Advocate" ( I made that up) I would say that they only need to borrow the money until 2010 because they want it "just in case" but they aren't 100% sure that they're going to really need it. If you look at this one way it could be good news, you could read it as saying that the FDIC feels this whole debacle will be over with and we'll be back to a stable economy by 2010.

However, I am usually a bit of a pessimist and can't really see a reason why everything will be back to normal in a year.

EDIT: Just in case you were wondering, the FDIC is looking to borrow the money from the Federal Reserve, also known as the Fed. The "Fed" is chartered by the Bank of England, I believe, and therefore would become a debtor to the FDIC to the tune of $500 Billion dollars. This, of course, begs the question:

How does the FDIC intend on paying back their debt to the Federal Reserve?

EDIT II: The FDIC's current line of credit, or debt in other words, to the Fed is currently about $30 Billion. An increase to $500 billion is quite significant.

Also, the guy responsible for the bill allowing the loan is non other than Chris Dodd, the same man responsible for including AIG's bonuses into it's bailout bill. He's also the same man who received more money from AIG than did Obama.

[edit on 21-3-2009 by Shadowflux]

[edit on 21-3-2009 by Shadowflux]



posted on Mar, 21 2009 @ 12:33 PM
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and more...

2 corporate credit unions taken over by government

finance.yahoo.com...



posted on Mar, 21 2009 @ 02:23 PM
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This is just getting sadder and sadder. And the schemes and scams keep on rolling.



posted on Mar, 21 2009 @ 02:40 PM
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reply to post by SpartanKingLeonidas
 



They've been rolling for a while now, since at least 2006 when the fed stopped producing the M3 aggregate report, an action which Mr. Ron Paul tried to stop.

Read more about it in my thread



posted on Mar, 21 2009 @ 02:50 PM
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Originally posted by SpartanKingLeonidas
Here it comes people, the banks are being shut down as the system literally fails from within.


And this is what you wanted aint it? Those banks just to "be allowed to collapse" ?


This is interesting that 20 different banks are going belly up, yet our illustrious President is giving the banks more money to lend to American's who are already having their house foreclosed on, their vehicles repossessed, and being kicked out on their butts.


Wait hold on this stimulus package as suppose to help out those americans in trouble and this nation, yet you folks call that SOCIALISMISMS. What are you saying now? that his ignoring the need of those people when his not? Yet in other threads you dont want him to do anything in the economy??

Can you seriously avoid hypocrisy, please.


The "Bailout" is nothing more than a scam perpetrated on the American people,


Go post a fringe thread telling us why. In the mean time it will take longer than a year to see the effects of the stimulus and the policies from this administration before any of us can talk.


because anyone with an ounce of common sense knows, if you're already having trouble paying bills, you do not want yet another loan, to get out of debt.


Left alone the economy will grow in debt regardless. The stimulus, which will take afew years to see effects of, was designed to invest in mainstreet in an effort to bring many areas above economic slumps.

If the president does something, his an evil corrupt "socialismisms" but if he did exactly what the ideology of "do nothings" did, that is leave the economy as if, there would be twice as much threads from fringers like yourself.

Damned if he does, damned if he doesnt. Hateful regardless. Seriously the opinions from the fringe over this matter has become totally irrelevant.



posted on Mar, 21 2009 @ 02:55 PM
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Originally posted by Southern Guardian

Originally posted by SpartanKingLeonidas
Here it comes people, the banks are being shut down as the system literally fails from within.


And this is what you wanted aint it? Those banks just to "be allowed to collapse" ?


I do not believe I have ever stated I wanted this, ever.

I know I hate being lied to, continually, by every single politician, who's ever resided in the White House, as well as Congress, House of Representatives, Governors, Mayors, every single one of them.



posted on Mar, 21 2009 @ 04:06 PM
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reply to post by Southern Guardian
 



Left alone the economy will grow in debt regardless. The stimulus, which will take afew years to see effects of, was designed to invest in mainstreet in an effort to bring many areas above economic slumps.


Do you have a stimulus bill the rest of us don't? It has no investments in it for mainstreet, just a lot of growing the government bigger and handing money to institutions like the Banks and AIG so they can keep their foreign lines of credit in good standing.

I challenge you to find one clear piece of legislation or example that restores manufacturing and private enterprise in the stimulus bill that is not in the form of a tax cut to existing manufacturers and private enterprise or some minscual amount being added to the small business loan administration.

The country needs real job growth and wealth that can only be accomplished through creating real viable manufacturing to create exportable goods for hard currency.

The effects of this bailout longterm will only deepen and prolong the process and as I have stated to you in other threads you don't have one chart, one graph or one historical occassion to point to where creating more debt just to maintain current debt has ever worked.

All that is being done in these bailouts is to propup the financial and insurance segments tied into the global economy, whose failure will have an impact on the global economy and to grow the government bigger and more powerful.

History is full of examples on why initiatives like the bailouts don't work and cause more harm than good. See if you can find one example where it has.

I don't believe you can, which is why all you can do is minimize American's plight into a peronality issue over the figurehead supposedly in charge of it.

You really should open your eyes a bit more my friend. Playing the blame game and putting blind faith in actions that have always historically been damaging for the sake of a beloved politician is not a solution to the nation's woes, it's a solution to your insecurities and vanities.



posted on Mar, 21 2009 @ 05:23 PM
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gee let's see the government picks out which bank will fail and which won't sounds like eventually the government will control the banks and everything else,sure smells like socialism to me



posted on Mar, 21 2009 @ 09:26 PM
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Some really gret replies so far. Keep them coming.



posted on Mar, 21 2009 @ 11:06 PM
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The loans are not to bail anyone out of debt. This is a population appeazing myth. The loans are for corporations so that they can expand and absorb failing competators, and gain an edge in the next cycle.

It is the time wherein the rich get richer. Most people mistakenly think that happens during times of prosperity.

What I find incomprehensible is how they intend to maintain the all important corporate enitites while sacrificing the human entities which are required if they wish to sell their products. They never seem to consider that you need someone to sell the product to.

I suppose they aggrigate the number of customers worldwide these days. So they do not so much care how many are run beneath the wheels of progress in any particular geographic location. Not as long as in the long run they own a larger market share in Hell.



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