The International Monetary Fund predicted earlier this year that total losses from the credit crisis could reach almost $1 trillion. So far, banks have only taken about $350 billion in losses.
Commercial banks are also starting to feel the pinch. Eleven have closed so far this year, including Pasadena, Calif.-based IndyMac Bank, which had $32 billion in assets and $19 billion in deposits.
Christopher Whalen, managing director of Institutional Risk Analytics, a research firm, predicts that approximately 110 banks with $850 billion in assets could close by next July. That's out of 8,400 federally insured institutions, he said, which together hold $13 trillion in assets.
Individual customers are starting to get nervous about the financial health of their banks for the first time in generations, he said. Whalen's firm analyzes the safety and soundness of banks for business clients, but began receiving inquiries from individuals in the past two months for the first time, he said.
"If we don't get ahead of this, we are going to face a run on the retail banks by election day," he said.
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The above is the last few paragraphs of a story filed late Sunday by AP.
They had also mentioned that the world's largest insurance company, AIG, is undergoing a forced restructuring.
A big hit is expected Monday in the NYSE. A drop of 300 or more points.
That a modern, intensely wired nation like the US should be undergoing this kind of liquidity crisis is proof positive that global banks and corporations, and their handmaiden, the Federal Reserve, own this country, lock, stock and barrel.
These bailouts and rescues, and the failures of banks, are going to come, not primarily at the expense of the moneyed elite. These swindlers put on their "socialist" clothes when they pass the begging plates.
It will all come out of the hides of the taxpayers, and esp those on fixed incomes or who hold most of their assets in fixed, low yield instruments, like CDs.
And Americans thought all this stuff was behind them.
Something that they could watch on the dumbdown tube at Christmas, as Jimmy Stewart gets an angelic visit to save the town's bank.
Those who put at least some of their assets into gold and other precious metals may have made the best bet of their lives. It may not appreciate vis a vis buying power, but gold has never depreciated vis a vis buyer power.
Protections of assets, not greed, should now be the average person's major concern. (Tho of course wise guys and the plain lucky always make money during financial collapses.)
Government is not on your side, but on the side of the folks who live in the mansions and own strings of polo ponies.
Welcome to the 21st century, suckers.
Commercial banks are also starting to feel the pinch. Eleven have closed so far this year, including Pasadena, Calif.-based IndyMac Bank, which had $32 billion in assets and $19 billion in deposits.
Christopher Whalen, managing director of Institutional Risk Analytics, a research firm, predicts that approximately 110 banks with $850 billion in assets could close by next July. That's out of 8,400 federally insured institutions, he said, which together hold $13 trillion in assets.
Individual customers are starting to get nervous about the financial health of their banks for the first time in generations, he said. Whalen's firm analyzes the safety and soundness of banks for business clients, but began receiving inquiries from individuals in the past two months for the first time, he said.
"If we don't get ahead of this, we are going to face a run on the retail banks by election day," he said.
___
The above is the last few paragraphs of a story filed late Sunday by AP.
They had also mentioned that the world's largest insurance company, AIG, is undergoing a forced restructuring.
A big hit is expected Monday in the NYSE. A drop of 300 or more points.
That a modern, intensely wired nation like the US should be undergoing this kind of liquidity crisis is proof positive that global banks and corporations, and their handmaiden, the Federal Reserve, own this country, lock, stock and barrel.
These bailouts and rescues, and the failures of banks, are going to come, not primarily at the expense of the moneyed elite. These swindlers put on their "socialist" clothes when they pass the begging plates.
It will all come out of the hides of the taxpayers, and esp those on fixed incomes or who hold most of their assets in fixed, low yield instruments, like CDs.
And Americans thought all this stuff was behind them.
Something that they could watch on the dumbdown tube at Christmas, as Jimmy Stewart gets an angelic visit to save the town's bank.
Those who put at least some of their assets into gold and other precious metals may have made the best bet of their lives. It may not appreciate vis a vis buying power, but gold has never depreciated vis a vis buyer power.
Protections of assets, not greed, should now be the average person's major concern. (Tho of course wise guys and the plain lucky always make money during financial collapses.)
Government is not on your side, but on the side of the folks who live in the mansions and own strings of polo ponies.
Welcome to the 21st century, suckers.
