Five more bankis were closed this past week-end by the FDIC. I predicted for 2010 that 100 banks would fail. Already, the score is 15 for the year. There are big banks on the list; e.g., First Regional Bank of Los Angeles reported $2.18 billion in assets, though many will undoubtedly be written off. I [...]
Filed under: Banking, Economy, The Ongoing Financial Crisis | 3 Comments »
Last May, I posted that the Economic Cycle Research Institute’s U.S. Long Leading Index had turned up in November 2008. They were correct. The ECRI continues to warn that the U.S. Future Inflation Gauge has been trending upward for the past nine months. Clearly the Fed wants to reinflate the economy, just like the last [...]
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Last year I predicted 100 bank failures in 2009 and was too optimistic. The final count for the year is 140. After closing seven banks in one day on December 18, the FDIC stopped for the year. Besides not wanting to look mean-spirited for closing a bank over Christmas, surely the staff are exhausted from [...]
Filed under: Banking, Economy, The Ongoing Financial Crisis | Tagged: bank banks failure bankruptcy FHA FDIC | 2 Comments »
