Europe’s Sovereign Debt Crisis

The collpase of stocks in Europe today shows that the European bank crisis over sovereign debt is deteriorating quickly.   When the debt-ceiling deal was announced, the stock market sold off.   The market understood that the deal was one more can kicked down a road filled with cans.   I sold some really good stocks before they dropped further.   [...]

157 Banks Failed in 2010

In 2010, 157 banks failed. These banks had $92 billion in assets. I predicted in January 2010 that 150 would fail. Given the liquidity that the Fed has dumped into the financial, for 2011, I predict that only 100 banks will fail. Meanwhile, the FDIC is vigorously enforcing the Community Reinvestment Act . In January, [...]

Bank Failures Reach 151 for the Year

I predicted in January that 150 banks would fail. The number reached 151 on Friday when Earthstar Bank of Pennsylvania fell to earth and Paramount Bank of Michigan failed. Neither was particularly large. There may be closures next Friday, but after that, given the holidays, I expect no closures.

Bank failures reach 149 for the year

First Banking Center, Burlington, WI, Allegiance Bank of North America, Bala Cynwyd, PA and Gulf State Community Bank, Carrabelle, FL all failed yesterday, bringing the total of bank failures for the year to 149. This is the first failure of a Pennsylvania bank this year, but number 28 for Florida, showing the continuing real estate [...]

Another seven banks failed today: 139 banks failed so far this year

139 banks failed so far this year.

FDIC “Problem” Banks At New High of 829 Institutions

The number of problem banks hit a new high, 829. This is in spite of the number of institutions dropping from 7,934 to 7,830 as institutions merged or were closed. Maybe the rate of increase is slowing.

125 Banks Have Failed and the Third Quarter Isn’t Over

The third quarter is not over, and 125 banks have failed this year. Last Friday, six more went under. On January 14 of this year, I forecast that 100 banks would fail in 2010 On January 31, I jumped the forecast to 150. At the time, I reaceived e-mails which suggested that I was too [...]

Bank Failure #83 for This Year

Nevada Security Bank, in Reno, Nevada, was closed by the FDIC on Friday. That’s Bank Failure #83 for 2010. At this time last year, there were 40 failures. Looks like my forecast of 150 failures this year, raised from 140 at the start of the year, will be on the low side. Umpqua Bank acquired [...]

The Lords of Finance

I am currently in early 1929. Jeremiahs from Joe Kennedy and Bernard Baruch to some guy in England named Keynes are warning how the US stock market bubble is extremely dangerous, and interest rates should be raised.

15 Banks Failed in January

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 [...]