The gambling economy – Nevada GDP contracted 6.4 percent during the crisis. A state where 1 out of 4 people is unemployed or underemployed. States trying to balance budgets with gambling and casinos.
Nevada has really taken a hard hit from the current recession. Most Americans at some level have felt the repercussions of the current financial crisis but Nevada has felt the pangs of the crisis much deeper. Nevada now holds the highest unemployment rate of any state in the country. Nevada’s GDP is $131 billion with […]
FDIC and US banking industry continued insolvency – 11 percent of US banks are labeled as troubled financial institutions. CEO on the record of exporting American middle class.
The US banking system is largely a system based on consumer confidence. You would require the confidence of Zeus if you had $13.3 trillion in assets backed by an FDIC Deposit Insurance Fund (DIF) that is practically insolvent. Even as the stock market solidly recovers to the green the state of the average American’s financial […]
Retirement account fantasy and middle class erosion – 1 out of 3 Americans has zero dollars in a retirement account. From 1950 to 1989 top 1 percent earned roughly 7 to 8 percent of nationwide income. Today it is inching closer to 20 percent resembling pre-Great Depression levels.
Many Americans live precariously close to the edge of financial insolvency flirting with economic disaster daily. If you casually browse mainstream articles and watch any amount of television you would think that the US still had a vibrant and strong middle class. When we pull back the covers on the current financial situation we realize […]
The era of mega banks – The growth of too big to fail. American banking system still backing over $13 trillion in assets with a negative deposit insurance fund. 7,760 banks but 19 banks make up 50 percent of the asset base.
The growth of the too big to fail bank is something that is modern to this era. In the 1990s there were fewer than 40 institutions that had total assets above $20 billion. In the late part of the 1980s and 1990s this number was below 20. The peak was reached in 2005 with 55 […]