The big banking sham and how the recession is over for the top 1 percent – Top 1 percent of banks control 80 percent of banking assets while household net worth is down $12.3 trillion from the peak.
The headlines read that the recession is over. In fact, the recession has been deemed over since June of 2009 by the National Bureau of Economic and Research (NBER). Yet the fact of the matter is working and middle class Americans are solidly in a deep recession. There was a town hall that was televised […]
FDIC flashes SOS – 1,000 bank failures before recession is over – FDIC not too far away from tapping into U.S. Treasury $500 billion taxpayer lifeline. Georgia leads the pack with 40 bank failures since 2008.
By the end of the recession, there will be approximately 1,000 bank failures. Does this sound extreme? It should but the numbers don’t cover the entire story. Since 2008 the number of bank failures has reached 269 and this doesn’t include consolidations done through the FDIC where bigger banks ate up smaller banks before they […]
FDIC massive problems ahead with smaller bank failures. 105 banks hold 77 percent of all banking assets. $10 trillion held in too big to fail while 775 banks appear on the FDIC problem list.
The FDIC went ahead and closed another handful of banks this Friday. It really is a rare day to see 400,000+ jobs added and the market retreat so significantly. A large part of the gains came from temporary Census hiring which peaked last month. If the economy were really recovering banks wouldn’t be failing on […]
The Futile Act of Saving in America Today – No Money Down Car Purchases, Low Down Payment for a big Mortgage, and High Interest Credit Cards for Everyday Spending.
This recession did change spending, at least for a few months. When the recession hit Americans had a negative savings rate, the first time ever we had the ability to spend more than we actually brought in. As the recession progressed, Americans did start saving and we took the personal savings rate to 6% (this […]