Comments on: Bank Failures reported by FDIC

By: matt

matt — Mon, 06 Jul 2009 22:32:22 +0000

@leftback:

I’d like to kick Blankfein in the bag.

By: pravin404

pravin404 — Mon, 06 Jul 2009 21:08:10 +0000

Record 7 banks closed on Thursday by FDIC.
77 banks failed since 2008, 25 in 2008 and 52 in 2009 till now.
6 banks were closed only in Illinois.
Today Illinois has most number of bank failures with 12 bank failures till now this year.
This follows by Georgia with 9 and California with 6 banks failures.

Check the list of all the failed banks at :
http://portalseven.com/Failed-Banks-2009

And on google map see where the banks are failing at :
http://portalseven.com/finance/Failed_Banks_Map_2009.jsp

By: leftback

leftback — Mon, 06 Jul 2009 19:09:17 +0000

Manny, try to do extra work on the Blankfein bag.

By: Mannwich

Mannwich — Mon, 06 Jul 2009 18:48:05 +0000

@leftback: I’m with you on The Fall in the fall part deux (or “The Hunt for Red October” if you will). In the meantime, more boring stuff today. Off to run some errands and get a workout in.

Need to go out and buy some boxing gloves and wraps for my ultimate boxing class (no joke). A very therapeutic way of relieving stress!

By: leftback

leftback — Mon, 06 Jul 2009 18:36:54 +0000

By October peep will have remembered that stocks are not backed by the full faith and credit of the US government.
Not even GS.

By: Steve Barry

Steve Barry — Mon, 06 Jul 2009 18:07:40 +0000

If you want apples to apples, rate the failures by dollar amount and inflation adjust it. With tthe debt load we have now, this is just the beginning.

By: Bruce N Tennessee

Bruce N Tennessee — Mon, 06 Jul 2009 18:07:35 +0000

@constant:

Yep, that is pretty much how I see this trip too. As a fiscal conservative, I won’t ever be in favor of these policies..but he won fair and square…I wish he’d postponed this trip until he’d had another year in office…but he didn’t and here’s hoping he does ok…my posts this morning are basically this seems like deja vu…and Roosevelt was much more seasoned when he took on Stalin and look how well he made out…

By: constantnormal

constantnormal — Mon, 06 Jul 2009 17:52:37 +0000

@Bruce — you would enjoy the cover of this week’s Economist …
http://www.economist.com/images/covers/currentcoverus_large.jpg

By: ben22

ben22 — Mon, 06 Jul 2009 17:04:38 +0000

@LB:

re: 12:46, agree with that. Muni’s are going to have a lot of problems in the next 12 months.

We should be noting, that while the media spins green shoots and “better than expected” talking points from weak but not as weak as before economic data these things (52 banks go down in 09 vs. 25 in 2008) are going on which will help drive the next major shift in social mood.

This shift in social mood will lead the stock market, and I don’t think the shift in mood will be for the better, no, that’s what’s been going on since March.

ZSL opens above $10 today! Still like the $$ here as well. Might look to pick up a few energy names here and there for a trade due to the beatdown many have been taking lately. Might look at something like CHK as an example.

By: leftback

leftback — Mon, 06 Jul 2009 16:46:43 +0000

@constant: Corporate and muni defaults are the only reason to buy Treasuries.

Because when the sh*t hits the fan, this is the way the credit markets work, people are always trying to trade the spread between Treasuries and other instruments, so when a flight to quality begins, govies are the beneficiaries. Cue more government spending, Tsys sell off again, green shoots etc.. rinse and repeat.