The FDIC ate six banks Friday night, and 15 for the month of January, exceeding by nine the six it ate in January 2009.
You must be logged in to post a comment.
"There was a time when a fool and his money were soon parted, but now it happens to everybody." —Adlai Stevenson
Inflation in China in Feb rose more than expected as CPI was up 2.7% y/o/y vs the consensus gain of 2.5%. It is the fastest gain since Oct '08. Combining this with Feb loan growth 100b yuan above forecasts at 700b and expectations are rising that the PBOC will soon raise interest rates. The recent underperformance in the CRB index relative to the S&P rally is partially explained by this belief. Retail sales and IP ytd growth rates were about in line with forecasts. Asian stocks were mixed in response to the data but global bond markets are trading lower...
read more »
January 30th, 2010 at 8:16 am
* burp * ah, tasty banks…
January 30th, 2010 at 8:31 am
“Yeah, well, I guess they had it coming. ”
” We all got it coming, kid. “
January 30th, 2010 at 9:28 am
I find it remarkable that Canada has had zero bank failures.
January 30th, 2010 at 9:41 am
BR, Mish and Calculated Risk’s blog postings provide some interesting insight:
http://globaleconomicanalysis.blogspot.com/2010/01/fdic-friday-lotto-another-reason-why.html
http://www.calculatedriskblog.com/2010/01/unofficial-problem-bank-list-increases_29.html
So, why would banks lend if there’s a list out about who’s weak and may be taken over by the FDIC? If they hold out, they could win the “FDIC Friday Lotto”.
January 30th, 2010 at 10:32 am
6 banks closed by FDIC on 1/29 with total estimated cost of $1.85 billion.
This adds upto $3.2 billions cost of bank failures in January of 2010.
Check more numbers on bank failures at :
http://portalseven.com/banks/
January 30th, 2010 at 11:22 am
Ramping UP! The NTBTF are starting to fail.
The Fed supplies virtually free money to the TBTF to mop up the NTBTF who don’t have similar access to the Fed and the TBTF get bigger whilst politicos posture about breaking up the TBTF. And the pols get campaign funding from the TBTFs.
Meanwhile BB and TG labor in secrecy.
January 30th, 2010 at 11:25 am
What ever happened to Tiny Tim’s public-private scam? Nothing I guess.
Haven’t heard anybody talk about what inning we are in. Jamie Dimon said we were in the 7th inning a year ago so we must be in about the 15th now?
January 30th, 2010 at 11:59 am
Jamie Dimon said we were in the 7th inning a year ago so we must be in about the 15th now?
I just hope the economy doesn’t use the “sudden death” playoff provision.
January 30th, 2010 at 2:05 pm
rktbrkr – “the NTBTF are starting to fail”
Hmm… about 150 banks failed last year. Over 100 of them had <1B in assets. I would guess that 90% of them had 30% numbers in Jan. So again, not quite conclusive.
January 30th, 2010 at 6:15 pm
rktbrkr – “the NTBTF are starting to fail” – starting to feel like a meyersbriggs personality test up in this joint…
January 30th, 2010 at 6:51 pm
Rupert Murdock, foreign-born owner of Fox News, just had a Supreme Court ruling that will allow any corporation (who can advertise on his TV station and in his magazine, newspapers and put product placements in his movies) …and… foreign corporations as well…
http://www.nytimes.com/2010/01/22/us/politics/22scotus.html
Just got plenty of recovery help from the Supreme Court ruling allowing any corporation to spend as much as they like to sell political product to Americans. Hello China!
Rupert got his payback, for such even-handed support of the Bush policies that did such a great job for our nation.
Voting has consequences.