Robin Hood is sick

This is nuts – but it’s just like all the other government Ponzi schemes.  I just read an article on CNN about the FDIC taking money from large banks in order to have enough funds to bail out failed banks – which have been mainly smaller banks. The article says  “A lot of large banks […]

FDIC Friday – 2 more banks failed

If it’s Friday, there must be a bank failure….  The FDIC shut down two more banks yesterday, bringing the total of failed banks to 15 for the year. In case you’re wondering, I think this is a good thing.  It’s what we should be doing with all the failed banks.  Instead, we’re spending billions to […]

FDIC increases insurance rates to banks

This just in from the FDIC – banks will now pay more for FDIC insurance for depositors.  To which I say – Duh! When you get home insurance in Florida, you’re going to pay more than you would for the same priced home in say, Tennessee.  That’s because Florida is riskier from an insurance perspective […]

FDIC Friday – Another one bites the dust

The FDIC kept its’ streak unbroken when it closed Silver Falls Bank in Oregon late Friday.  According to CNN, U.S. bank regulators closed Silver Falls Bank on Friday, the 14th U.S. bank to fail this year as the struggling economy and falling home prices take their toll on financial institutions. The Federal Deposit Insurance Corp […]

Just another FDIC Friday

In what has become a Friday tradition, three (I posted this too soon) four more banks bite the dust. has this story on today’s edition of  FDIC Friday. (Added at 9:54pm ET – I posted the FDIC Friday story too soon.  MarketWatch hasn’t updated the story yet, but Pinnacle Bank in Beaverton OR was […]

Financial plan won’t include “bad bank”

According to a report on Reuters, the new “TARP 2.0” bailout package won’t include a provision for a “bad bank”. A so called “bad bank” is an idea that has recently been floated.  In effect, the bad bank would buy up all the toxic crap from other banks, leaving them with nice clean balance sheets.  […]

Another Friday, another 3 banks fail

It’s called “FDIC Friday” for a reason – the FDIC seized three more banks on February 6th, bring the total to nine for the year.  There have only been 6 Friday’s so far in 2009.  6 weeks, 9 failed banks. Here’s a CNN story with details of the failures. The failed banks are FirstBank Financial […]

Almost forgot – it’s FDIC Friday!

I don’t know how I forgot about this – it’s a Friday tradition for the FDIC to take over failing banks.  That way it’s old news by Monday morning, and the stock market won’t tank. Anyway, here are the latest bank shutdowns.  According to MarketWatch: Federal regulators closed three banks in a single day Friday, […]

FDIC Friday

Yesterday was FDIC Friday.  That’s a term I read in some comments on last year and it stuck with me. It came about because the FDIC has taken to shutting banks down on Friday evenings just after the stock market closes.  That gives the stock market a couple of days to forget how bad […]

Idiot Senators

The Senate tonight passed the “Paul Wellstone Mental Health and Addiction Equity Act of 2007”.   Why should you care?  Because it’s the single largest, most intrusive, most budget busting bill ever passed. In case you’re wondering, the “Paul Wellstone Mental Health and Addiction Equity Act of 2007” is the name of the Senate version of […]