7 bank failures already tonight,

anyone from Illinois?? 6 from Illinois alone.

its early, this could be a big big night..

 

FTR, http://www.bloomberg.com/apps/news?pid=20601087&sid=aRz_z0RjDvuM

 

Has Dick Cheney been getting someone to hypnotise flight school attendants again...?

 

yep just got word from a insider that the west coast teams are getting rready to roll.

gonna be a HUGE night...

 

its 6 in illinois alone..

i am getting my info from someone receiving Emails from the FDIC..

dilli will post links hang on..

 

http://www.fdic.gov/bank/individual/...illennium.html
http://www.fdic.gov/bank/individual/.../danville.html
http://www.fdic.gov/bank/individual/...elizabeth.html
http://www.fdic.gov/bank/individual/...rockriver.html
http://www.fdic.gov/bank/individual/...inchester.html
http://www.fdic.gov/bank/individual/failed/warner.html
http://www.fdic.gov/bank/individual/.../founders.html

 

Is this good news:
Millennium State Bank of Texas location will reopen as a branch of State Bank of Texas.
National Bank of Danville locations will reopen as branches of First Financial Bank, National Association.
The Elizabeth State Bank locations will reopen as branches of Galena State Bank and Trust Company.

etc
etc
etc

 

thats what they do odon. they seize it,audit it and turn the control of the assets over to another bank.

that is of course after the FDIC coughs up the insured amount of losses.

if you can and have time i highly recommend listening to the two programs on this page. it explains the process in great detail.

http://www.bargaineering.com/articles/listen-to-how-the-fdic-seizes-a-bank.html

 

Thanks I won't be boring myself with that, thanks anyway (ok I might).
Just wondered what was so bad about it (does the videos explain?).

 

whats bad about it? lol your not serious are you??

 

That was a wasted post.

 

shew,, good i thought you were for real..

 

I was. I asked a question. You just repeated my question. It was a waste.

 

well odon its bad because the government is supplying the fdic with bailout money now. more of our tax dollars.

its bad because shareholders of those banks lose everything.

its bad because business lines of credit taken out by those banks in many instances have to be reaproved by the new bank,often times crippling small businesses during the wait.

its bad because if you had over the insured amount in that bank you lose it.

its bad because assets that the fdic must reimburse can be delayed so you will not have access to them till they see fit to give it to you.

thats just the tip of the iceburg but i think you get the picture.

 

I get the picture.

 

im thinking my source got threw a curve ball on the west coast banks. they usually are announced by now..

oh well, sources cant always be correct..

7 is still by far the most so far this year...

 

7 banks again tonight so far.. 6 in georgia one in new york.. busy busy..

 

Nobody should be at all surprised

Many of us have anticipated and even counted on this happening

Short sellers have known or at least strongly assumed some of these for some time and are raking in the dough each and every time

It is only a disaster for those on the wrong side of the fence

I do feel for them deeply but this is not an over night catastrophe

 

quite frankly im surprised there hasnt been more this year,but that will soon change. the fdic has been opening temporary offices and hiring temporary workers. over 500 in florida alone.

its my understanding that hundreds of banks are operating under cease and desist orders just waiting for the fdic to get the money and employees to shut them down..

dont be fooled by the stock market,this thing is nowhere near bottom no matter what the talking heads on bubblevision say..

 

Uh oh. I reckon we're in a shitload of trouble. Down with the government! Yeehaww.