Thread: 1. FINANCIAL CRISIS END-GAME - UK's RBS nearly collapse

   
   
       
  1. #11
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    11. Bank no. 3 this year - First Centennial Bank of California seized

    Two weeks! That's all it took for the largest US bank failure in history to happen.

    Watch your deposits carefully in Malaysia.


    First Centennial Bank of California Shut by Regulator

    By Margaret Chadbourn and Ari Levy

    Jan. 23 (Bloomberg) -- First Centennial Bank of Redlands, California, was seized by a state regulator, the third U.S. bank to fail this year, as the recession deepens and the slump in the housing industry sends home foreclosures to records.
    First Centennial, with $803.3 million in assets and $676.9 million in deposits, was shut by the California Department of Financial Institutions and the Federal Deposit Insurance Corp. was named receiver. First California Bank, based in Westlake Village, will assume deposits…..

    Regulators closed 25 banks last year, the most since 1993, draining money from the FDIC deposit insurance fund, which had $34.6 billion as of Sept. 30. National Bank of Commerce in Berkeley, Illinois, and Bank of Clark County in Vancouver, Washington, were shuttered by regulators on Jan. 16.

    The FDIC, the Treasury Department and Federal Reserve have stepped up efforts to aid U.S. institutions that reported more than $500 billion in write-downs and credit losses, and raised more than $400 billion in capital last year. The U.S. on Jan. 16 gave Bank of America Corp., the largest bank by assets, $20 billion cash and $118 billion in asset guarantees to help absorb losses after the acquisition of Merrill Lynch & Co. Citigroup Inc. got $20 billion and $301 billion in guarantees in November.

    More than 2.3 million U.S. properties got a default or auction notice, or were seized by lenders, RealtyTrac Inc., the California-based seller of default data, said Jan. 15. That’s the highest total in the four years of RealtyTrac recordkeeping. Filings rose 41 percent in December from a year earlier.

    IndyMac Bank, the fourth-largest U.S. lender to fail last year, on Jan. 2 became the first institution sold to a private-equity investor for $1.3 billion. The sale was led by Steven Mnuchin of Dune Capital Management LP.

    The FDIC classified 171 banks as “problem” in the third quarter, a 46 percent jump from the second quarter, and said industry earnings fell 94 percent to $1.73 billion from the previous year. The agency doesn’t identify problem banks by name.

    The largest institution to fail in U.S. history, Washington Mutual, was sold to JPMorgan Chase & Co. Sept. 25 after customers drained $16.7 billion in deposits in less than two weeks. Wachovia Corp. was near failure before being bought by Wells Fargo & Co. for $12.7 billion.

    http://www.bloomberg.com/apps/news?p...t6gzg&refer=us
    py

  2. #12
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    12. FINANCIAL CRISIS END-GAME - UK in worst recession since WWII

    Don't worry. It will be worse. Govts and International Financial Institutions always understate the problems to keep the Rats from panicking. One of the rare exception is the Singapore Govt.

    IMF: British economy in worst recession since WWII

    LONDON, Jan 29 — Britain's economy will be the hardest hit in the developed world in what is expected to be the "deepest recession since the Second World War," the International Monetary Fund said yesterday.

    The IMF now expects the British economy to shrink by 2.8 per cent this year, compared with the 1.3 per cent it was forecasting in November. This is worse than the 2 per cent average drop in output the organisation has estimated for advanced nations.

    http://www.themalaysianinsider.com/i...ion-since-wwii
    py

  3. #13
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    13. FINANCIAL CRISIS END-GAME - US Bailout USD 7.2 trillion & counting

    http://www.guildinvestment.com/ARhom...330&T_ARID=293

    USD 7.2 Trillion is more than 50% of USD GDP! Counting other obligations such as social security, health care, etc, it is likely to exceed USD 50 trillion. The US doesn't have that money. The only option is default.

    py

  4. #14
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    14. FINANCIAL CRISIS END-GAME - US Regulators close 3 more small banks

    Regulators close 3 more small U.S. banks

    WASHINGTON (Reuters) - U.S. bank regulators closed small banks in Utah, Florida and Maryland on Friday, bringing the total of U.S. bank failures this year to six.

    The Federal Deposit Insurance Corp said it became receiver of MagnetBank in Utah because it could not find a buyer for the banking operations.

    MagnetBank had assets of $292.9 million and deposits of $282.8 million, the FDIC said.

    Regulators also closed Ocala National Bank in Ocala, Florida. Its deposits were assumed by CenterState Bank of Florida Inc and its four locations will reopen on Monday as branches of CenterState. Ocala National Bank had assets of $223.5 million and deposits of $205.2 million.

    The third bank failure was Suburban Federal Savings Bank in Crofton, Maryland, the FDIC said. Its deposits were assumed by Bank of Essex in Tappahannock, Virginia, and its seven offices will reopen on Saturday as branches of Bank of Essex.

    The Florida and Maryland bank failures will cost the FDIC's insurance fund $99.6 million and $126 million, respectively, the agency said.
    py

  5. #15
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    15. FINANCIAL CRISIS END-GAME - Grim GDP outlook for Italy

    Feb 8, 2009

    Grim GDP outlook for Italy

    ROME - THE global financial crisis is taking a toll on Italy's economy, with GDP expected to fall sharply this year, while the budget deficit and debt are set to rise, the International Monetary Fund said.

    In its so-called Article 4 consultations with Italian authorities, posted on its website late on Friday, the IMF confirmed its forecast of a 2.1 per cent contraction of GDP in 2009 from a 0.6 per cent fall in 2008, 'with risks tilted to the downside'.

    'The economic recession is deepening and, while a gradual recovery is expected in 2010, the possibility of a prolonged downturn cannot be ruled out,' it said.

    The 2009 budget deficit was forecast at 3.9 percent of GDP, well above the 3 percent EU ceiling, from 2.7 percent in 2008.

    Debt was expected to rise to 109.4 per cent of GDP
    this year from 105.6 percent....

    .....The high level of public debt - the world's third largest - is severely reducing the scope for fiscal stimulus packages,

    More…

    py

  6. #16
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    16. FINANCIAL CRISIS END-GAME - The Insolvency of the US Fed

    The efforts of the US Fed to buy up the toxic thrash from the failing banks
    is just like this firetruck fighting the bush fire with kerosene.




    ending in this result:




    There is no solution except gold.

    Read on....More…

    but the likely end result is .... WTO chief warns of looming political unrest
    py

  7. #17
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    17. Asia: The Coming Fury

    The coming fury

    The sudden end of the export era is going to have some ugly consequences. In the past three decades, rapid growth reduced the number of people living below the poverty line in many countries. In practically all countries, however, income and wealth inequality increased. But the expansion of consumer purchasing power took much of the edge off social conflicts. Now, with the era of growth coming to an end, increasing poverty amid great inequalities will be a combustible combination.

    In China, about 20 million workers have lost their jobs in the last few months, many of them heading back to the countryside, where they will find little work. The authorities are rightly worried that what they label "mass group incidents", which have been increasing in the last decade, might spin out of control.

    With the safety valve of foreign demand for Indonesian and Filipino workers shut off, hundreds of thousands of workers are returning home to few jobs and dying farms. Suffering is likely to be accompanied by rising protests, as it already has in Vietnam, where strikes are spreading like wildfire. South Korea, with its tradition of militant labor and peasant protest, is a ticking time bomb.

    Indeed, East Asia may be entering a period of radical protest and social revolution that went out of style when export-oriented industrialization became the fashion three decades ago.

    More…
    py

  8. #18
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    18. Japan shrink 10% in Q4 08, Ed Balls says UK in worse recession in 100 years

    AP: Japan economy seen shrinking at 10 pct pace in 4Q

    Friday February 13, 7:45 am ET
    By Tomoko A. Hosaka, Associated Press Writer

    TOKYO (AP) -- Japan's economy likely contracted at an annual pace of more than 10 percent in the fourth quarter, analysts predict, reflecting the collapse in global demand that is battering the world's second-biggest economy.

    The Cabinet Office is expected to reveal Monday that gross domestic product in the October-December period plunged an annualized 11.7 percent, according to a consensus of market forecasts. That would mark the steepest drop for Japan since the oil shock of 1974 and far outpaces declines of 3.8 percent in the U.S. and an estimated 1.2 percent in the euro-zone.

    With recovery nowhere in sight, Japan is now in the midst of its worst downturn since World War II, analysts say. More…

    UK: Ed Balls says worse recession in 100 years. More…
    py

  9. #19
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    19. Eurozone in worst contraction ever

    The following Euro countries are in recession

    Germany
    Greece
    Holland
    Italy
    Portugal
    Spain

    So are our biggest trading partners - US, Japan, Singapore.

    Meanwhile, our two finance ministers continue to live in la-la-land, insisting that everything is honky-dory.


    Eurozone shrinks sharply

    By Jan Strupczewski

    BRUSSELS (Reuters) - The euro zone suffered its deepest contraction on record in the last quarter of 2008 with its main constituents -- Germany, France and Italy -- all faring badly, casting severe doubt on any nascent recovery hopes.

    Gross domestic product in the 15 countries then using the euro shrank 1.5 percent from the previous quarter, worse than forecasts for a 1.3 percent drop, statistics office Eurostat said on Friday.....

    .....FRIDAY 13TH

    Germany, Britain and the euro zone are already officially in recession -- as are the United States and Japan, as well as Great Britain.

    More…
    py

  10. #20
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    20. FDIC took over 19 failed banks in 2009

    py

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