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Is The FDIC Broke And Covering It Up?

 
PhennommennonnModerator
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08/03/2009 05:33 AM

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Is The FDIC Broke And Covering It Up?
Posted by Karl Denninger in Regulatory at 11:33
[link to market-ticker.denninger.net]
Is The FDIC Broke And Covering It Up?


I have to wonder.

First, we have Corus, which reported a negative Tier 1 Ratio. That is, they are formally "in the hole" in terms of assets .vs. liabilities. This is never supposed to happen - but it did, "Prompt Corrective Action" be damned.

Next, we have Guaranty Bank, which also has a negative core capital ratio. They have been trying to sell themselves (gee, I wonder why?) for a while without success. Here's the relevant quote from their 8-K:

Based on these adjustments, the Bank’s core capital ratio stood at negative 5.78% as of March 31, 2009. The Bank’s total risk based capital ratio as of March 31, 2009 stood at negative 5.52%. Both of these ratios result in the Bank being considered critically under-capitalized under regulatory prompt corrective action standards.

Yet Prompt Corrective Action (PCA) - a law, by the way, not a suggestion - has once again not been followed.

Finally, we have Colonial. I made a nice chunk of coin shorting and PUTting that turkey last year, when their CEO (and a lot of other people) said they were "very conservative." Uh huh. My read of their balance sheet said they were (like many other regional banks) massively over-exposed to condo construction loans in..... you guessed it.... Florida (which incidentally is what killed Corus.) Oops. But here's the money quote on Colonial:

If the FDIC were to seize Colonial, it would be the sixth-largest seizure, by assets, in American history. Such a large failure could strain the bank safety net. Colonial has $20 billion in deposits, while the FDIC insurance fund has dropped below $15 billion. The FDIC wouldn't have to cover every dime, but when Florida's BankUnited, with $12.8 billion in assets, failed earlier this year, it cost regulators nearly $5 billion.

Add all three of these up and tell me what you think is going on?

These three are not small banks. They are significant regional institutions, unlike the tiny little banks that we hear about every Friday after the close of business.

Here's the nut to the story above: When BankUnited was seized note that the total loss on assets was some 40%. They were not in the hole by anywhere near that much according to their so-called "accounting." Neither was IndyMac, but they also created an enormous loss.

So what's going on here?

Simple: An enormous number of banks are holding loans at or close to "par" that really aren't. They're holding mortgages at massively-inflated values, even on defaulted properties, and this is why you are not seeing more foreclosure sales - that is, why inventory is being held back. If they sell it the accountants will force recognition of the loss, which will render them instantly insolvent, but so long as they "extend and pretend" they are marking these loans way, way above recovery value. The upshot of this is that these firms' balance sheet claims on asset values are massively inflated, regulators know it, and they're intentionally ignoring it.

I have been sounding the alarm on this for more than a year; it has in fact been the focus of multiple petitions to Congress and the cause of thousands of dollars of personal expense faxing letters and Tickers to members warning them of the danger of letting this sort of accounting misdirection continue.

The claim of banking sector health and "successful rescue by Treasury and The Fed" is in fact false. No such thing has occurred. What's going on here is nothing more or less than intentional false claims of asset "valuation", which is repeatedly exposed when the FDIC is finally forced to seize institutions, exposing the lies. Then, suddenly, 20, 30, even 40% losses on alleged "asset books" come out into the light and the taxpayer eats them.

The bank executives and accountants that played this game with the books should have been arrested and the bank thrown into receivership over a year ago.

Oh by the way, just as with all such "extend and pretend" games (otherwise known as fraud when practiced by anyone without a "government can cheat all it wants and nobody goes to jail" card) the longer you play this game, the longer you wait to do the right thing, the more money it costs you (in this case the Taxpayer gets the inevitable bill.)

For those of you who say that the FDIC is "not the responsible party", that's nonsense. OTS/OCC are the agencies that perform primary regulation for any federally-chartered bank but the FDIC is the agency that is responsible for resolution, and they are always working together in this regard.

Yes, the FDIC has a "backup credit line" (a big one at that!) from Treasury, but the fact remains that about 75% of the FDIC's "insurance fund" has been depleted over the last year due to massive and intentional failures to enforce Prompt Corrective Action, with the most-expensive and most-outrageous (thus far) being IndyMac, where OTS was found (by the government's own auditors!) to be complicit in backdating deposits to "cook" capital ratios!

Riddle me this folks: What possible positive purpose can come from the FDIC refusing to seize these institutions when their capital ratios are either negative or clearly going to become negative? These banks have all been train wrecks that I and others have written about for more than a year; Colonial was referenced in a Ticker on the 14th of July of 2008, with my first warning on them more than two years ago in April of 2007.

What do I think?

I believe the FDIC is broke and knows it; that under the law they should have seized these three banks (and many dozens more, including some really big ones) some time ago, but doing so will force them to tap the Treasury "emergency" credit line. They're well-aware that this could instill quite a bit of panic in the public (never mind Congress!); as such they, along with OTS and OCC are conspiring to (once again) hide the truth and pray for an economic recovery before they are forced to act as the law demanded months or even years ago!

This is nothing more than an attempt to keep this graph from looking dramatically worse than it already does and keep the "green shoot" lie alive to pump the stock market so that Americans "feel better." Big banking and other executives are taking advantage of this lie by selling shares into an overheated market (which they have been doing, by the way: Insider sales are at levels last seen just before the top in October of 2007!)

view image graph here
[link to market-ticker.denninger.net]

Hint to Sheila Bair, Tim Geithner, Dugan and Ben Bernanke: It won't work and you're going to precipitate a credit and stock market meltdown worse than last fall's. You may have already passed the point where you are unable to avoid that sort of damage, but if you don't act now the outcome is virtually assured.

Do your damn job and do it now; we must stop the fraud and force the insolvent into the open - all of them - if we are to have a durable economic recovery!

Disclosure: No position in any of these turkeys; I called all of them but Guaranty, which I didn't follow, zeros a long time ago.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PhennommennonnModerator  (OP)
Forum Administrator

User ID: 723794
United States
08/03/2009 05:36 AM

Report Abusive Post
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Re: Is The FDIC Broke And Covering It Up?
U.S.Debt.txt
1. Federal Reserve & Intragovernmental Holdings 4806 Billion
2. Mutual Funds 769.1 Billion
3. China(Mainland) 739.6 Billion
4. Japan 634.8 Billion
5. State & Local Governments 522.7 Billion
6. Pension Funds 456.4 Billion
7. Other Investors 413.2 Billion
8. Oil Exporters 186.3 Billion
9. Caribbean Banking Centers 176.6 Billion
10. Brazil 133.5 Billion
11. Insurance Companies 126.4 Billion
12. United Kingdom 124.2 Billion
13. Russia 119.6 Billion
14. Depository Institutions 107.3 Billion
15. Luxemborg 87.2 Billion

15-Largest holders of U.S. Treasury Debt

Look at the largest single entry, #1
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Anonymous Coward
User ID: 566027
Netherlands
08/03/2009 05:41 AM
Report Abusive Post
Report Copyright Violation
Re: Is The FDIC Broke And Covering It Up?
U.S.Debt.txt
1. Federal Reserve & Intragovernmental Holdings 4806 Billion
2. Mutual Funds 769.1 Billion
3. China(Mainland) 739.6 Billion
4. Japan 634.8 Billion
5. State & Local Governments 522.7 Billion
6. Pension Funds 456.4 Billion
7. Other Investors 413.2 Billion
8. Oil Exporters 186.3 Billion
9. Caribbean Banking Centers 176.6 Billion
10. Brazil 133.5 Billion
11. Insurance Companies 126.4 Billion
12. United Kingdom 124.2 Billion
13. Russia 119.6 Billion
14. Depository Institutions 107.3 Billion
15. Luxemborg 87.2 Billion

15-Largest holders of U.S. Treasury Debt

Look at the largest single entry, #1
 Quoting: Phennommennonn


Nice post OP and AMAZING about the FDIC.

What is the source link for the list just above?

Thanks!
PhennommennonnModerator  (OP)
Forum Administrator

User ID: 723794
United States
08/03/2009 05:45 AM

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Re: Is The FDIC Broke And Covering It Up?
cough_bullshit_cough


this vid is a MUST SEE

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
PhennommennonnModerator  (OP)
Forum Administrator

User ID: 723794
United States
08/03/2009 05:47 AM

Report Abusive Post
Report Copyright Violation
Re: Is The FDIC Broke And Covering It Up?
U.S.Debt.txt
1. Federal Reserve & Intragovernmental Holdings 4806 Billion
2. Mutual Funds 769.1 Billion
3. China(Mainland) 739.6 Billion
4. Japan 634.8 Billion
5. State & Local Governments 522.7 Billion
6. Pension Funds 456.4 Billion
7. Other Investors 413.2 Billion
8. Oil Exporters 186.3 Billion
9. Caribbean Banking Centers 176.6 Billion
10. Brazil 133.5 Billion
11. Insurance Companies 126.4 Billion
12. United Kingdom 124.2 Billion
13. Russia 119.6 Billion
14. Depository Institutions 107.3 Billion
15. Luxemborg 87.2 Billion

15-Largest holders of U.S. Treasury Debt

Look at the largest single entry, #1


Nice post OP and AMAZING about the FDIC.

What is the source link for the list just above?

Thanks!
 Quoting: Anonymous Coward 566027


no link/it was at the FR while i was researching this

Last Edited by Phennommennonn on 08/03/2009 05:47 AM
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
anonymous
User ID: 740881
United States
08/03/2009 05:50 AM
Report Abusive Post
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Re: Is The FDIC Broke And Covering It Up?
well we are gonna ride this horse til it drops.other nations are doing the same thing. they are broke also ..
Anonymous Coward
User ID: 566027
Netherlands
08/03/2009 05:50 AM
Report Abusive Post
Report Copyright Violation
Re: Is The FDIC Broke And Covering It Up?
U.S.Debt.txt
1. Federal Reserve & Intragovernmental Holdings 4806 Billion
2. Mutual Funds 769.1 Billion
3. China(Mainland) 739.6 Billion
4. Japan 634.8 Billion
5. State & Local Governments 522.7 Billion
6. Pension Funds 456.4 Billion
7. Other Investors 413.2 Billion
8. Oil Exporters 186.3 Billion
9. Caribbean Banking Centers 176.6 Billion
10. Brazil 133.5 Billion
11. Insurance Companies 126.4 Billion
12. United Kingdom 124.2 Billion
13. Russia 119.6 Billion
14. Depository Institutions 107.3 Billion
15. Luxemborg 87.2 Billion

15-Largest holders of U.S. Treasury Debt

Look at the largest single entry, #1
 Quoting: Phennommennonn



Aren't number 5:

5. State & Local Governments 522.7 Billion

Going to need to cash-in just to pay the bills?
PhennommennonnModerator  (OP)
Forum Administrator

User ID: 723794
United States
08/03/2009 06:15 AM

Report Abusive Post
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Re: Is The FDIC Broke And Covering It Up?
more/more banks are failing what was it 5 the week prior and 7 this week?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Anonymous Coward
User ID: 740908
Canada
08/03/2009 06:18 AM
Report Abusive Post
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Re: Is The FDIC Broke And Covering It Up?
more/more banks are failing what was it 5 the week prior and 7 this week?
 Quoting: Phennommennonn

3 big banks are near the FAIL status... Just the bank in Texas would be the 6th biggest failure in HISTORY of the US... it's worth more than 20 billion...
PhennommennonnModerator  (OP)
Forum Administrator

User ID: 723794
United States
08/03/2009 06:22 AM

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Re: Is The FDIC Broke And Covering It Up?
more/more banks are failing what was it 5 the week prior and 7 this week?

3 big banks are near the FAIL status... Just the bank in Texas would be the 6th biggest failure in HISTORY of the US... it's worth more than 20 billion...
 Quoting: Anonymous Coward 740908

i saw that
Big Texas bank on verge of failure
[link to money.cnn.com]
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
hank
User ID: 515429
United States
08/03/2009 06:40 AM
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Re: Is The FDIC Broke And Covering It Up?
FDIC Creating Hundreds of New Jobs in Jacksonville
[link to www.firstcoastnews.com]

What about the other cities across America? How many NEW jobs will be created by FDIC?


hank
hank
User ID: 515429
United States
08/03/2009 06:41 AM
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Re: Is The FDIC Broke And Covering It Up?
Economist: FDIC gearing up for bank closures
[link to washington.bizjournals.com]

hank
PhennommennonnModerator  (OP)
Forum Administrator

User ID: 723794
United States
08/03/2009 06:42 AM

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Re: Is The FDIC Broke And Covering It Up?
FDIC Creating Hundreds of New Jobs in Jacksonville
[link to www.firstcoastnews.com]

What about the other cities across America? How many NEW jobs will be created by FDIC?


hank
 Quoting: hank 515429

wtf

JACKSONVILLE, FL -- The Federal Deposit Insurance Corporation is setting up temporary operations on the First Coast and plans to hire 500 people.

The FDIC expects to have a satellite office located in the Baymeadows area open by early this fall.

"It's a wonderful win for our community," said Jerry Mallot with the Jacksonville Chamber of Commerce.

"Great paying jobs, absolutely, way above our normal pay scale in our community."

The jobs are advertised as paying more than $60,000, with some jobs topping $100,000 a year.

The FDIC is handling the application process on line.

Debbie Antal said she made application last week, hoping her eight years in banking qualifies her for a job with the FDIC.

"I've been unemployed now for just about two weeks, but it feels like two years," said Antal.

The FDIC says it needs people with skills in law, accounting, marketing, finance and bank operations.

The local office will manage receiverships and assets of troubled banks located on the East Coast.
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
hank
User ID: 515429
United States
08/03/2009 06:42 AM
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Re: Is The FDIC Broke And Covering It Up?
Will we see bank runs?


hank
Anonymous Coward
User ID: 566027
Netherlands
08/03/2009 06:42 AM
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Re: Is The FDIC Broke And Covering It Up?
Economist: FDIC gearing up for bank closures
[link to washington.bizjournals.com]

hank
 Quoting: hank 515429


Thanks Hanks; get ready...
PhennommennonnModerator  (OP)
Forum Administrator

User ID: 723794
United States
08/03/2009 06:44 AM

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Re: Is The FDIC Broke And Covering It Up?
Will we see bank runs?


hank
 Quoting: hank 515429

theyre talking sept now
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The Queen Of Mean / VENOMmennonn

*Dont fuck with me; ill jump on my menstrual cycle & run your ass over ;)
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
Every closed eye is not sleeping, and every open eye is not seeing
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
The universe responds NOT to what you want.....it responds to what you are being.......are you being what you want?
~~~~~~~~~~~~~~~~~~~~~~~~~~~~
the karma cafe has no menus. you get served what you deserve
~~~~~~~~~~~~~~~~~~~~~~~~~~~~

political correctness is a doctrine.... fostered by a delusional, illogical minority...... and rabidly promoted by an unscrupulous mainstream media; which holds forth the proposition that it is entirely possible to pick up a turd by the clean end.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
when a country is greatly disoriented —as it is currently in America with regards to polarization on many issues— that it’s easy for the Government —and other powers that be— to manipulate the public with lies and deceit. This is not a new strategy, but one that has been implemented in this country —as well as others— for centuries. It’s specifically designed to control the masses by generating and perpetuating confusion. in the past the truth about certain national incidents were not found out and revealed to the public for years. Now, thanks to the internet, it takes only a few months to discover the policies and activities of our Government and mega-corporate empires —that are criminal to say the least.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Dear Progressives, Feelings aren't facts. Perception is not reality. We are not responsible for your inability to comprehend the difference.

~~~~~~~~~~~~~~~~~~~~~~~~~~~~

Visit The Official GLP Store
[link to www.cafepress.com]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~
FREEDOM OF SPEECH:
Alan Isaacman
The People Vs Larry Flynt
"Ladies and gentlemen of the jury, you've heard a lot here today and I won't try to go back over it all. But you have to go back in that room and make some decisions and there is one thing I want to make very clear to you before you do. I'm not trying to convince you that you should like what Larry Flynt does. I don't like what he does. But what I do like is... that I live in a country... where you and I can make that decision for ourselves. I like that I live in a country where I can pick up Hustler magazine... read it if I want... or throw it in the trash, if that's where I think it belongs. Or better yet I can express my opinion by not buying it. I like that right. I care about it. And you should care about it, too... because we live in a free country. We say that a lot, but sometimes we forget what that means, so listen again. We live in a free country. That is a powerful idea. That's a magnificent way to live. But there is a price for that freedom, which is that sometimes... we have to tolerate things that we don't necessarily like. So go back in that room... where you are free to think whatever you want to think... about Larry Flynt and Hustler magazine. But then ask yourselves if you want to make that decision for the rest of us... because the freedom that everyone in this room enjoys... is, in a very real way, in your hands. If we start throwing up walls against what some of us think is obscene... we may wake up one morning and realize... that walls have been thrown upin places we never expected... and we can't see anythingor... do anything. And that's not freedom. That is not freedom. So, be careful. Thank you."
VIDEO: [link to youtu.be]

~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
hank
User ID: 515429
United States
08/03/2009 06:57 AM
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Re: Is The FDIC Broke And Covering It Up?
Since early 2007
132 banks have "imploded*"
[link to bankimplode.com]


UNOFFICIAL Troubled Bank List as of 03/31/2009
[link to bankimplode.com]


hank
Avian

User ID: 265661
United States
08/03/2009 07:10 AM
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Re: Is The FDIC Broke And Covering It Up?
I was reading Karl last night...he has become my regularly scheduled financial doominator chuckle
"When plunder becomes a way of life for a group of men living together in society, they create for themselves, in the course of time, a legal system that authorizes it and a moral code that glorifies it."
- Frédéric Bastiat

food, water, ammo, weapons, battery back up solar, hand well pump, wood stove and 1 year of food...oh yeah PM's too...good luck
hillbilly
User ID: 737373
United States
08/03/2009 10:24 AM
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Re: Is The FDIC Broke And Covering It Up?
this country has been bankrupt for the last couple yrs now. all they're doin is propin it up....its comin down folks....anyone can see the writin on the wall....just be outta the way when she falls.....
now....this to do is to have tangible items to barter and trade with.....this will be the new monetary system for awhile....sorry but its the truth.....and by the way....they're wanting the NWO and they're not gettin it....ain't gonna happen folks.....the new age of peace is usherin in and all who are for it and are livin like that is what they want are goin to get it....the rest....well those who like this old system are gonna get more of it.....a belly full......and so ya'll better be a makin up yer minds which a way u wanna go now.....its comin......PEACE......and LOVE to ALL!
Anonymous Coward
User ID: 741066
United States
08/03/2009 10:34 AM
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Re: Is The FDIC Broke And Covering It Up?
Good ole Denniger.

He's getting his arse kicked by the markets!!!!

flag waver
Anonymous Coward
User ID: 680551
United States
08/03/2009 10:34 AM
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Re: Is The FDIC Broke And Covering It Up?
Yes.
Anonymous Coward
User ID: 741070
United States
08/03/2009 10:35 AM
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Re: Is The FDIC Broke And Covering It Up?
The question is:

When will Karl Denninger go bankrupt?

lmao

tick, tock
Tex Tamale

User ID: 643200
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08/03/2009 10:41 AM
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Re: Is The FDIC Broke And Covering It Up?
I was reading Karl last night...he has become my regularly scheduled financial doominator chuckle
 Quoting: Avian

He speaks the truth. All the sheeple look at is the fake stock market and think all is well, the worst is over. The MSM are at fault for pushing this crap. If the sheeple would open their wooly little eyes, they would instead see the huge avalanche that racing downhill right towards them!!

Last Edited by Tex Tamale on 08/03/2009 10:41 AM
"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not.."
Thomas Jefferson
Anonymous Coward
User ID: 519048
Netherlands
08/03/2009 01:34 PM
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Re: Is The FDIC Broke And Covering It Up?
bump