Regulators close 6 banks in Ga, NJ, Ohio, Wis

[MKTrader]

Party like it's 2008 all over again... I remember they always announced these after the markets closed on Friday.

http://finance.yahoo.com/news/Regul...tml?x=0&sec=topStories&pos=main&asset=&ccode=

 

[nutmeg]

Last Year we had a 100 yr old family hardware store close. This year a 3 generation paving contractor and today I see a family owned (no clue how long it was in business, long time though) lumber yard is closing. Life is changing.

I won't recognize my past

Further more, growing up in Detroit, pfftttt. that part of history is burned down shot up and vacant. Almost as if history is being stolen right before my eyes.

 

[jprad]

Quote from nutmeg:

Further more, growing up in Detroit, pfftttt. that part of history is burned down shot up and vacant. Almost as if history is being stolen right before my eyes.

Life was no picnic if you lived in NYC during the 70's...

Boom... Bust... Rebuild...

 

[MKTrader]

Quote from nutmeg:

Last Year we had a 100 yr old family hardware store close. This year a 3 generation paving contractor and today I see a family owned (no clue how long it was in business, long time though) lumber yard is closing. Life is changing.

I won't recognize my past

Further more, growing up in Detroit, pfftttt. that part of history is burned down shot up and vacant. Almost as if history is being stolen right before my eyes.

Yeah, I see small strip malls vacant that had 5 or 6 businesses just a few years ago--and were I live has done relatively well during this crisis. I feel bad every time I see someone trying to open a new restaurant or shop, knowing most will be out of business in a year or so.

 

[noob_trad3r]

I wonder if once all the small banks are gone will we just have 3 big banks.

 

[EMRGLOBAL]

This is normal in a "Bust".

I think the number of Banks, during the S&L crises (All be it mostly S&Ls), closed was far more than now.

There are a lot of Weak banks, mostly the Bigger Ones, like Citi, Bac, who are being propt. up.....they should have failed...but nobody wanted to the pain now...so they pushed it off.

However, it isn't alarming that the FDIC is still closing banks. This is a Generation of Unwinding of Debts. Commerical RE is weak but not as weak as I thought at first. Seems to be Regional. As is the Depresssion.

San Antonio's local bank failuers are Zero, as is Austin, Houston and Dallas. Stanford was the only 'State Wide" and Region Wide. The bank failuers in Texas were Nationals. Unemployment is 7.6% in SA and Austin is lower. Dallas and Houston are around 7.7%.

So, the economy isn't hit so hard in the state. The souther'n belt seems to have some bright spots. East and West are sucking wind but even in those areas, there are some bright spot states.

So, this is not your typical Depression....for now.

 

[Bob111]

Quote from MKTrader:

Party like it's 2008 all over again... I remember they always announced these after the markets closed on Friday.

http://finance.yahoo.com/news/Regul...tml?x=0&sec=topStories&pos=main&asset=&ccode=

The pace has accelerated as banks' losses mount on loans made for commercial property and development.

The number of bank failures is expected to peak this year and be slightly higher than the 140 that fell in 2009. That was the highest annual tally since 1992, at the height of the savings and loan crisis.

The number of banks on the FDIC's confidential "problem" list jumped to 829 in the second quarter from 775 three months earlier, even as the industry as a whole had its best quarter since 2007, making $21.6 billion in net income.

 

[EMRGLOBAL]

GMAC haults Forclosers for a short time:

GMAC is the second largest default carrier from what I understand.

Here are the states and this should give you an idea of where the pain is right now.

Connecticut
Florida
Hawaii
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Nebraska
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Pennsylvania
South Carolina
South Dakota
Vermont
Wisconsin

These are the states in the Depression...IMHO

 

[MattF]

Extend and pretend.

There's still some 7-800 "problem" institutions out there. Until they can raise enough and get rid of the junk on their books, they'll stay this way or get shut down.