Record 7 banks closed today by FDIC. Tally crosses 50 .

77 banks failed since 2008, 25 in 2008 and 52 in 2009 till now.
6 banks were closed only in Illinois.
Today Illinois has most number of bank failures with 12 bank failures till now this year.
This follows by Georgia with 9 and California with 6 banks failures.
Check the complete list of all the failed banks at [...]

BofA seeks to repay $45bn by end of year

By Patrick Jenkins in London and Greg Farrell and Francesco Guerrera in New York
Published: May 20 2009 23:30 | Last updated: May 20 2009 23:30
Bank of America wants to pay back $45bn in bail-out funds by the end of the year, in a faster-than-expected move made possible by an accelerated programme to raise capital.
BofA is [...]

BANK of AMERICA(BAC) TO ENJOY $22 BILLION TAX WINDFALL THANKS TO ACCOUNTING RULE, THE RICH GET RICHER!!!

MAYBE THAT’S WHY KEN LEWIS IS SO CONFIDENT ABOUT REPAYING TARP THIS YEAR…..
JPMorgan $29 Billion WaMu Windfall Turned Bad Loans Into Income
May 26 (Bloomberg) — JPMorgan Chase & Co. stands to reap a $29 billion windfall thanks to an accounting rule that lets the second-biggest U.S. bank transform bad loans it purchased from Washington Mutual [...]

Focus on paying off credit-card debt, not credit scores

I just finished the article of You owe it to yourself by Chuck Jaff. I totally agree of what he said about credit scores.
Credit scores is not only a measurement about the ability of one can replay what he/she borrow to spend, it is also a trick that get someone to spend. People may think [...]

Outrage: Citi Raised Rates On Up To 15 Million Cardholders!!

The banks result from 2Q should look good because more whining and complaining about the banks by the costumers.
“NEW YORK (MarketWatch) — Citigroup Inc. said it has raised its rates on some credit cards this year as it reviewed its risk exposure and its needs to counter rising business costs.
The move came ahead [...]

Are you working a few hours less or feel insecure about your job?

Yes, the current economic downturn is threatening your working hours and your job, but how exactly?
This collapse wasn’t caused by the real economy, it was caused by a bubble bursting in housing, with huge implications for financial institutions. The overwhelming losses caught many institutions totally off guard. Now that some time has passed, and the [...]

Unbelievable propaganda on the MSN Money website titled: Be a good citizen: Spend if you can

http://articles.moneycentral.msn.com/SavingandDebt/Advice/be-a-good-citizen-spend-if-you-can.aspx
“Because you are both fortunate and wise, Uncle Sam wants you to play a key role in America’s economic recovery. How? By maintaining your normal levels of consumer spending and charitable giving — and, if possible, even increasing them a bit.”
“Acting as you normally would will help offset belt-tightening by those in genuine distress, who [...]

Why do we need a depression to heal the U.S economy in the long run?

What we are experiencing is a mature America, a mature economic entity.
In which I mean in manufacturing, people make X amount of dollars/ hour, of course we all expect raises typically yearly a cost of living raise, which is suppose to allow workers to keep up with interest rates, and taxes etc.
Well each year with [...]

The Government Is About to Pull $3,000 Out of Your Pocket

We’re not only losing jobs, we’re about to lose a whole lot more. I’m all for saving our Earth but it sure sounds like we’re going to throw the people out in the “saving processes”.
Long article but worth the read. I could not link it, as it’s a newsletter.
By Matt Badiali
On Friday, the House [...]

California government declares fiscal emergency over budget

http://news.yahoo.com/s/nm/20090701/pl_nm/us_economy_california_budget_6
Who’s going to pick up this 24 billion dollar bill? The U.S. taxpayers in states with balanced budgets who have been tightening their belt for decades?

Possibly Related Posts:

Record 7 banks closed today by FDIC. Tally crosses 50 .
BofA seeks to repay $45bn by end of year
BANK of AMERICA(BAC) TO ENJOY $22 BILLION TAX WINDFALL THANKS [...]

June numbers will be worse than May, especially after the ADP report this morning.

What is clear, especially from auto sales, is that this economy is no where near recovery mode. Sales are down in the high 20% range and that was from a bad June last year. Clearly with auto’s in the sub 10M units range for the year we can pretty much write-off 2009.
As to the 2M [...]

Americans are turning away from Chrysler and GM more than they are turning to Ford

This is good for Ford as a company but by no means bullish for America.
Ford is still losing sales and will have to lay off more people until car sales turn around. GM and Chrysler may have to lay off more but, Ford is not gaining sales, just losing them at a slower rate than [...]

We’ll Need to Raise Taxes Soon

http://online.wsj.com/article/SB124631646572370703.html#mod=djemEditorialPage
Read the above…….Good day to you all and I leave you with this thought…
———————
You know that $13 trillion the government borrowed to give to Wall Street?
Guess who they are coming after to get the money.
All of these government policies that brought the nation to ruin were done without the consent of the people. Whether lying [...]

A 1 for 20 reverse split took place on AIG shares, effective this morning.

This means you now have 1/20th the number of shares at 20 times the price.
Should be a wash, right?
Unfortunately, a reverse split comes with implications. The company is basically saying our share price is low and it will not be climbing back to its previous levels so we will force a price per share change [...]

California, the 13% of U.S. GDP and they will impact the entire nation

There are the resets facing us that will mean that many, like the following lady, will have less to spend.
A 73 year old widow has a $315,000 equity loan on her home. She took a loan that offered 3/8 of one percent as a payment or about $98 a month. The rest was added to [...]