This is the closing chart for the DOW today 09/15/08.Well it is another day and it is a bad one in the market. I’m sure you have all heard about Lehman Brothers and Merrill Lynch. The Dow is below 11,000 and I won’t be surprised to see it go below 10,000 and maybe get as low as 9,000. It is definitely time to get out of debt and make sure you have some food storage on hand. I wanted to list the failed banks so far this year. This list is from the FDIC website and does not include Lehman or Behr Sterns (not really “banks”) who really are the big players. The FDIC has a listed of 90 troubled banks. They don’t release the names to the public but that is no small number.
Bank failed so far this year:
Silver State Bank, Henderson, NV September 5, 2008
Silver State Bank, Henderson, NV September 5, 2008
Integrity Bank, Alpharetta, GA August 29, 2008
The Columbian Bank and Trust, Topeka, KS August 22, 2008
First Priority Bank, Bradenton, FL August 1, 2008
First Heritage Bank, NA, Newport Beach, CA July 25, 2008
First National Bank of Nevada, Reno, NV July 25, 2008
IndyMac Bank, Pasadena, CA July 11, 2008
First Integrity Bank, NA, Staples, MN May 30, 2008
ANB Financial, NA, Bentonville, AR May 9, 2008
Hume Bank, Hume, MO March 7, 2008
Douglass National Bank, Kansas City, MO January 25, 2008
You might not think that these bank failures and large corporation going under don’t have anything to do you but I assure you they do. The big problem is that so many large and small businesses run on lines of credit and the liquidity in the market is going to be nonexistent. I work in commercial mortgages and it is nearly impossible to get a loan funded today.
I was going to type up some highlights but I thought I would just point you to the best article I read today. This says it way better then I can.
http://www.bloomberg.com/apps/news?pid=20601087&sid=adqUm6TXLRZk&refer=home
Please read it. This stuff is so scary. Who knows where we are going to be in 6 months to 1 year. All I can say is cut back your spending and start saving some money. It is going to be a crazy ride. Some very intelligent people that I know are predicting that the American Dollar may even go away. I don’t know where I stand on that one but that is how serious this stuff is. It could very well be the start of the next depression.
The Columbian Bank and Trust, Topeka, KS August 22, 2008
First Priority Bank, Bradenton, FL August 1, 2008
First Heritage Bank, NA, Newport Beach, CA July 25, 2008
First National Bank of Nevada, Reno, NV July 25, 2008
IndyMac Bank, Pasadena, CA July 11, 2008
First Integrity Bank, NA, Staples, MN May 30, 2008
ANB Financial, NA, Bentonville, AR May 9, 2008
Hume Bank, Hume, MO March 7, 2008
Douglass National Bank, Kansas City, MO January 25, 2008
You might not think that these bank failures and large corporation going under don’t have anything to do you but I assure you they do. The big problem is that so many large and small businesses run on lines of credit and the liquidity in the market is going to be nonexistent. I work in commercial mortgages and it is nearly impossible to get a loan funded today.
I was going to type up some highlights but I thought I would just point you to the best article I read today. This says it way better then I can.
http://www.bloomberg.com/apps/news?pid=20601087&sid=adqUm6TXLRZk&refer=home
Please read it. This stuff is so scary. Who knows where we are going to be in 6 months to 1 year. All I can say is cut back your spending and start saving some money. It is going to be a crazy ride. Some very intelligent people that I know are predicting that the American Dollar may even go away. I don’t know where I stand on that one but that is how serious this stuff is. It could very well be the start of the next depression.
1 comment:
All of this is so scary!!! This really is a crisis... and we had all better be aware of how this will affect our economy! This is one of my worst fears... seriously!!!
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