Three more failed banks taken over by regulators. (Thanks to Laura H. for the link)
Items from The Economatrix:
US Families Rely on Handouts in World’s Richest Country
Flu Heightens Mexico’s Economic Sickness
Government Nervous About Stress Test Results
S&P Downgrades Seven Dubai Businesses
US GDP Poised for Epic Collapse
US Empire Built on False Prosperity Collapsing
The Impending Mother of All Oil Shocks
Credit Crisis Bank Stress Tests: If You Believe the Banks are Recovering… “They allow Goldman Sachs to bury the fact that they left December out of their financial results deep in their footnotes. Shockingly, Goldman lost $1.5 billion in December. They continue to allow banks to report one time gains as part of ongoing operations, but billions in losses that are recorded quarter after quarter are not from ongoing operations. The morons on CNBC report whatever the banks say, no questions asked.”
Gold Consolidation Ending as US Treasuries Paper Bubble Bursting
Stocks Rise On G20 and FASB Hopes, Can Pigs Really Fly? “Ladies and gentlemen, the Total Credit Exposure to Capital ratio is one of the most telling capital adequacy ratios known to man. If ever there was a failing grade on a “stress test” – HERE IT IS IN SPADES!!! The aforementioned measure of capital adequacy, [1,056.4] in Goldman’s case, is so TOXIC – in fact; one can only wonder if regulators might have required radiation suits and Geiger Counters to safely measure the TOXICITY of Goldman’s books. Goldman’s figures stand out almost five times worse than those of Citibank and Bank of America and 11 times those of Wells Fargo.”
US House Prices Measured in Gold
US Treasury Bond Debt Bubble Bursting “Total net borrowing needs for the second quarter are now up to $361 billion. That’s up 27-fold from $13 billion a year earlier and more than double the previous estimate of $165 billion. We just learned the Treasury will start selling 30-year bonds every month, as opposed to eight times a year. And speculation is running rampant that the U.S. will soon start auctioning off 50-year bonds! All this issuance is needed to fund a federal budget deficit that’s projected to hit at least $1.75 trillion this year and $1.2 trillion in fiscal 2010.”
Economy in Meltdown Due to Imploding Derivatives Monster and Toxic Debt “The Swimming Naked Prophecy – It’s only when the tide goes out that you learn who’s been swimming naked – Warren Buffet (2007).”, and ” The name of the game in town is milking the system, using every trick possible to make some incredibly rich and leave everyone else holding the bag. According to her [Nomi Prins’] knowledge, investment banks have sold up to 30 times every mortgage in America.”