Affinity Bank, which had total assets of $1 billion, deposits of $922 million and 10 branches in Northern and Southern California as of July 10, will be taken over by San Diego-based Pacific Western Bank, the FDIC announced.
Affinity Bank cost - $254 million
Bradford Bank, the second bank to fail in Maryland this year, had $452 million in assets and $383 million in deposits as of June 30
Bradford cost - $97 million.
ainstreet Bank had $459 million in assets and $434 million in deposits as of June 30, the FDIC reported.
Mainstreet Bank (isn't this title apropos since mainstreet is being told to go to hell generally?) cost $95 million.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
Tonight, a 1994 Frontline video on the diamond industry and it's control on the value and supply, which has supposedly changed since 2000, and also a CNBC documentary on Fraudster, Ponzi Scheme runner, Allen Stanford.
With signs growing that the recession has ended, U.S. consumer confidence rebounded in August, especially regarding expectations for the economy six months from now, a report released Tuesday said.
The current month's reading was far above economists' expectations of 47.0, according to a survey conducted by Dow Jones Newswires.
Robert Oak did a great job breaking down the numbers, which showed that things weren't nearly as rosy as first suggested. In fact, the survey didn't make all that much sense.
Well, it turns out that there were two other consumer surveys released this week that the media mostly overlooked, that weren't nearly as positive.
Anyone reading The Economic Populist is aware the Bill, H.R. 1207, written to audit the Federal Reserve has a huge Populist following as well as a majority of Congressional House members as sponsors.
Now, House Financial Services Committee Chair Barney Frank is saying the House at least is going to pass this bill. (h/t MTGM, who says the Fed is immoral)
Firms that fed off the subprime lending frenzy that devastated the banking system are lining up to collect more than $21 billion in taxpayer funds meant to help bail out borrowers now in trouble on their loans.
The worst actors of the financial crisis, those who should have gone down in the flames they set themselves, who were rescued by our government, are now beyond belief mega financial oligarchs, limiting consumer choice and making a mockery of the phrase moral hazard:
The revised Q2 GDP figures are out (pdf). Basically the GDP is the same as the advanced released stated, a 1% decrease. (negative 1%)
The decrease in real GDP in the second quarter primarily reflected negative contributions from private inventory investment, nonresidential fixed investment, personal consumption expenditures (PCE), residential fixed investment, and exports that were partly offset by positive contributions from federal government spending and state and local government spending. Imports, which are a subtraction in the calculation of GDP, decreased.
FDIC probably didn't have much of a choice with prediction of 150-500 banks in trouble and Distressed Insurance Fund in trouble. I guess one good sign is that the private equity firms are still not happy. They are whining that the final rule will lower bids for failed banks. Oh, yeah, the sky is falling.
Explain this one. The Associated Press is reporting that the busiest border crossing is getting no funds whatsoever and yet some remote location with three crosses a day in Montana is getting $15 Million.
A sleepy Montana checkpoint along the Canadian border that sees about three travelers a day will get $15 million under President Barack Obama's economic stimulus plan. A government priority list ranked the project as marginal.
A checkpoint in Laredo, Texas, which serves more than 55,000 travelers and 4,200 trucks a day, is rated among the government's highest priorities but was passed over for stimulus money.
Guess who is not only playing political favors but also clearly could care less about actual border security...
New orders for manufactured durable goods in July increased $7.8 billion or 4.9 percent to $168.4 billion, the U.S. Census Bureau announced today. This was the third increase in the last four months and the largest percent increase since July 2007. This followed a 1.3 percent June decrease. Excluding transportation, new orders increased 0.8 percent. Excluding defense, new orders increased 4.3 percent.
Yeah, Yippee, rah, recovery here we come. Oops, not so fast.
Firstly, the above initial press release only gives aggregate data points.
It's Friday Night! Party Time! Time to relax, put your feet up on the couch, lay back, and watch some detailed videos on economic policy!
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