Soaring costs force Canada to reassess health model.
Well, you better watch out, the health care costs WILL increase when government run health care goes into effect. This will mean higher taxes, higher co-pays, limited "approved" pharmaceuticals, and a mass exodus of doctors as they will have their pay slashed and workload increased.
"Ontario, Canada's most populous province, kicked off a fierce battle with drug companies and pharmacies when it said earlier this year it would halve generic drug prices and eliminate "incentive fees" to generic drug manufacturers."
Okay, cut the prices on generic drugs and eliminate incentive programs...hmmm, that ought to keep pharm companies wanting to come and produce generic drugs there.
"...Quebec has a new flat health tax and a proposal for payments on each medical visit -- an idea that critics say is an illegal user fee."
Well, increased tax AND increased co-pays.
"And a few provinces are also experimenting with private funding for procedures such as hip, knee and cataract surgery."
Private funding = more costs to the consumer.
"Brian Golden, a professor at University of Toronto's Rotman School of Business, said provinces are weighing new sources of funding, including "means-testing" and moving toward evidence-based and pay-for-performance models."
Cut the doctor costs and see how many stay.
"Other problems include trying to control independently set salaries for top hospital executives and doctors and rein in spiraling costs for new medical technologies and drugs."
Cut salaries and see who stays. Cut costs and see how many companies want to develop new drugs or medical devices.
"The province has introduced legislation that ties hospital chief executive pay with the quality of patient care and says it wants to put more physicians on salary to save money."
Again, see who or how many stays.
"In a report released last week, TD Bank said Ontario should consider other proposals to help cut costs, including scaling back drug coverage for affluent seniors and paying doctors according to quality and efficiency of care."
More costs to the consumers. It won't stop at just seniors. The definition for "affluent" will be continue to decline. Again, see how many of those rich, greedy doctors stay (tongue in cheek)!
"Essentially it boils down the wishes of the population. But I think, from an economist's standpoint, we point to the fact that sometimes Canadians in the short term may not realize the cost."
They will never eliminate the gov. health care if they leave it to the people. The people will; be used to the entitlement!
We need to vote the bunch out and get this entitlement program repealed/unfunded!
Monday, May 31, 2010
Sunday, May 30, 2010
Meet Our New Ally In The Middle East?
Well, maybe this is the answer to my previous post.
The United States is sending a succession of envoys to engage with Hamas but lacks the bravery to talk to the Islamist movement openly, its leader, Khaled Meshal.
"The claim that the US is engaging with a group it lists as a terrorist organisation will upset the Palestinian president, Mahmoud Abbas, whose security forces have locked up and allegedly tortured leading Hamas members in the West Bank.."
Well, maybe we have the answer...Hamas our new ally for the future?
The United States is sending a succession of envoys to engage with Hamas but lacks the bravery to talk to the Islamist movement openly, its leader, Khaled Meshal.
"The claim that the US is engaging with a group it lists as a terrorist organisation will upset the Palestinian president, Mahmoud Abbas, whose security forces have locked up and allegedly tortured leading Hamas members in the West Bank.."
Well, maybe we have the answer...Hamas our new ally for the future?
Who Will Be Our Ally In The Middle East Now?
Now that Obama has thrown Isreal under the nuclear bus, who does he plan to ally with?
The resolution adopted by the United Nations on Friday calls on Israel to join the Non-Proliferation Treaty (NPT) and urges it to open its facilities to inspection.
"Israel is widely believed to be the only nuclear power in the Middle East, with around 200 warheads, but has maintained a policy of deliberate ambiguity about its capabilities since the mid-1960s.
The document, which singles out Israel but makes no mention of Iran's controversial nuclear programme, drew a furious reaction from the Jewish state who decried it as "deeply flawed and hypocritical."
But it was US backing for the resolution which has caused the most consternation among Israeli officials and commentators, who interpreted the move as "a resounding slap around the face" which has dealt a very public blow to Israel's long-accepted policy of nuclear ambiguity."
"According to the top-selling Yediot Aharonot daily, the government of Prime Minister Benjamin Netanyahu was "furious with the Obama administration for having failed to prevent the resolution from passing... and for choosing to support it."
"The American support for the resolution, after decades in which it supported Israel on this issue, came as a complete surprise," the paper said."
My question remains, who will be our ally now? Or maybe, who will ever want to be our ally in the future knowing that "America" will throw them under the bus whenever we feel the need?
Where are we heading?
The resolution adopted by the United Nations on Friday calls on Israel to join the Non-Proliferation Treaty (NPT) and urges it to open its facilities to inspection.
"Israel is widely believed to be the only nuclear power in the Middle East, with around 200 warheads, but has maintained a policy of deliberate ambiguity about its capabilities since the mid-1960s.
The document, which singles out Israel but makes no mention of Iran's controversial nuclear programme, drew a furious reaction from the Jewish state who decried it as "deeply flawed and hypocritical."
But it was US backing for the resolution which has caused the most consternation among Israeli officials and commentators, who interpreted the move as "a resounding slap around the face" which has dealt a very public blow to Israel's long-accepted policy of nuclear ambiguity."
"According to the top-selling Yediot Aharonot daily, the government of Prime Minister Benjamin Netanyahu was "furious with the Obama administration for having failed to prevent the resolution from passing... and for choosing to support it."
"The American support for the resolution, after decades in which it supported Israel on this issue, came as a complete surprise," the paper said."
My question remains, who will be our ally now? Or maybe, who will ever want to be our ally in the future knowing that "America" will throw them under the bus whenever we feel the need?
Where are we heading?
Saturday, May 29, 2010
This One Goes In "Can You Believe This?" Category
You have to read this short article yourself. This is freaking unbelievable!
California College Offers Scholarship to Illegal Immigrants.
California College Offers Scholarship to Illegal Immigrants.
Friday, May 28, 2010
Bank Closings-May 28, 2010
1. Sun West Bank, Las Vegas, Nevada, was closed today by the Nevada Financial Institutions Division, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Due to the Memorial Day holiday, the seven branches of Sun West Bank will reopen on Tuesday as branches of City National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $96.7 million.
2. Granite Community Bank, N.A., Granite Bay, California, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Due to the Memorial Day holiday, the three branches of Granite Community Bank, N.A. will reopen on Tuesday as branches of Tri Counties Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.3 million.
3. EverBank, Jacksonville, Florida, acquired the banking operations, including all the deposits, of three Florida-based institutions. To protect depositors, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with EverBank. Bank of Florida – Southeast, Fort Lauderdale, Florida; Bank of Florida – Southwest, Naples, Florida; and Bank of Florida – Tampa Bay, Tampa, Florida, were all closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The three failed banks were owned by the same holding company, Bank of Florida Corporation, which was not part of this transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Bank of Florida - Southeast will be $71.4 million; for Bank of Florida - Southwest, $91.3 million; and for Bank of Florida – Tampa Bay, $40.3 million.
Total Bank Closings = 78
Cost to the FDIC (We The People) this week... 317 Million
Cost to the FDIC (We The People) yearly...approx. $17.3 BILLION
2. Granite Community Bank, N.A., Granite Bay, California, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. Due to the Memorial Day holiday, the three branches of Granite Community Bank, N.A. will reopen on Tuesday as branches of Tri Counties Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $17.3 million.
3. EverBank, Jacksonville, Florida, acquired the banking operations, including all the deposits, of three Florida-based institutions. To protect depositors, the Federal Deposit Insurance Corporation (FDIC) entered into a purchase and assumption agreement with EverBank. Bank of Florida – Southeast, Fort Lauderdale, Florida; Bank of Florida – Southwest, Naples, Florida; and Bank of Florida – Tampa Bay, Tampa, Florida, were all closed today by the Florida Office of Financial Regulation, which appointed the FDIC as receiver. The three failed banks were owned by the same holding company, Bank of Florida Corporation, which was not part of this transaction. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) for Bank of Florida - Southeast will be $71.4 million; for Bank of Florida - Southwest, $91.3 million; and for Bank of Florida – Tampa Bay, $40.3 million.
Total Bank Closings = 78
Cost to the FDIC (We The People) this week... 317 Million
Cost to the FDIC (We The People) yearly...approx. $17.3 BILLION
Bankruptcy talk spreads among Calif. muni officials
Well, here is another story about a municipality that is talking bankruptcy.
Antioch's leaders earlier this month said bankruptcy could be an option for the cash-strapped city of roughly 100,000.
"Antioch's fiscal woes are standard issue for local governments in California: weak revenue from retail sales and property taxes is forcing spending cuts, layoffs and furloughs. But cost-cutting measures may not be enough to keep Antioch's books balanced, so its city council is openly discussing bankruptcy."
"Marc Levinson, a lawyer with Orrick, Herrington & Sutcliffe LLP who is representing Vallejo in its bankruptcy proceeding, agrees that California's hard times and lean local budgets are forcing local leaders to weigh bankruptcy. "It's a topic on everyone's lips because cities and counties and local governments are hurting," Levinson said."
Like I've said before, I think we will continue to see more cities, counties and even states talking bankruptcy.
Antioch's leaders earlier this month said bankruptcy could be an option for the cash-strapped city of roughly 100,000.
"Antioch's fiscal woes are standard issue for local governments in California: weak revenue from retail sales and property taxes is forcing spending cuts, layoffs and furloughs. But cost-cutting measures may not be enough to keep Antioch's books balanced, so its city council is openly discussing bankruptcy."
"Marc Levinson, a lawyer with Orrick, Herrington & Sutcliffe LLP who is representing Vallejo in its bankruptcy proceeding, agrees that California's hard times and lean local budgets are forcing local leaders to weigh bankruptcy. "It's a topic on everyone's lips because cities and counties and local governments are hurting," Levinson said."
Like I've said before, I think we will continue to see more cities, counties and even states talking bankruptcy.
Looks Like L.A. Is Not Far Behind Miami
The heart of the proposal is the idea of raiding the state's bottle deposits for the next 20 years and then getting an $8.7-billion loan from Wall Street.
Well, you have to admit they are getting creative on raising revenue.
"State Assembly Speaker John A. Perez on Tuesday outlined an alternative path to balancing California's budget that would raise oil taxes, delay corporate tax breaks and borrow billions from the nickel-and-dime deposits consumers make on recyclable bottles -- and would not require any Republican support. How? A convoluted mechanism that would swap existing state sales taxes for local sales taxes in order to skirt state law that requires a two-thirds vote of the Legislature to raise taxes. Consumers would pay the same on taxable purchases."
Boy, they don't even need the Republicans...that's showing bipartisanship. The Republicans will feel good about this...NOT.
"A spokesman for Gov. Arnold Schwarzenegger called it "legal gymnastics." "The Assembly Democrats' budget proposal includes no real spending cuts and no real reforms -- only legal gymnastics for majority vote tax increases," said Aaron McLear, a Schwarzenegger spokesman."
No kidding, robbing from Peter to pay Paul. I bet it won't work. They will still need additional money. They are only playing games instead of "cutting to the chase". They need to cut budgets, cut government spending and cut entitlement programs. That is the only way they will climb out of the hole. Borrowing more money to pay what they need now will dig the hole deeper.
Well, you have to admit they are getting creative on raising revenue.
"State Assembly Speaker John A. Perez on Tuesday outlined an alternative path to balancing California's budget that would raise oil taxes, delay corporate tax breaks and borrow billions from the nickel-and-dime deposits consumers make on recyclable bottles -- and would not require any Republican support. How? A convoluted mechanism that would swap existing state sales taxes for local sales taxes in order to skirt state law that requires a two-thirds vote of the Legislature to raise taxes. Consumers would pay the same on taxable purchases."
Boy, they don't even need the Republicans...that's showing bipartisanship. The Republicans will feel good about this...NOT.
"A spokesman for Gov. Arnold Schwarzenegger called it "legal gymnastics." "The Assembly Democrats' budget proposal includes no real spending cuts and no real reforms -- only legal gymnastics for majority vote tax increases," said Aaron McLear, a Schwarzenegger spokesman."
No kidding, robbing from Peter to pay Paul. I bet it won't work. They will still need additional money. They are only playing games instead of "cutting to the chase". They need to cut budgets, cut government spending and cut entitlement programs. That is the only way they will climb out of the hole. Borrowing more money to pay what they need now will dig the hole deeper.
Thursday, May 27, 2010
Is Miami Ready To Go Belly Up?
The city of Miami is in such financial dire straits that a commissioner is using the "B" word, bankruptcy.
You might want to read this article, as there may be other cities in or near the same position. The cities will start raising funds one way or another... cutting workers, cutting pay, changing contracts, eliminating services, and of course raising taxes and fees. They will need to begin this soon as they are running out of money.
Keep your eyes open...
You might want to read this article, as there may be other cities in or near the same position. The cities will start raising funds one way or another... cutting workers, cutting pay, changing contracts, eliminating services, and of course raising taxes and fees. They will need to begin this soon as they are running out of money.
Keep your eyes open...
Wednesday, May 26, 2010
U.S. Debt Now Over $13 TRILLION (and climbing)
Well, as I type this this morning the debt is $352 Million over the $13 TRILLION. Look closely at all the other numbers on this site. Debt per taxpayer...$117,978.
But the one to really look at is the U.S. Unfunded Liabilities...$108 TRILLION!! There is no way mathmactically speaking that we can climb out of this hole. Something will have to give....
But the one to really look at is the U.S. Unfunded Liabilities...$108 TRILLION!! There is no way mathmactically speaking that we can climb out of this hole. Something will have to give....
Tuesday, May 25, 2010
These People Vote?
Yep, you got it, they vote just like us...well maybe not just like us as we are probably better informed on the issues/persons we are voting for. Now I don't want to say that they are "dumb", but just, uh, maybe had some camera fright and could not come up with the correct answers. No, on second thought they are pretty stupid. A country that begins with "U"...Utah? You got to be kidding me, any idiot would have known that a better choice would be Utopia or Yugoslavia...LOL. Take five minutes and have a cry or laugh, but remember the next time you vote, one of these folks are probably cancelling your vote.
Monday, May 24, 2010
Time To Bailout The Unions
Well, it would be a payback for all the votes they have gotten the Democratic Party over the years. This bill being introduced by a Democratic Senator will bailout the Union's pension funds and would cost $165 Billion to the taxpayers like you and me. The bill, which would put the Pension Benefit Guarantee Corporation behind struggling pensions for union workers, is being introduced by Senator Bob Casey, (D-Pa.), who says it will save jobs and help people. Before the recession, I mean depression, started only 6% of these funds were in good shape. Now, with all the other bailouts going on, why not help out the people that got you elected. Of course, they will say "it's to save jobs". I call Bravo Sierra! $165 BILLION will "save" 3.3 million jobs paying $50,000 for a year.
The President just last week said "it's time to stop the bailouts". Let's see what he does with this. If he rejects the bailout, the unions will be pissed. If he goes along with the bailout many Americans will be pissed. Let us see what he decides.
The President just last week said "it's time to stop the bailouts". Let's see what he does with this. If he rejects the bailout, the unions will be pissed. If he goes along with the bailout many Americans will be pissed. Let us see what he decides.
Sunday, May 23, 2010
Laughing As You Sink
Pay particular attention to when they talk about the US.
Laughing as you sink
I cannot embed the video, so take a minute and click the above link and watch this two minute video.
Laughing as you sink
I cannot embed the video, so take a minute and click the above link and watch this two minute video.
Time Is Growing Short For U.S.
Former Federal Reserve Chairman Paul Volcker said time is “growing short” for the U.S. to address problems ranging from its budget deficit to Social Security obligations.
Let's make this clear, the former Fed Chair is advising something needs to be and done quickly. I believe that Obama already knows this, and for some reason he is holding back for a reason. One reason is that he knows entitlement programs will need to be cut. This would not sit well with those benefiting from those entitlements, which most likely will vote democrat.
Read some more excerpts from the article...
“Today’s concerns may soon become tomorrow’s existential crises.”
Volcker, speaking hours after the euro fell to a four-year low against the dollar, said Europe demonstrates for the U.S. the hazards of “uncontrolled borrowing.”
“Little has happened to allay my concerns” raised five years ago that “dangerous and intractable” problems were rising in the U.S., said Volcker, chairman of the president’s Economic Recovery Advisory Board.
“Intractable not just because of the combination of complicated issues, but because there seemed to be so little willingness or capacity to do much about it,”...
“The time we have is growing short” and “there are serious questions, most immediately about the sustainability of our commitment to growing entitlement programs.”
“Any thoughts that participants in the financial community might have had that conditions were returning to normal should by now be shattered,” he said. “We are left with some very large questions: questions of understanding what happened, questions of what to do about it, and ultimately questions of political possibilities.”
The White House is projecting a $1.6 TRILLION deficit for 2010 and up to $10 TRILLION (this will likely rise) over the next decade. This will mean $900 BILLION per year in interest payments! I have stated before, this cannot be sustained. The US cannot raise income tax enough to cover these costs. Something will have to give.
If you don't have a plan for the future, I would suggest you formulate one. I predict that the US you know today will not be the same by the end of this year.
Let's make this clear, the former Fed Chair is advising something needs to be and done quickly. I believe that Obama already knows this, and for some reason he is holding back for a reason. One reason is that he knows entitlement programs will need to be cut. This would not sit well with those benefiting from those entitlements, which most likely will vote democrat.
Read some more excerpts from the article...
“Today’s concerns may soon become tomorrow’s existential crises.”
Volcker, speaking hours after the euro fell to a four-year low against the dollar, said Europe demonstrates for the U.S. the hazards of “uncontrolled borrowing.”
“Little has happened to allay my concerns” raised five years ago that “dangerous and intractable” problems were rising in the U.S., said Volcker, chairman of the president’s Economic Recovery Advisory Board.
“Intractable not just because of the combination of complicated issues, but because there seemed to be so little willingness or capacity to do much about it,”...
“The time we have is growing short” and “there are serious questions, most immediately about the sustainability of our commitment to growing entitlement programs.”
“Any thoughts that participants in the financial community might have had that conditions were returning to normal should by now be shattered,” he said. “We are left with some very large questions: questions of understanding what happened, questions of what to do about it, and ultimately questions of political possibilities.”
The White House is projecting a $1.6 TRILLION deficit for 2010 and up to $10 TRILLION (this will likely rise) over the next decade. This will mean $900 BILLION per year in interest payments! I have stated before, this cannot be sustained. The US cannot raise income tax enough to cover these costs. Something will have to give.
If you don't have a plan for the future, I would suggest you formulate one. I predict that the US you know today will not be the same by the end of this year.
Saturday, May 22, 2010
Bank Closure May 21, 2010
Pinehurst Bank, St. Paul, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Pinehurst Bank will reopen on Saturday as a branch of Coulee Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $6.0 million.
Not a bad week, only $6 million.
Total Bank closings = 73
Cost to the FDIC (We The People) this week... $6 million
Cost to the FDIC (We The People) yearly...approx. $17 BILLION
Not a bad week, only $6 million.
Total Bank closings = 73
Cost to the FDIC (We The People) this week... $6 million
Cost to the FDIC (We The People) yearly...approx. $17 BILLION
Friday, May 21, 2010
Oil Clean-Up Made Simple
I'm no scientist, but if this works, why not try. We are wasting time and money as the oil spill moves around and nobody knows where it will go. The leak continues so why not try to clean up what we can.
A couple of "good-ole boys" may have an answer. If this works, it could put the boat captains, farmers and truck drivers back to work. So it could help keep our beaches clean, the tourism industry afloat (no pun intended) and maybe employ some folks that need work.
A couple of "good-ole boys" may have an answer. If this works, it could put the boat captains, farmers and truck drivers back to work. So it could help keep our beaches clean, the tourism industry afloat (no pun intended) and maybe employ some folks that need work.
Immigration Humor
Well, I needed some humor today and I heard about this video. I thought I would put it up for all to enjoy.
Wednesday, May 19, 2010
Arizona Immigration Law
There has been a big hoopla about the "new" immigration law passed by the Arizona state legislature. The left has been demonizing it saying it is racial and profiling. The funny thing is that our US Attorney General Eric Holder, one of the biggest critics of the new bill, has not even read the bill.
One of our other officials charged with the protection of the citizens of the US, Secretary of Homeland Security, also admitted she had not read the bill.
Now what I want to saw is I have read the bill...all, uh...10 pages of it! The funny thing is the changes, I feel, actually softens up the law.
What I will do is provide you a link to the actual bill. Take a few minutes and read the bill. It really is not that hard and won't take you very long at all. I think you will see that there is no racial, profiling, big bad, nasty language in the bill. In fact, it seems the authors wrote language to make it so there is no racism or profiling. The citizens actually have to carry I.D. that would show they are legal citizens. Wow, is that what the fuss is about? Well we all carry something to show that...our drivers license. What is the problem with that.
One of our other officials charged with the protection of the citizens of the US, Secretary of Homeland Security, also admitted she had not read the bill.
Now what I want to saw is I have read the bill...all, uh...10 pages of it! The funny thing is the changes, I feel, actually softens up the law.
What I will do is provide you a link to the actual bill. Take a few minutes and read the bill. It really is not that hard and won't take you very long at all. I think you will see that there is no racial, profiling, big bad, nasty language in the bill. In fact, it seems the authors wrote language to make it so there is no racism or profiling. The citizens actually have to carry I.D. that would show they are legal citizens. Wow, is that what the fuss is about? Well we all carry something to show that...our drivers license. What is the problem with that.
$23 Billion Bailout For Teachers
You may not have heard about this one, but the Obama administration came out Thursday in support of emergency education funding legislation that would provide $23 billion to preserve teacher jobs in the face of massive impending layoffs across the country.
Wow, now let me understand. We bailed out the housing, banking and auto industries, but now we are going to bailout the teachers union. We will give $23 billion to the teachers union, but only $2 billion to the firefighters and police.
"Duncan's letter, which received White House support, urged Congress to include the emergency funding in an upcoming supplemental spending bill to fund military operations and other expenses."
Now, they are going to slip this into a defense/military spending bill. Bailout teachers and military spending...now they are similar, huh? That is how the CONgress critters do things, attach one spending item to another spending bill. The reason they will get this passed is who want to be seen denying the military funding. If you vote against this when you run for re-election, your opponent will show you voted "against" our military. Of course you won't be able to explain that you supported the miltary, but just didn't support our poor teachers....oops, you don't want to do that....okay, I'll vote for it. This also appears that this funding will come from our "regular" federal budget and not the stimulus spending bill funds. Why not? I don't know, but I'm sure they have a good reason, just like the reason they are trying to keep this hush-hush.
"We know that economic prosperity and educational success go hand in hand, which is why the Obama administration is concerned by looming state and local budget cuts that threaten the jobs of hundreds of thousands of teachers across the country, Domestic Policy Director Melody Barnes wrote in a blog posted yesterday to the White House website."
I call B.S. on this one. We all know that the teachers union was one of Obama's biggest financial supporters and this is just him watching out for another one of his supporters. They state they are concerned about the "hundreds of thousands of teachers" that may have their jobs threatened, but what about those millions of people that have lost their jobs. Where was their industry/union bailouts?
"In addition to state budget shortfalls across the country, stimulus funding for education is also winding down. The Recovery Act, specifically the State Fiscal Stabilization Fund, has helped save upwards of 300,000 education jobs. Since the Recovery Act was enacted, the Education Department has provided roughly $100 billion to states. The Harkin bill would, in essence, be an extension of the state funding."
So, we have already used the "stimulus" to a tune of $100 billion to save 300,000 education jobs and now we are going to spend another $23 billion. WOW, that's $410,000 per job saved. That's enough to let those 300,000 teachers be unemployed for 8-10 years if each was paid that $410,000. That is not fiscal responsibility!
Those that are unemployed should be really ticked off.
Wow, now let me understand. We bailed out the housing, banking and auto industries, but now we are going to bailout the teachers union. We will give $23 billion to the teachers union, but only $2 billion to the firefighters and police.
"Duncan's letter, which received White House support, urged Congress to include the emergency funding in an upcoming supplemental spending bill to fund military operations and other expenses."
Now, they are going to slip this into a defense/military spending bill. Bailout teachers and military spending...now they are similar, huh? That is how the CONgress critters do things, attach one spending item to another spending bill. The reason they will get this passed is who want to be seen denying the military funding. If you vote against this when you run for re-election, your opponent will show you voted "against" our military. Of course you won't be able to explain that you supported the miltary, but just didn't support our poor teachers....oops, you don't want to do that....okay, I'll vote for it. This also appears that this funding will come from our "regular" federal budget and not the stimulus spending bill funds. Why not? I don't know, but I'm sure they have a good reason, just like the reason they are trying to keep this hush-hush.
"We know that economic prosperity and educational success go hand in hand, which is why the Obama administration is concerned by looming state and local budget cuts that threaten the jobs of hundreds of thousands of teachers across the country, Domestic Policy Director Melody Barnes wrote in a blog posted yesterday to the White House website."
I call B.S. on this one. We all know that the teachers union was one of Obama's biggest financial supporters and this is just him watching out for another one of his supporters. They state they are concerned about the "hundreds of thousands of teachers" that may have their jobs threatened, but what about those millions of people that have lost their jobs. Where was their industry/union bailouts?
"In addition to state budget shortfalls across the country, stimulus funding for education is also winding down. The Recovery Act, specifically the State Fiscal Stabilization Fund, has helped save upwards of 300,000 education jobs. Since the Recovery Act was enacted, the Education Department has provided roughly $100 billion to states. The Harkin bill would, in essence, be an extension of the state funding."
So, we have already used the "stimulus" to a tune of $100 billion to save 300,000 education jobs and now we are going to spend another $23 billion. WOW, that's $410,000 per job saved. That's enough to let those 300,000 teachers be unemployed for 8-10 years if each was paid that $410,000. That is not fiscal responsibility!
Those that are unemployed should be really ticked off.
School Bus Ride Will Cost A Fee
Douglas County school board 50-cent-per-ride transportation fee. This will continue to happen around the country as city, county, state and school boards will need to have creative ways to raise money. It is a TAX! They won't call it a tax, but that is what it is, except in sheeps clothing. We will see fire departments continue to charge for responding to auto accidents, structure fires, police agencies charging for alarm calls, shool boards charging for "free meals", school bus rides, etc. There will be more and more and more, mark my words.
Tuesday, May 18, 2010
We Need More Like Him!
Now, I don't know Dale Peterson, and can only go off this ad for his campaign, but if he tells it like it is all the time, we need more like him! I would vote for him just because of the Winchester he is carrying.
Monday, May 17, 2010
This Is A Must Watch
Okay, I know it is long, but you need to watch this video. It is almost an hour long, but will tell you and explain things that you are not hearing on Lame Stream Media. Take an hour, sit down with a cup of coffee and listen and learn. But I will warn you, the information you will hear may wish you started with a bottle of Jack Daniels.
Saturday, May 15, 2010
It Might Get Ugly...
No new taxes, but big welfare cuts in Schwarzenegger's California budget plan
If the budget cuts that Govenor Schwarzenegger wants to implement goes into effect, you will see rioting in the streets like we say in Greece and what we are seeing in Thiland now. He is proposing cuts to the welfare program and child care for the poor. These people will be hungry and won't have anyplace for their children to go when (or if) they are trying to work. The cuts proposed will also freeze funding for schools which will raise the cackles of teachers, school administrators and parents. We will here things like...we don't have enough money to keep schools open, we don't have enough money to run after-school or early-school programs, we don't have enough money for the free lunch program...etc. There will also be cuts of 60% state money to fund mental health programs which will hurt those suffering from true mental health issues. The plan also cuts further state workers pay.
Any way you look at this it is not pretty. Even if only some of those cuts go into place, it will still cause an uproar. More state will be facing these types of actions.
Keep you eyes open....
If the budget cuts that Govenor Schwarzenegger wants to implement goes into effect, you will see rioting in the streets like we say in Greece and what we are seeing in Thiland now. He is proposing cuts to the welfare program and child care for the poor. These people will be hungry and won't have anyplace for their children to go when (or if) they are trying to work. The cuts proposed will also freeze funding for schools which will raise the cackles of teachers, school administrators and parents. We will here things like...we don't have enough money to keep schools open, we don't have enough money to run after-school or early-school programs, we don't have enough money for the free lunch program...etc. There will also be cuts of 60% state money to fund mental health programs which will hurt those suffering from true mental health issues. The plan also cuts further state workers pay.
Any way you look at this it is not pretty. Even if only some of those cuts go into place, it will still cause an uproar. More state will be facing these types of actions.
Keep you eyes open....
Bank Closings, May 7th and May 14th.
I forgot to post last weeks bank closings so I will combine this week with last weeks.
May 14, 2010:
1. Midwest Bank and Trust Company, Elmwood Park, Illinois, was closed today by the Illinois Department of Financial Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 23 branches of Midwest Bank and Trust Company will reopen on Saturday as branches of Firstmerit Bank, National Association. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $216.4 million.
2. Southwest Community Bank, Springfield, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Southwest Community Bank will reopen on Saturday as a branch of Simmons First National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29.0 million.
3. New Liberty Bank, Plymouth, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of New Liberty Bank will reopen on Saturday as a branch of Bank of Ann Arbor. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million.
4. Satilla Community Bank, Saint Marys, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Satilla Community Bank will reopen on Monday as a branch of Ameris Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.3 million.
May 7, 2010:
1. 1st Pacific Bank of California, San Diego, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The six branches of 1st Pacific Bank of California will reopen on Monday as branches of City National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $87.7 million.
2. Towne Bank of Arizona, Mesa, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Towne Bank of Arizona will reopen on Monday as a branch of Commerce Bank of Arizona. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.8 million.
3. Access Bank, Champlin, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The two branches of Access Bank will reopen during normal business hours beginning on Saturday as branches of PrinsBank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.5 million.
4. The Bank of Bonifay, Bonifay, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The five branches of The Bank of Bonifay will reopen on Monday as branches of First Federal Bank of Florida. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million.
Bank closures total this year....72
Cost to the FDIC (We The People) this week... $515.4 million
Cost to the FDIC (We The People) yearly...approx. $17 BILLION
May 14, 2010:
1. Midwest Bank and Trust Company, Elmwood Park, Illinois, was closed today by the Illinois Department of Financial Professional Regulation – Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 23 branches of Midwest Bank and Trust Company will reopen on Saturday as branches of Firstmerit Bank, National Association. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $216.4 million.
2. Southwest Community Bank, Springfield, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Southwest Community Bank will reopen on Saturday as a branch of Simmons First National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $29.0 million.
3. New Liberty Bank, Plymouth, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of New Liberty Bank will reopen on Saturday as a branch of Bank of Ann Arbor. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $25.0 million.
4. Satilla Community Bank, Saint Marys, Georgia, was closed today by the Georgia Department of Banking and Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Satilla Community Bank will reopen on Monday as a branch of Ameris Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $31.3 million.
May 7, 2010:
1. 1st Pacific Bank of California, San Diego, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The six branches of 1st Pacific Bank of California will reopen on Monday as branches of City National Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $87.7 million.
2. Towne Bank of Arizona, Mesa, Arizona, was closed today by the Arizona Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The sole branch of Towne Bank of Arizona will reopen on Monday as a branch of Commerce Bank of Arizona. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $41.8 million.
3. Access Bank, Champlin, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The two branches of Access Bank will reopen during normal business hours beginning on Saturday as branches of PrinsBank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.5 million.
4. The Bank of Bonifay, Bonifay, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The five branches of The Bank of Bonifay will reopen on Monday as branches of First Federal Bank of Florida. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $78.7 million.
Bank closures total this year....72
Cost to the FDIC (We The People) this week... $515.4 million
Cost to the FDIC (We The People) yearly...approx. $17 BILLION
Thursday, May 13, 2010
Euro Bailout Will Lead To Currency Collaspe
Congressman Paul warns that the constant monetization of debt, allied with taxpayer-funded bailouts, will inevitably lead to runaway inflation and the collapse of paper currencies.
We all are paying to bailout Greece, which by the way is a socialistic state with only 11 million people. This is smaller than Los Angeles, but yet we are bailing them out to a tune of close to $1 TRILLION. Socialism cannot survive as eventually there is not enough taxpayers money to pay for the entitlement programs. Maybe that is why the US has seen a budget deficit for the last 19 months. There is not enough taxes being collected to pay for running our government! We cannot pay for what we need, but yet this administration feels we can, or better to say we should bailout Greece. After Greece there will be Portugal and Spain and we will be bailing them out as well, mark my words. Enough is enough!
I have a feeling, time is getting close that we will be seeing hyperinflation, AND significantly increased taxes at All levels...city/county/state and federal. Folks, if you cannot see the writing on the wall, well just bury your head deaper in the sand because there is no use to start looking now.
Keep your eyes open!!
We all are paying to bailout Greece, which by the way is a socialistic state with only 11 million people. This is smaller than Los Angeles, but yet we are bailing them out to a tune of close to $1 TRILLION. Socialism cannot survive as eventually there is not enough taxpayers money to pay for the entitlement programs. Maybe that is why the US has seen a budget deficit for the last 19 months. There is not enough taxes being collected to pay for running our government! We cannot pay for what we need, but yet this administration feels we can, or better to say we should bailout Greece. After Greece there will be Portugal and Spain and we will be bailing them out as well, mark my words. Enough is enough!
I have a feeling, time is getting close that we will be seeing hyperinflation, AND significantly increased taxes at All levels...city/county/state and federal. Folks, if you cannot see the writing on the wall, well just bury your head deaper in the sand because there is no use to start looking now.
Keep your eyes open!!
Wednesday, May 12, 2010
As The Saying Goes...It's Who You Know
Well, this has to tick off a bunch of employees. Gov. Furlough raises hell by boosting aides pay while 100,000 state employees suffer through furloughs.
Now, this may be bad timing, but I'm afraid that he just made some people real upset. These are union employees, so it may be a turbulent time when it comes to contract re-negoiations for state workers. This is typical everyday political crap. They don't care about what happens to the common folk, just what happens to their career/life.
Keep your eyes open and watch your back....
Now, this may be bad timing, but I'm afraid that he just made some people real upset. These are union employees, so it may be a turbulent time when it comes to contract re-negoiations for state workers. This is typical everyday political crap. They don't care about what happens to the common folk, just what happens to their career/life.
Keep your eyes open and watch your back....
Tuesday, May 11, 2010
Terrible Cuts Coming To California
Well, they probably should have made these cuts a while back. This state has been underwater for a while, and the Republican Govenor and Democrat controlled Legislature cannot come up with a plan.
California Governor Arnold Schwarzenegger will seek “terrible cuts” to eliminate an $18.6 billion budget deficit.
"California’s revenue in April, when income-tax payments are due, trailed the governor’s estimates by $3.6 billion, or 26 percent. The gap wiped out gains from the previous four months, leaving collections $1.3 billion behind projections for the budget year that ends in June."
"Democrats this week introduced a package of bills that would raise as much as $2.9 billion annually by imposing a 10 percent severance tax on oil production in the state, repealing corporate-tax breaks approved last year to spur job growth and assessing commercial property taxes differently."
Okay, let's raise tax on oil production which these companies will just pass on to the consumer. The unemployment rate is 13% and underemployment rate somewhere near 20%, so let's repeal tax breaks for companies. This doesn't make sense for two reasons. One, companies/corporations are the ones for the most part that hire the unemployed and Two, any tax increase to corporations will be passed on to the consumer, so prices for goods and services will increase. Where are the proposals to cut spending? How about reducing entitlement programs, no more free services to illegal immigrants, and less government spending.
Just these three things would save billions of dollars. But these require common sense.
California Governor Arnold Schwarzenegger will seek “terrible cuts” to eliminate an $18.6 billion budget deficit.
"California’s revenue in April, when income-tax payments are due, trailed the governor’s estimates by $3.6 billion, or 26 percent. The gap wiped out gains from the previous four months, leaving collections $1.3 billion behind projections for the budget year that ends in June."
"Democrats this week introduced a package of bills that would raise as much as $2.9 billion annually by imposing a 10 percent severance tax on oil production in the state, repealing corporate-tax breaks approved last year to spur job growth and assessing commercial property taxes differently."
Okay, let's raise tax on oil production which these companies will just pass on to the consumer. The unemployment rate is 13% and underemployment rate somewhere near 20%, so let's repeal tax breaks for companies. This doesn't make sense for two reasons. One, companies/corporations are the ones for the most part that hire the unemployed and Two, any tax increase to corporations will be passed on to the consumer, so prices for goods and services will increase. Where are the proposals to cut spending? How about reducing entitlement programs, no more free services to illegal immigrants, and less government spending.
Just these three things would save billions of dollars. But these require common sense.
Many Asked For Change....
Well, many asked for a change and now they will be left only with a few coins in their pocket. Today, the U.S. Senate voted 62 to 37 against an amendment to allow greater transparency at the Federal Reserve. The Senate failed to vote for the people. What are they hiding? What is the Federal Reserve hiding? Businesses get audited, Non-profits get audited, heck even Banks get audited...why not the Federal Reserve?
The Vitter Amendment replaced the Sanders Amendment that esentially was toothless.
"The Sanders Amendment is no substitute for a complete and thorough audit of the Fed," said John Tate, President of Campaign for Liberty. "With this vote, we now have a record of those who really want transparency and those who only pay lip-service to it while upholding the status quo."
Well, I agree! Let us remember who voted against transparency this November,
“The Dodd bill itself is just another bad piece of legislation, which will benefit no one except the Fed and its friends at big banks,” said Tate. “It institutionalizes bailouts for banks and subsidizes risky financial decisions.”
"If the entire financial regulation bill makes it out of the Senate, it heads to the House, where House Financial Services Committee Chairman Barney Frank will choose which version to move forward on."
Wow, I wonder how Ol' Barney will vote?
Keep your eyes open....
The Vitter Amendment replaced the Sanders Amendment that esentially was toothless.
"The Sanders Amendment is no substitute for a complete and thorough audit of the Fed," said John Tate, President of Campaign for Liberty. "With this vote, we now have a record of those who really want transparency and those who only pay lip-service to it while upholding the status quo."
Well, I agree! Let us remember who voted against transparency this November,
“The Dodd bill itself is just another bad piece of legislation, which will benefit no one except the Fed and its friends at big banks,” said Tate. “It institutionalizes bailouts for banks and subsidizes risky financial decisions.”
"If the entire financial regulation bill makes it out of the Senate, it heads to the House, where House Financial Services Committee Chairman Barney Frank will choose which version to move forward on."
Wow, I wonder how Ol' Barney will vote?
Keep your eyes open....
I Think We Will See The Cost Of This Go Even Higher
Health overhaul law potentially costs $115B more
Well, what do you want to bet it will be close to $2 trillion when all is said and done. Oh, but we can afford this, huh?
Well, what do you want to bet it will be close to $2 trillion when all is said and done. Oh, but we can afford this, huh?
Sunday, May 9, 2010
Watch This Closely
Brian Williams was telling it straight the other day after the market hit a free fall. I think he was truely nervous with what he was watching happen to the market. I'm afraid that Germany is not going to come through and the Brits don't have enough money to bail anyone out. Like Brian says there will be a "daisychain" with all of this. We need to be on the lookout for signs of European economic collaspe which could lead to a downfall in our economy
.
America has a good reason to worry about Greece. You need to read the whole article, but let me quote a few lines from this article.
"The cause of the present turmoil, Greek public debt, has aroused fears of a wider sovereign-debt crisis and heightened concern about US government borrowing."
"A country whose government borrows beyond its capacity must eventually pay the price. Greece does teach that lesson, in case anybody had forgotten it – and in the US, some have. But the greater worry for the US at the moment is not that Europe shows where it is heading but that secondary effects from Greece and any widening emergency will squash its fledgling recovery."
"Financial contagion is the other big risk. Suppose Greece defaults. That will spread losses across the European banking system. Pressure to default could mount on other European countries, starting with Portugal and Spain but maybe spreading further. Just how badly US banks and non-banks are exposed to to these risks – directly, or through credit default swaps and other derivatives – may be unclear until it happens. Any new financial waves would crash over a US government whose fiscal capacity is all but maxed out and a country whose willingness to rescue banks is exhausted."
"The harder question is whether even a Greek default will resolve Europe’s difficulties. My bet would be no. Greece has a huge primary budget deficit. At least for a time after a debt restructuring it would struggle to find lenders. So even with its debts written down to nothing, it faces a period of fiscal austerity that will be wrenching at best and politically impossible at worst – with no central bank to support demand, and no currency of its own to devalue."
I say we all should brace ourselves and be prepared for the worse. It is better to be prepared days, moths or even years in advance than to be one minute to late.
.America has a good reason to worry about Greece. You need to read the whole article, but let me quote a few lines from this article.
"The cause of the present turmoil, Greek public debt, has aroused fears of a wider sovereign-debt crisis and heightened concern about US government borrowing."
"A country whose government borrows beyond its capacity must eventually pay the price. Greece does teach that lesson, in case anybody had forgotten it – and in the US, some have. But the greater worry for the US at the moment is not that Europe shows where it is heading but that secondary effects from Greece and any widening emergency will squash its fledgling recovery."
"Financial contagion is the other big risk. Suppose Greece defaults. That will spread losses across the European banking system. Pressure to default could mount on other European countries, starting with Portugal and Spain but maybe spreading further. Just how badly US banks and non-banks are exposed to to these risks – directly, or through credit default swaps and other derivatives – may be unclear until it happens. Any new financial waves would crash over a US government whose fiscal capacity is all but maxed out and a country whose willingness to rescue banks is exhausted."
"The harder question is whether even a Greek default will resolve Europe’s difficulties. My bet would be no. Greece has a huge primary budget deficit. At least for a time after a debt restructuring it would struggle to find lenders. So even with its debts written down to nothing, it faces a period of fiscal austerity that will be wrenching at best and politically impossible at worst – with no central bank to support demand, and no currency of its own to devalue."
I say we all should brace ourselves and be prepared for the worse. It is better to be prepared days, moths or even years in advance than to be one minute to late.
Thursday, May 6, 2010
Don't We Live In America?
Students at a high school in California (I know that's the problem) were asked to turn their shirts inside out because they had an American flag on it. This represented a "incendiary" that would lead to fights on campus, said the administrators. WOW. Has it come that you cannot wear an American flag at high school? Now this was done on Cinco de Mayo, but that should not matter.
Now this was reported..."But to many Mexican-American students at Live Oak, this was a big deal. They say they were offended by the five boys and others for wearing American colors on a Mexican holiday." I wonder if the reporter did their homework? Cinco de Mayo IS NOT a Mexican holiday. Mexico does not even celebrate Cinco de Mayo. According to Wikipedia Cinco de Mayo is not Mexico's Independence Day, the most important national patriotic holiday in Mexico. "I think they should apologize cause it is a Mexican Heritage Day," Annicia Nunez, a Live Oak High student, said. "We don't deserve to be get disrespected like that. Oh, but it is okay to disrespect the boys for wearing their Nations flag on their shirt!
We have people running our schools that are not informed. They are following the Politically Correct crowd and not knowing what they are doing or enforcing. This is a shame as it does not let the Mexicans know what their true heritage is but also steps on the first amendment rights of the Americans. Get your child out of the government schools and start teaching the the important things like The Constitution as it seems many teachers and administrators have forgoten what is in The Constitution.
Now this was reported..."But to many Mexican-American students at Live Oak, this was a big deal. They say they were offended by the five boys and others for wearing American colors on a Mexican holiday." I wonder if the reporter did their homework? Cinco de Mayo IS NOT a Mexican holiday. Mexico does not even celebrate Cinco de Mayo. According to Wikipedia Cinco de Mayo is not Mexico's Independence Day, the most important national patriotic holiday in Mexico. "I think they should apologize cause it is a Mexican Heritage Day," Annicia Nunez, a Live Oak High student, said. "We don't deserve to be get disrespected like that. Oh, but it is okay to disrespect the boys for wearing their Nations flag on their shirt!
We have people running our schools that are not informed. They are following the Politically Correct crowd and not knowing what they are doing or enforcing. This is a shame as it does not let the Mexicans know what their true heritage is but also steps on the first amendment rights of the Americans. Get your child out of the government schools and start teaching the the important things like The Constitution as it seems many teachers and administrators have forgoten what is in The Constitution.
Tuesday, May 4, 2010
Now Something Funny
My last post was pretty deep, so I thought I sould give you a little humor. Take a couple minutes and enjoy.
How We Become A Slave
This is an edgy video that lasts about 13 minutes, so you need to be focused when you sit and watch it. It will lead you through the steps that are taken to enslave, uh...us. I would say enjoy, but it is pretty intense but very informative.
Monday, May 3, 2010
Sunday, May 2, 2010
Bank Closures - April 30
April 30 was a bad day for banks and total of about $6 billion loss for the FDIC. I say about because I read the press releases last nite but can't get to the releases tonite as their website seems to be down. I was working long hours this weekend, so wasn't I mean I was too tired to write a post. I remember adding in my head that there was about $6 billion with about $5 billion of that from 3 banks in Puerto Rico...yep we bailout their banks as well. I believe there was a total of 6 or 7 banks that went down in flames Friday. I'll recheck the press releases tomorrow and update this blog post. Sounds like a financial recovery to me....
EDIT UPDATE:
Here is the real scoop with the Friday, April 30, 2010 bank closures.
1. Frontier Bank, Everett, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 51 branches of Frontier Bank will reopen during normal business hours as branches of Union Bank, N.A. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.37 billion.
2. BC National Banks, Butler, Missouri, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The four branches of BC National Banks will reopen on Saturday as branches of Community First Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million.
3. Champion Bank, Creve Coeur, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $52.7 million.
4. CF Bancorp, Port Huron, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 22 branches of CF Bancorp will reopen during normal business hours beginning Saturday as branches of First Michigan Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615.3 million.
5. Westernbank Puerto Rico, Mayaguez, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 46 branches of Westernbank Puerto Rico will reopen during normal business hours as branches of Banco Popular de Puerto Rico. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.31 billion.
6. R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 29 branches of R-G Premier Bank of Puerto Rico will reopen during normal business hours as branches of Scotiabank de Puerto Rico. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.23 billion.
7. Eurobank, San Juan, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 22 branches of Eurobank will reopen during normal business hours as branches of Oriental Bank and Trust. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $743.9 million.
Now, what I did this week was put down how many branches were affected. I did this so you could see that when a bank is closed by the FDIC, it usually has more than one branch or building. Many times when we see "XYZ bank" was closed by the FDIC, we assume it only affected one building and maybe only 10-20 employees. As you can see from above most banks that were closed this week, had more than one branch and most had several.
Our totals are;
Bank Closures = 64
Cost to the FDIC (We The People) this week = $7.33 Billion with $5.3 Billion of that going to banks in Puerto Rico.
Cost to the FDIC (We The People) yearly = $16.52 Billion
EDIT UPDATE:
Here is the real scoop with the Friday, April 30, 2010 bank closures.
1. Frontier Bank, Everett, Washington, was closed today by the Washington Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 51 branches of Frontier Bank will reopen during normal business hours as branches of Union Bank, N.A. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.37 billion.
2. BC National Banks, Butler, Missouri, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The four branches of BC National Banks will reopen on Saturday as branches of Community First Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $11.4 million.
3. Champion Bank, Creve Coeur, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $52.7 million.
4. CF Bancorp, Port Huron, Michigan, was closed today by the Michigan Office of Financial and Insurance Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 22 branches of CF Bancorp will reopen during normal business hours beginning Saturday as branches of First Michigan Bank. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615.3 million.
5. Westernbank Puerto Rico, Mayaguez, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 46 branches of Westernbank Puerto Rico will reopen during normal business hours as branches of Banco Popular de Puerto Rico. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $3.31 billion.
6. R-G Premier Bank of Puerto Rico, Hato Rey, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 29 branches of R-G Premier Bank of Puerto Rico will reopen during normal business hours as branches of Scotiabank de Puerto Rico. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.23 billion.
7. Eurobank, San Juan, Puerto Rico, was closed today by the Office of the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. The 22 branches of Eurobank will reopen during normal business hours as branches of Oriental Bank and Trust. The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $743.9 million.
Now, what I did this week was put down how many branches were affected. I did this so you could see that when a bank is closed by the FDIC, it usually has more than one branch or building. Many times when we see "XYZ bank" was closed by the FDIC, we assume it only affected one building and maybe only 10-20 employees. As you can see from above most banks that were closed this week, had more than one branch and most had several.
Our totals are;
Bank Closures = 64
Cost to the FDIC (We The People) this week = $7.33 Billion with $5.3 Billion of that going to banks in Puerto Rico.
Cost to the FDIC (We The People) yearly = $16.52 Billion
Subscribe to:
Posts (Atom)
