[seahorse]

I only learned this info this afternoon and, considering the source, posted as quickly as I could. I wanted to warn people that might be affected as quickly as possible in light of the fact there would only be a short window of opportunity to make any necessary changes in accounts. In the end, only time will tell, but we should know something by tomorrow at the latest I would think.

[shakespear1]

If anything, this thread has rung the bell of depositors that their bank may have an issue which could lead to problems accessing their money at the bank. Anywhere in the US.

Thanks for that

[pedalling_faster]

why whatsoever are you talking about ?

a few months ago, this curve showed non-borrowed reserves of -$10 billion.

& now it's -$90 billion.

i haven't figured out exactly what that means but i gather it relates to the funny-money-ness of our currency.

[smallpoxgirl]

That's a very alarming graph. What do you think of this explaination?

http://blogs.wsj.com/economics/2008/02/ ... lse-alarm/

[MacG]

$this->bbcode_second_pass_quote('smallpoxgirl', 'T')hat's a very alarming graph. What do you think of this explaination?

http://blogs.wsj.com/economics/2008/02/ ... lse-alarm/

[lawnchair]

Mainstream business media is mentioning it.

[url=http://www.marketwatch.com/news/story/story.aspx?guid={2FCA4A0C-227D-48FE-B42C-8DDF75D838DA}]Marketwatch[/url]

[seahorse]

FDIC closes another bank today, on a Friday! See a pattern?? The FDIC closes banks on Fridays COB and there are no warnings. Go to the surviving a financial meltdown thread and read the post on "lessons learned from the ANB failure."

FDIC Approves the Assumption of All the Deposits of First Integrity Bank, National Association, Staples, Minnesota

$this->bbcode_second_pass_quote('', 'F')OR IMMEDIATE RELEASE
May 30, 2008 Media Contact:
David Barr (202) 898-6992
Cell: (703) 622-4790
Email: dbarr@fdic.gov


First Integrity, National Association, Staples, Minnesota, with $54.7 million in total assets and $50.3 million in total deposits as of March 31, 2008, was closed today by the Office of the Comptroller of the Currency, and the Federal Deposit Insurance Corporation was named receiver.

The FDIC Board of Directors today approved the assumption of all the deposits of First Integrity by First International Bank and Trust, Watford City, North Dakota. Depositors of First Integrity will automatically become depositors of the assuming bank and continue to have uninterrupted access to their deposits. The failed bank's two offices will reopen on Saturday from 8:30 a.m. to 11:30 a.m. as branches of First International.

In addition to assuming all of the deposits of the failed bank, First International will purchase approximately $35.8 million of First Integrity's assets for a total premium of $2.03 million. The FDIC will retain approximately $18.9 million in assets for later disposition.

Customers with questions about today's transaction or who would like more information about the failure of First Integrity can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/fai ... _bank.html, or call the FDIC toll-free at 1-800-331-6306 until 9 p.m. this evening, and from 8 a.m. to 6 p.m., Central Daylight Time, thereafter.

The transaction is the least costly resolution option, and the FDIC estimates that the cost to its Deposit Insurance Fund is approximately $2.3 million. First Integrity is the fourth FDIC-insured bank to fail this year, and the first in Minnesota since Town & Country Bank of Almelund, on July 14, 2000. Last year, three FDIC-insured institutions failed.

[Pops]

Thanks horse.

Good thing I have no money.


But aside from the flip comment, what do you think this has to do with the Ag economy - increased crop loans for inputs - bad, bad weather, etc?

[seahorse]

Pops,

I don't know. In my own mind a "worse case scenario" was one in which the crisis moved from a "developer's problem" to a banking problem. My worse case scenario was one in which banks failed along with depressed home prices like back during the great depression. It seems with Bernanke now warning about regional bank failures (two in the last month) and with home prices continuing to drop, that the "worse case scenario" as defined above is starting to manifest. If this develops, it will ultimately touch every aspect of the economy. Already, the credit crisis is partically to blame for the US gov't no longer backing the building of new coal plants, for example.

The other fear I have is the effect that commerical loans going bad will have on banks. Our largest banks have struggled dealing with home loans gone bad. If the commercial loans begin going bad as some fear, I don't know how our banking system will survive it. I'm sure there will always be banks and loans, but I'm sure it will be very selective.

I don't like the clouds that are developing on the economic horizon. Individuals just need to be wary and not taking a lot of risk. Businesses should not have all their accounts and loans with just one bank, nor should individuals have all their loans, CDs etc with just one bank. Diversify banking as well as assets.

[vision-master]

This will cheer ya up!

Faron Young - Hello Walls

[Pops]

I worry about all the farmers borrowing to buy a bunch of land and equipment (Deere is doing quite well I hear) and seed and and fertilizer and the the impact of the wet weather on crops this year, especially corn.

[mmasters]

Yeah, the super growth economy is basically dead and being propped up by printing presses, heavy market manipulation, black market money, phoney accounting and media brainwashing. The deception and the success of it all is rather amazing.

In the next phase we will encounter a war with Iran, further devaluation of the dollar, true economic crisis, gas shortages, martial law and ultimately the introduction of a new currency/ reconfiguring of the infrastructure of the country. The timing of this next phase starting would be appropriate sometime next year following a change of puppets in office.

[RonMN]

MacG Wrote:
Did any bank really close?

Not that I saw in the KC area, but a bank in Staples Minnesota was closed by the FDIC on Friday.

[roccman]

Welcome to the Thought Ministry...

TF

[threadbear]

$this->bbcode_second_pass_quote('roccman', 'W')elcome to the Thought Ministry...

TF

[DantesPeak]

Yes, the FDIC has a bit of a problem, along with the Federal Home Loan Bank Board - who lent them billions.

US citizens will be paying for this, what ever they call it when its over. TPTB are mistaken if they can keep the banking collapse hidden until after the elections.

[smallpoxgirl]

$this->bbcode_second_pass_quote('DantesPeak', 'U')S citizens will be paying for this, what ever they call it when its over.

[heroineworshipper]

PeopleSoft CEO's $800 million mansion is losing value. You taxpayers are going to pay for this.

[roccman]

$this->bbcode_second_pass_quote('smallpoxgirl', '')$this->bbcode_second_pass_quote('DantesPeak', 'U')S citizens will be paying for this, what ever they call it when its over.

[heroineworshipper]

Another reword:

This whole mess started because the taxpayers couldn't afford to subsidize the debt of the rich. But they will. One way or another.