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Banking System Collapse: Wake Up America Your Banks Are Dying

U.S. banks are being shut down by federal regulators at a staggering pace this year, and yet most Americans seem completely oblivious to it.  In fact, federal officials have already shut down 81 U.S. banks this year, which is about double the number that were shut down at this time last year.  So why aren’t more people upset about this?  Well, part of the reason is because the FDIC is doing it very, very quietly.  The bank closings for each week are announced every Friday, which means that they pass through the news cycle over the weekend almost unnoticed.  For example, banks in Nebraska, Mississippi and Illinois with total deposits of almost $2.3 billion were shut down by federal regulators on Friday.  So did you hear about it before now?  If not, why not?  Shouldn’t the fact that we are experiencing a banking system collapse be headline news?  But most Americans are more than happy to remain blissfully ignorant of what is going on.  In fact, most Americans seem far more interested in what is happening on American Idol or Dancing With The Stars.  But when the American Dream starts dying for tens of millions of Americans as the economy collapses perhaps more people will start to care.

So just how bad is the banking system crisis?

Well, FDIC Chairman Sheila Bair says that 775 banks (approximately ten percent of all banks in the United States) are now on the Federal Deposit Insurance Corporation’s list of “problem” banks.

So should we be alarmed by that?

Well, there were only 252 U.S. banks on the FDIC’s problem list at the end of 2008.

There were 702 U.S. banks on the FDIC’s problem list at the end of 2009.

Now there are 775.

Do you know if your bank is on the verge of failing?

You might want to check.

But even if all of our banks fail the FDIC has plenty of money to cover our federally-insured banking accounts, don’t they?

Unfortunately, they do not.

The FDIC is backing nearly 8,000 U.S. banks that have a total of $13 trillion in assets with a deposit insurance fund that is pretty close to flat broke.

It was recently reported that the FDIC’s deposit insurance fund now has negative 20.7 billion dollars in it, which actually represents a slight improvement from the end of 2009.

But the bank failures on Friday drained another $313.6 million from the FDIC’s deposit-insurance fund.

And the way things are trending, the banking crisis could get a whole lot worse?

Why?

Well, Americans are simply not doing a very good job of paying their bills.

During the first quarter of 2010, the total number of loans at U.S. banks that were at least three months past due increased for the 16th consecutive quarter.

16 quarters in a row.

Just let that sink in.

If that is not a trend, then what is?

Oh, but the U.S. government will never let the entire banking system fail, right?

Well, they won’t let the “too big to fail” banks go under, we have seen that.

But the small and mid size banks?

They fall into the “not big enough to bail out” category.

And where in the world is the U.S. government going to get more money to bail anyone out?

The reality is that the U.S. government is now over 13 trillion dollars in debt.

To give you an idea of just how horrific that is, if you started spending a million dollars a day on the day that Christ was born, you still would not have spent a trillion dollars by now.

That is how big a trillion is.

But for this year alone it is being projected that the U.S. government will have a budget deficit of approximately 1.6 trillion dollars.

So, yes, pretty much wherever you turn we are facing a financial nightmare.

What should we do about all this?  Feel free to leave a comment with your thoughts….

Mountain House Sale!

The Beginning Of The End - The New Novel About The Future Of America By Michael T. Snyder
  • Greg

    We should certainly minimize our debts and assume responsibility for what we owe but we should also be willing to open our eyes to WHY this is happening. Regardless of what we can effect it is critical to understand what is causing this condition. No one should believe that our leaders are so stupid that they couldn’t see our GDP would dive when our government promoted the demise of our industry base. They knew what would happen to our mortgage industry when they forced banks to make loans to anyone who could sign a form. They knew our healthcare system would fail when hospitals were forced to accept every illegal invader who had a toothache or an anchor baby to drop. They knew we couldn’t pay for the unjust genocidal wars when they committed to years of that atrocity with no tax increase to cover the costs. Do not assume that these people are stupid. Evil, yes…stupid, no.

    There is a reason for this madness and you must be willing to accept reality, regardless of whether it fits into your way of thinking. The true power players in the world have no intention of America remaining the economic superpower that it has been. This nation has a purpose that was planned centuries ago and that purpose does not include us remaining strong. Instead, this nation was raised up to usher in the New World Order that we first heard publicly mentioned by George Bush Sr. and repeated by others numerous times since then. The New World Order will not accommodate America being a dominant nation that can stand alone but instead we must now be brought down to the level of the rest of the world. We are being brought down so that Americans will accept the North American Union and the replacement of the dollar with the Amero. The NAU is a key part of the formation of the NWO.

    Whether you believe in Santa Claus, the tooth fairy, the God of the Bible, Zeus, are an atheist or whatever, be willing to accept what is driving these people. They of course do not believe in Jehovah in the same way that I do but they are committed to the actions that were laid out in the Bible and they are bringing them to fulfillment. They believe that their actions are going to bring about a utopian society when their messiah is handed the keys to this world. Unfortunately there will be billions of us sheeple devoured by the wolves before it is all over but they believe that upcoming destruction is necessary to cleanse the earth in preparation for their messiah. Remember….it doesn’t matter what you and I believe when it comes to world events…what matters is what the people believe who can drive those world events. Open your eyes!!

  • daveco

    Good story

  • daveco

    But Americans need to understand the whole story before it gets a lot worse.

    Like everything else, it is about simple math, simple engineering, and simple common sense.

    Math,
    Banks make money by loaning money! So if 10 people borrow $100 at 7% the bank will get a little over $70 paid to them. The bank borrows the money from the federal reserve at less than 1% so the bank will have to pay less than $10 the first year. The bank will make over $60 for about 10 minutes of work and a few keystrokes. So as long as 20% percent pay there loan(ie$14) then the bank will break even. Now they actually will make a lot of money if the other 80% had collateral because they can take that money up front and just pay back the federal reserve the loan over the time period which is done all the time! So foreclosures and car forfietures are very very very profitable!
    Right now over 80% of all car and home loans are being paid back and there are NO NO NO NO banks being paid back less than 20% of the loans for homes or cars! So WHY are the banks losing money??????????

    Engineering,
    over the last 20 years if the banks had been loaning money to corporation to build products in the US our stores would be full of products. But go in your local walmart and the store is full of YOU GUESSED IT products of china, india anywere but the US. So our banks are loaning the money to wall street who are funding corporations to avoid all those great american wage, environmental and litigation laws we have.

  • daveco

    Common sense,
    The problem is it costs more to ship the goods across an ocean than what we are paying right now and a lot of money is being lost on wall street and the banks to keep up this wizard of OZ show at the same time Americans do not have any jobs accept what the government wizard of OZ is giving us. We can not buy all thr products anyways.

    Solution,
    MILLIONS of AMERICANS before us fought long and hard for our wage laws, environmental laws and litigation laws so corporations could not work child labor in michigan, then move to tennessee, then move to another state, so corporations could not dump oil in the gulf of mexico like the current foriegn corporation is doing so that we do not stop buying terrorist oil that they handle, so that toy makers in china do not use lead on toys and then we can not sue them! They fought to make standards accross the US that corporations could not go around. Well guess what the world is GLOBAL the corporations are GLOBAL our laws need to be GLOBAL also.

    Why would we let children take automobile workers jobs in kansas or michigan or georgia, WE WOULD NOT, So why let children take our jobs in CHINA!

    SO change our wage and worker laws, environmental laws and litigation laws to PROHIBIT importing from countries that do not follow them. Europe does, canada does, Mexico would and most of South America does.

    That would stop all the financing of corporations to go to other countries to get around US laws! That would stop the banks from failing who are loaning the money to wall street who is funding all the corporations to build in other countries to get around US wage, environmental and litigation laws!

  • Tehmaas S. Gorimaar

    The small and regional banks ought to put out a public service message on the rape and pillage that the big banks and Wall Street have inflicted upon the rest of us with Washington’s blessing

  • Tim

    And the FDIC will continue to close banks for the next few years. With trillion dollar annual budget deficits, a national debt of over $13 trillion, unfunded entitlements (Social Security & Medicare) measuring in the many trillions of dollars, what’s going to happen to this nation? This cannot continue much longer. Something has to give. We are the mercy of foreign nations (e.g. China) who finance our profligate spending by buying our debt, but they will not continue to do so indefinitely. What will the federal government do then? Will the Federal Reserve resort to creating more currency? That will destroy the dollar. It’s scary. Yes, Michael, some very difficult times are ahead.

  • jw

    Globalization is the main problem here when it comes to debt. A global economy means a global collapse with nowhere to escape.

  • Greg

    daveco – you are totally duped. You think you have it all figured out but this has nothing to do with your so-called common sense. This is all planned and your “solution” to make our laws align with globalism is exactly where all of these crises are supposed to lead us. America is not destined to be a superpower and the elimination of our wealth, freedoms and sovereignty are all a part of the plan. When things are being done consistently that don’t make sense, the sensible thing to do is to ask why they are being done. The environmental laws were specifically put in place to destroy our industry base and to make us noncompetitive. The fight against terrorism is a myth that was put in place to enslave the citizens of this nation.

    Sheeple!!!! Those who created these problems are NOT looking for a solution!!! Their solution is to continue creating the chaos until we beg for mercy and accept whatever they want to give us, and that will be a different currency and a North American Union.

  • FT

    Greg; I’ve never heard a comment that I so totally agreed with. I’m sure you’re at your wits end trying to get people to “wake up” as I am. I have 3 grown sons’ many friends and family that I try to explain, but it only comes from devine revalation (and a lot of homework). I do have some good friends that get it, but not many. I don’t “want” to believe this is all true, that truly evil men are running the show, but they are. Some with “good intentions” that were simply mislead, the sheepel if you will. I encourage you guys to investigate the truth of the illuminati, the Masons, secret societies….So much evidence coming forward that coorberates the Biblical view. Get ready doubters, your world is about to be turned inside out. Keep an eye on Turkey (Gomer of the Bible) I told friends to watch them turn against Israel and they laughed. Turkey is an Ally they said, a member of Nato, would never turn against us or Israel. Watch and see….

  • Henry

    Americans are not concerned about it for the simple reason that it IS being done very quietly.
    NO HEADLINES BY THE COMPLICIT MAIN STREAM MEDIA!

  • Common Tater

    “What should we do about all this? Feel free to leave a comment with your thoughts….” That depends on where your opinions lie, do you believe in a monetarist system where “money” comes into existence via debt/credit or a claim on future productivity that may or may not be realized, or do you believe in a system whereby wealth, unencumbered assets, form a capital base from which the banking industry can make loans? Either way we need to clear the mal-invested debt from the system since it is clogging everything up. That means allowing those corporations, companies, banks, individuals to fail – go bankrupt – liquidate what assets the market will clear and start over, a re-boot if you will. That means a protracted depression of unimaginable extent. The other route is to allow the Treasury to issue U.S. Currency, print enough to pay off the national debt, downsize government by 75% and revoke the Federal Reserve’s charter. Re-instate Glass Steagall banking regulation, prohibit commercial banks from using reserves to speculate in the securities markets and return to traditional banking (fractional reserve or 100% reserve) standards. Either way, say good bye to the entitlement era.

  • The III

    The banks have to collapse as well as Governments, Schools, money and all other aspects of human life. We are living in a information age leaving the industrial age behind at a very rapid rate. The world will no longer function using industrial age technology or out dated systems to teach, govern, trade …etc. Oil the US Dollar, and man’s desire to have it all are the stumbling blocks to a smooth transition between these two ages. Globalization, a system of the information age, demands a new universal currency and the US Dollar is not it. It was the world currency in the industrial age and prospered well. It does not and will not work in the information age. The Dollar is no longer backed by financial soundness only by military threat as the industrial age financial system dissolves. So goes the Dollar so goes our banks. Globalization demands a Government that can rule over the flow of capital, traded in one currency, as well as over the nations that provide and are dependent upon that capital. At this time only the Euro does this. A information age currency for a information age society. But old money and powers do not go away quietly into the dark. We will go from the one age to the other but not without a lot of pain getting there. Globalization still needs oil and gas and this is what will turn nation against nation and kingdom against kingdom. One world government will come but not by the actions of men. Even though they will try, all they will accomplish is sending the industrial age out with a big bang(World War III).

    - The III

  • gulfcaptain

    Look to see what the banks (the ones today called “too big to fail”) and yes, they existed in 1929, were doing from 1929 to 1940. THIS IS THE SAME GAME only the generation that was alive to remember the rip off, are mostly dead or senile. The game is simple. Since their (our) system is a debt (credit) system and where 80 percent of the money (the Federal Reserve Note)in circulation is created from bank “loans” out of thin air when debt is created, then when the banks stop lending, guess what? No money! During the depression, the Fed. contracted the money supply and created a general bank failure of the small banks as is happening today. The big banks (Chase,City, BOA, Morgan etc.) then gobbled up all the assets of the failed non Fed member banks at pennies on the dollar. Meanwhile, since the money supply contracted, no business could get a loan and little money was in circulation. Ask yourself, are the banks today lending like they should? (wall street not included) Are small banks failing? Is the large mega banks absorbing the smaller banks? Do most working people today have more money or less money these days? Since banks are not lending to businesses in general, how is the job situation? WE ARE IN A DEPRESSION FOLKS, ONLY DUE TO FOOD STAMPS, UNEMPLOYMENT, FDIC, WELFARE, SUBSIDIES OF ALL SORTS, YOU DON’T SEE THE BREAD LINES LIKE BEFORE. Time to call a spade a spade. WE ARE BEING RIPPED OFF LIKE LAST TIME. SAME GAME, SAME PLAYERS, DIFFERENT SUCKERS.

  • Gary

    we need socialism. Capitalism is an abject failure in that it only makes the top 10% wealthy and impoverishes the other 90%.

  • Jon

    Daveco laws are fine, but what we have in this country is a massively over-regulated and litigious system that goes way too far and destroys our ability to be competitive. Your idea of dis-allowing businesses from leaving is also anti-competitive.
    I shudder when I read comments like yours, arguing for a global system. Can’t you see how much worse things would get under anything done “globally”?

  • Bhaktidev

    Ellen Brown has an elegant solution for our collapsing banking system: state owned banks, modeled after the Bank of North Dakota, the only state-owned bank in the United States:

    BANKS PROFIT FROM NEAR-ZERO INTEREST RATES:
    ANOTHER REASON FOR STATES TO OWN THEIR OWN BANKS (6/4/10)

    http://www.webofdebt.com/articles/banks_near.php

    She is one Very Smart Lady who we would do well to learn from.

  • Obomination

    Everything that is happening right now was foretold thousands of years ago. The Bible is 100% true and the end of the age is just around the corner. It’s time to get your life straight with GOD. Next stop ? Eternity ! Where will YOU spend eternity ?

  • daveco

    Greg I do not have it all figured out.

    But I know things you do not seem to know, which are still simple.

    And that is solutions.

    There are always solutions.

    The solution for jobs is clear. Stop competing with countries that do not have the same wage, enviromental and litigation laws. PERIOD!

    We did the same thing after the great depression, enact import laws.

    Put people into political office who have that agenda.

    But to say all this is predestined means you have already given up and have no solutions. It also implies you understand the bible in ways that make you, well better than human. Maybe you understand the bible better than me, maybe you do not, I have read the bible cover to cover and continue to read it.

    I agree these crisis’s are man made and maybe by the same people. I do not agree that all of this is predestined and the end is near.

    I agree though that every day with nuclear weapons the end is only one launch code or accident away!

    I agree we need to see the problems for what they are, purposely made.

    But I do not agree that we can not fix them, we can.

    Sheeple are people who believe the propaganda and believe nothing can be fixed and probably in real life have never fixed a single thing!

    I believe we have problems and we need to fix them and they are not really that complex but a lot people try to make them more complex than they are.

  • daveco

    Last thing I will say.

    I notice everywere I write about solutions there are always people who say basically the same thing, it either right or left or some other agenda or propaganda that someone is spewing!

    Just like the oil spill, there is a solution. just undoing the bolts on the flange would have made more sense than cutting the pipe. Putting a new pipe with a flande connecion on the existing pipe would have fixed it. That is how all the pipe is done in the first place.

    But too many people spew right vs left vs something and that is what propaganda is all about. Labeling something and identifing something with something else until all actual thought process is gone. Adolf Hitler and the third Riech recognized that. He actually wrote about it in Mien Kof(spelling).

    If people just start saying there are solutions and realizing that we all count, things will change, for the better.

  • http://321gold suzanne

    Henry, the headlines (news) isnt complacent, its controlled.
    Someone asked what should we do? Stand back and watch the whole system come down. That is a good thing because we are living in a time when Bible prophcy is being fullfilled…Choose your side.

  • OldTrooper

    The banks are failing because ‘Americans are simply not doing a very good job of paying their bills’? Really? It’s the fault of average Americans?

    That is a lie.

    We’ve been paying, paying, paying and paying some more to these vultures, large and small, for decades. They lived large and cut their deposit reserves to almost nothing. They aggresively marketed and made 100% or even 125% loan-to-value deals, never setting aside any reserves, even when the real estate market soured. They built their ‘business’ around something with no intrisic value and steal from their customers every chance they get.

    Now you want to lay their failure at our feet? We’re no more responsible for them getting shut down than any other business that goes under.

    I’m surprised they have lasted this long.

  • filboyd

    “Globalization, a system of the information age, demands a new universal currency…”

    Smart guys created the euro to be a continental currency. Since that’s falling apart, how could a universal currency work out better?

    “Globalization demands a Government that can rule over the flow of capital…”

    You’re an advocate for the New World Order.

    “A information age currency for a information age society…”

    We already have that. Most money is just a pixel on a screen, a datapoint in a trader’s or central banker’s eye. Money is mostly virtual. You’re apparently good with that.

    “One world government will come…”

    The last guy who who shared this sentiment was a fascist from Germany circa 1941-45.

    And, as for Word War III, you don’t seem to get it. It’s not coming, it’s already here. We’re in war up to our patooties. It’s an asymmetric war. (Look it up.) And some of our biggest enemies are domestic (cough, banks and others who already blackmailed Uncle Sam out of billion$ in their protection racket.)

    You want this to go global? Universal currency would give the banksters exactly what they want: More power.

  • Greg

    Wrong Daveco! You think that the great human intellect can get us out of this mess and you are wrong. You state that everyone but you thinks this is right versus left and you are wrong. All of this chaos is planned and those who have planned it have a whoooole lot more power than you and they also have the will to make sure that their plans – not ours – prevail. We are now fully ensnared in this fiasco that human wickedness and rebellion have brought upon the world and the “safety net” that Gary longs for is going to have the same result as the net I used to “keep the little fishies safe” on a commercial fishing boat in Alaska. You are living in a mythical world of egotistical humanism and God is allowing human pride and rebellion to reap the full fruits it has sown.

  • Ray

    Go to the first comment, Greg’s got it right. None of this is happening by chance; like the first Great Depression, it’s all by design. Our CONgress aborogated their Constitutional duty long, long ago when they stopped COINING money and regulating it’s value and our nation was turned over to the uber-rich men of the earth, families like Rothschilds, Rockefeller, Goldman, Sachs, Kuhn, Loeb, Lizard Brothers, Hapsburg, Warburg, etc. Today the ultra rich families number thirteen and the Anti-Christ is one of them. They have a plan because they worship Lucifer and his plan is their plan; they are of one mind. It’s all laid out in biblical scripture and Amerika-Babylon,(which is doomed to utter destruction) will fall and rise no more. Likewise, the Anti-Christ’s ‘New World Order’ will also FALL and be utterly destroyed when Jesus returns; He will bring all of it to an end. WAKE UP! We’re all sinners and we all need to get right with our Father in Heaven through Christ Jesus, His Son. Time is very short and all we see is collapsing right in front of our eyes.

  • http://www.wexfordcoin.com David W. Young

    One has to ask: “How long can the FDIC keep the extended dollar insurance limit of $250,000 in effect when the insurance fund is technically bankrupt???” The Treasury will lend the FDIC freshly printed Dollars as a loan, another piece of debt paper that will never be repaid. We are at the beginning of the second dip to the Great Recession, which is actually a Depression in process. Things will get worse, both economically and financially for the U.S., so bad debts are going to soar at the nation’s banks, FASB fantasy accounting or not. Even with fudged accounting of basically worthless assets in the Trillions of Dollars within our banks, the failure rate is picking up steam!! Shows how compromised banks’ balance sheets really are. THE PROPENSITY OF THE FEDERAL RESERVE AND FEDERAL GOVERNMENT TO CONTINUE TO PRINT MONEY TO PAPER OVER THESE PROBLEMS, for now, WILL GUARANTEE THE COLLAPSE OF THE U.S. TREASURY BOND MARKET AND THE U.S. DOLLAR AT SOME POINT, maybe a closer event than expected. Gold and Silver are two of the few assets available to protect one’s wealth in this depressionary environment. Sage Of Wexford

  • James Farrell

    The basis of ALL of the current financial turmoil in the world lies in the current monetary system whereby private bankers issue sovereign currencies from thin air with no intrinsic value. As long as bankers have this legal power to create money from nothing, enormous imbalances in the system are guaranteed. The only solution is to bring back the honest money of gold and silver specified in our constitution. Eliminate the Fed and ban fractional reserve banking. From this, following the initial pain, the world will right itself and much suffering and tremendous ignorance will end.

  • The III

    filboyd, I’m not a advocate for the New World Order. I’m telling you that we are already in one and leaving the last one behind. I’m telling you there is a new fascist that is coming out of Germany. They will become stronger as The US gets weaker. This new leader will make the last one look like a alter boy. By force (World War III), Europe will attempt to bring about one World Government and will only succeed for a short time. It will only end in war like all the others(Armageddon). Only Christ will bring about a peaceful World Government and he will rule with a rod of iron.
    The Euro reaches across nations as well as regions uniting them into one Government. The EU is evolving very quickly into the Beast it will become. All nations will follow after it as it will be the only way to prosper. The EU will become the center for capital flow not Wall Street. Wall street will be dead. Old money and old powers will not go away quietly. The EU’s leader will conquer all nations who oppose them (World War III) and have his false prophet(the religious leader of the system) demand complete loyalty to his new system. Everyone who follows the Beast will take it’s mark so that they can buy and sell in this New World Order, here is the virtual money. All those who choose not to follow will be exterminated. Much like the Nazi system of the Germans in World War II. “Those who do not learn from History are bound to repeat it” This system now is being called Globalization, but soon it will evolve into the revival of the Holy Roman Empire. The Banksters for now is doing all they can to keep the old Industrial age financial system going to keep enriching themselves but their power and system will soon end as their house of cards collapses.

    - The III

  • http://www.gold-silver.us John Q. Public

    This is not just a banking failure. This is a total financial collapse of the fiat-money/globalist system. This failure is systemic.

  • Marie Justice

    Maybe we should start thinking about what WE would LIKE the world to be. The globalist agenda can only succeed if we continue to value the “money”, “wealth”, and “status” that the global elite has deemed as important and is using to blackmail us. The freight train is loaded and speeding down the mountain. There is no way to stop it now. Will you buy into the globalist idea of complete control or will you start thinking now about a better world where the planet, it’s oceans, and people are not decimated for money, greed, power, and status? We have an opportunity to stop supporting war for profit, government for the few, genocide for religious beliefs. It’s the great transition. Will you go down kicking and screaming or will you gracefully step back one step and let it fall so that we can begin anew? It’s time for us to grow up and become whole. As long as we support a system that requires us to spend all of our time supporting the system, we will be their monetary slaves.
    Maybe a world built on solid, sensible and long term views and values is possible for us. If so, it starts with each and every one of us. It ends with each and every one of us as well. There is no “they”. The illusion of the current system is ending and we need to get real with ourselves.

  • voltaire

    Buy physical gold and silver and hold it yourself. Educate yourself, read http://www.jsmineset.com and http://www.fofoa.com. We are now a nation of dumbed down ignorant distracted idiots. They, the banksters and other elites, will next steal your 401k, limit withdrawals from you money market funds,devalue the currency. Hope this comment helps a few help themselves.

  • filboyd

    The III: I should have known better than to address your comments. You are definitely a nut among a lot of sane and intelligent people on this thread.

    I’m out, and off to other pastures.

  • Lukas

    it’s simple:
    the debt levels can’t be paid off. Even if america stops spending completely the debt levels and interest payments on this debt will remain. The financial system is doomed by design. Interest is killing it. The dollar has to be devalued that is the only escape for america. It will also devalue all paper wealth. A new clean start is required. With the right people in power

  • wlterrell

    People please, stop blaming the political parties for this mess since “we the people” voted these people into office. Yes, Bush spent money, but remember the democrats ran congress in 2006 and 2008 so they voted for Bush’s monetary policy. Remember people Obama was on the hill at that time and he went along with the other democrats when it came to voting. This has nothing to do with racism or hate black or white the fact is that “we the people” have to much debt. Pay down your debt people and start saving. That is the real problem. We are not saving enough and you better wake up because those of you that are not prepared when you turn 65-70 will find out that social security is gone in five to seven years. Go ahead keep blaming Bush, Cheney, Black, White, Democrats, Republicans that’s what they want. Meanwhile have you bought gold or silver lately? Do you have food set aside? Keep your head in the sand if you want….either get right or get left.

  • John

    Wow, so many comments WITHOUT a word about the Eurocrazies in Congress spending $1 TRILLION+ for the invasion of Iraq, Afghanistan, Pakistan and soon Iran. Some are blaming the NWO, political parties, illegals [European or New World] but no one wants to mention the elephant in the store. The money that is being spent on looting and occupying the countries above is to benefit energy companies with supporting infrastructure organizations. This money is given to a small percentage of the US population with limited options to recycle the money back in the US for goods and services. The majority of this money is spent overseas buying assets or being hidden away. Look in the mirror and you will see the reason why this has happened………….

  • david distefano

    Like the Romans, who kept the masses under control with food and circus, so today those in power from both parties use the same food and circus to keep the people uninformed. Look at the top 20 shows on TV each week, legal drugs to numb the minds of these intellectual mental midgets. I have my gold and silver,solar power to provide my electricity, a small orchard and a food garden to provide for the disaster that is heading our way. Americans are overall the dumbest, most uninformed, egocentric humans on the face of the earth. I can’t wait for the beer swilling NASCAR crowd to deal with the train of misery that is coming at us at full speed. And it will be here faster than most people realize. Those who predicted the first crash say Nov. Dec. of this year all HELL breaks loose. We need to go back and use the Sherman Anti-Trust act to break up every too big to fail bank and every other large corp. But in my wildest dreams this will never happen because it takes an informed (I am not talking fox fake news) public to stand up and demand change and as I said earlier the vast majority Americans are DUMB. Protecting yourself is all you can do.

  • mmm

    those look to have been well built brick mansions…now 10,000 bucks….here 22 out of 34 homeowners are deliquent on a 150 dollar a month assessment and nowhere are there 10 percent investment returns and deliquency adds a 10 percent surcharge…i thought these people were rich and uptown, as the uptown???? i am being bled dry everywhere with savings earning nothing and feeling set up to be sheared like sheeple in a stock market bust and becoming Part of the peop;e paying those million dollar salarys to people who indebted those companys to pay their salaRYS……

  • mmm

    i put 1 dollar in the bank and they print up 10,20, 30 or a hundred debt dollars bidding up house prices and i can not afford housing after they change the inflation calculation method to exclude house price inflation (who bought those rules).. no time to think about dealing with those rip offs…. that now there were many other rules changed …..doing todays rip offs

  • mmm

    well built lakeside mansions? 10,000 …..got to protect my few dollars to pay high taxes on mansions ? whats a high tax on a mansion now a days 500 bucks? not a government pay receiver or corporate stockholder raper?

  • Novista

    One has to laugh at a suggestion to ‘just print money and pay off the national debt’. OK, near as I can find, the M3 (broad measure of money supply — and not published by the Federal Reserve since April, 2006) as of April was $13.9 trillion. The national debt is now over $13 trillion.

    “We owe it to ourselves,” yeah? Not quite. A fair amount of deficit financing comes from China, Japan, and other foreign nations. Do you think China, with nearly a trillion U.S.$ of Treasuries will be happy that each dollar would be ‘worth’ fifty cents? What about investment firms, 401(k) and individuals who hold Treasury paper. Print all that money and everything you purchase will cost twice as much — then when all the foreign dollars come rolling home, everything will cost even more. By that time, the U.S. credit rating will be zilch. No one would loan America a cent, so how do you pay for entitlements, a 900 lb. gorilla of military spending, the rest of federal spending — and what about the states approaching bankruptcy?

    Just print money is the recipe for Zimbabwe-on-the-Potomac!

  • vonMisesFan

    Greg,
    I’m inclined to agree with you, sir.

    Author of this article,
    Any solution is going to be painful and take a very long time, but it is possible that we can endure what is coming. Solutions will require cooperation at the community level. As the Dollar collapses and inflation morphs into hyperinflation, we will no longer be able to procure food, water, gas and other goods we need for daily life. We’re going to have to transition into a neo-industrial revolution, where we learn to produce these things for ourselves. We’re going to need to learn to grow our own food, purify our own water, build our own homes and businesses and make our own clothing, both as a community and as individuals. Government, before too much longer, will be able to provide none of these things for us. The only thing they will provide will be the foreign wars and the political meat-grinder into which we feed our children as cannon-fodder (troops) and a police state designed to quell any revolt against them. I urge each and every citizen to learn a real-world skill, like gardening, welding, leatherwork, etc. Stock up on long term storage foods, rain harvest systems, water purifiers, grain grinders, etc. Finally, start buying as much gold and silver as you possibly can, as these, ammo and booze will be the new medium of exchange when the world finally realizes that in a hyperinflationary existence, Dollars will be worth little more than toilet paper.
    Many of you may be inclined to believe that my suggestions are extreme and irrational. I understand. Such a mindset which sees such prudence as irrational is always present when an ignorance of history and absence of foresight is so prevalent. Mainstream media, utterly compromised by their parent corporations, is derelict in their responsibility of reporting to our citizens the truth. Instead, we’re fed a steady stream of propagandized psy-op info-tainment so misleading that Joseph Goebels is surely spinning in his grave with envy. There is a surprisingly thin layer of truth separating civilization and animal instinct. Remove even one of the four elements necessary to our survival – food, water, shelter and clothing – and that thin layer gets shucked like an ear of corn at an underfunded food shelter. My concern is that the situation in the United States is about to get very…shall we say, interesting.
    We do not need the Federal Reserve, nor the banks, nor another bailout of Wall Street. That illusion will soon be known to all. What we do and will need is one another.

  • Fred

    Based on this article, the damage has already been done. Whether this nation will recover from the financial meltdown is anybody’s guess. I’m not optimistic that the government, the Federal Reserve, or anyone else knows what they are doing.

  • Barry Sotero

    I’m telling you, believe in me, because Change is going to come!

    And when I’m thru with you fools, pocket change is all you’re going to have left.

  • Dominic Jermano

    I don’t think like everyone else in the world, but I do have my own ideas on how to do things. This is what I would do. No need to argue with me. You want to know what I think so here it is.

    1. End the Monetary Policy. Create and give a purpose to the USA. That is to be the Governmental Force for Emergency Relief. Setup the Emergency Based Economic System. Our jobs are to build homes and Communites with Constant work in Emergency Preparedness. Don’t build homes that blow away or engulfed by floods. Make homes that float, and can withstand high winds. We can not sustain the economy when faced with daily Emergencies. The profits are not enough, and insurance is not enough. Acts of God creates destruction, but how do we charge God for such acts? We can’t. There needs to be money that is used to bring forward relief that does not become debt to the American people. How much is that? I would say there is no limit.

    2. Make the Oil Companies responsible for the American National Debt. Not the US Government. The debt has become and Emergency, so if we create the emergency based economy, the idea the Oil companies are to be let off the hook, should not be allowed. They need to accept 13 trillion in US debt as a Fine for the wrecklessness they have caused not only in the Gulf, but for their money who have supported the bad Political Process that has sunk America into this Financial Crisis. It is not really the Banks, it is the Oil Companies and the Energy Crisis we have that has caused this Financial Crisis.

    3. Reduce the Military Expenditures, at least 50%

    4. Strenghten and build an infrastructure that is Electical based, with magleg trains, for shipping goods, and transportation. Planes create too much pollution.

    5. We need to get people to stop arguing and agree on doing something for the American people, not the elite of society who actually cause our problems, and impotent to solve them. Example our inability to plug the rupture in the Gulf. How hard is that? Drop a very large very heavy concrete block over the well head. Heavy enough that it would seal it shut. They tried the pump heavy mud and liquid concrete, well stop fooling with this, and drop a big heavy weight over the hole to plug it up. In other words shut the door.

    Greetings, and hope for the best.

  • well wishor

    American’s always blame to Chinese. Did you know that China carries American bonds worth 900 Billion out of 2.5 trillion. This is like a way to keep the Dollar more valuable. Also, this is wall street way of making the Chinese re-invest in the ‘dead’ dollar to keep it’s body without the soul. 600 Billion of the 2.5 Trillion is in Euros. They gang up and make China pay it back to US. Again, it does not help the average American. It helps the wall street and federal reserve who work ‘hand in glove’.

  • http://rense.com A.J. Smith

    It’s all over but how it will re-start is the big question. Are we going to have the preverbial table talk in which we all gather around and default on our debts ( our meaning other countries as well ). I know the austerity packages are here and will increase as years go by, it seems to hit a tipping point curiously around 2012. This is when I believe the reality sets in. I will watch with excitement because being depressed is to easy. Still anxious to see what November 2010 will be tipping point for followers of half past human.

  • the stranger

    If there really are a few “elite” & super-rich pushing to control the rest and get rich from it, I pity them:
    Matthew 16:26 – For what will it profit a man if he gains the whole world and forfeits his soul? Or what will a man give in exchange for his soul?

  • the stranger

    By the way, I should add that every one of us when we die, will have to face the most powerful being ever – more amazing, powerful and awesome and terrible than you could possibly imagine to the infinite power – no one even comes remotely close. And we will have to either face him in our own sins, or accept the FREE offer to trust His Son ALONE to save us from our sins and stand in our place for us. His Son is Jesus Christ.
    No work required, just simply accept the FREE offer and trust Christ to save you from your sins.
    This is why God sent His Son to earth, to die in your place for your sins (and so you won’t have to face God Almighty someday in your own sins with no Savior – don’t let that be you!)
    None of the other “gods” came to earth to die in our place except One. The other false messages try to get you to believe your are already a god, are evolving into a god, or if you work hard enough, and are good enough, you will go to heaven. These are all empty, hopeless, promises. Simply trust in Christ alone, and you are sealed forever! This is why it is called the Good News of Jesus Christ. And then the ironic thing is – one day when you die, you will be rich beyond your wildest imagination to the infinite power!
    This is all documented in a book that has accurately predicted the future for thousands of years – The Bible (now there’s a media blackout – the accuracy of the Bible). May you make the right choice!

  • yenor galazio

    Since everybody has the answer, try this one:
    Sell Alaska to Russians and California to the Chinese.
    Debts are gone.
    Everybody happy.
    Have a nice weekend

  • The III

    filboyd, Calling me a nut and insane will not make the future go away. You can cling to the idea that the Elitist and Banksters are in total control but nothing can be further from the truth. All they are able to do is manipulate the old fiat ponzi scheme until it dies. The world’s financial system crashed(1897) before World War I, did it not? Did not the financial system crash(1929) before World War II? How about now? Do you not believe the financial system has crashed? It happened not once but twice in a little over 100 years and it has happened again. But You must think it will be different this time. The nature of man has not changed and their actions have not changed either. That’s why history is doomed to repeat it’s self. The Bansters and the Elitist keep doing the same things they did in the past and tell us it will be different this time. Is this not the definition of insanity? Your asymmetric wars are just foreplay for the big event. The EU and Israel will be at the center of it and you can bet the Banksters and the Elitist will be there too, enriching themselves.

    - The III

  • daveco

    I just had to reply.

    I do not believe in globalism. It is a lie.

    The reason is simple. IT is always cheaper to produce locally because shipping in the end costs more than actually making it. Henry Ford understood that. Going across the ocean is unbelievably expensive at about 180 gallons of fuel per hour on a small ship.

    I do believe the simplist way to fight globalism is to utilize existing laws of minimum wage and workers rights, environment laws and litigation laws. Right now they are used to make sure one state has the same playing field as the next. We just need to adapt and say one state does not use child labor against another state, and china does not use child labor against the united states and use that same argument on all areas or wage, worker, environment and litigation laws. That is not illegal it has been done before during the great depression. That is when content laws came into effect and kept industries like the auto, textile, agriculture alive up until just recently when these laws one by one have been stricken.

    As far as the bible and 2012.

    I do not know when the earth will end or when the antichrist will appear. But to think that it will end in our lifetimes is well impossible based on the bible. The bible talks about tribulations lasting a 1000 years. So none of us will see the end even if it started 100 years ago(which I do not think it did).

    Like I have said, there is nothing happening by chance. But I do not believe we are sheeple by trying to do something. I think we are conceited thinking nothing can be done or the end is near.

    Bad times are coming, but they do not have to come.

    Yes we are going to die one day,so get right with god.

    Yes the world will end one day but not today and not tommorrow and not in our life times.

    If bad times are coming and they get really bad it is best to be very prepared. I am not and I do not think that many really are. It really means living on a large farm away from cities with a generator and a way for fuel and food and storing of all that and being able to defend all that, and having backups and spare parts which all becomes very hard if not impossible.

  • http://www.rocketmovers.com Austin Movers

    Mortgage Rates Fall To .01 Points Above All Time Historic Low June 13, 2010

    The 30 year rate fell from 4.79 to 4.72 this week. This is the lowest point this year. The previous low was 4.78 reached two weeks ago. What is more interesting is that the all time low is 4.71 so just .01 points lower than current rates.
    Looking at other rates the 15 year dropped from 4.20 to 4.17. The 5 and 1 year arms dropped from 3.94 to 3.92 (5 year arm) and 3.95 to 3.91 (1 year arm). These are all time lows since we have good tracking data for these mortgage products. So would it make sense to look at some of these other mortgage products since they are at all time lows? Personally I would still avoid the 5 and 1 year arm. Since mortgage rates in general are so low it makes sense to lock in for as long as possible. Below are rates from the weeks from May 13, 2010 to Jun 10, 2010.
    Jun 10, 2010
    30-fixed 4.72 15-fixed 4.17 5 ARM 3.92 1 ARM 3.91
    Jun 03, 2010
    30-fixed 4.79 15-fixed 4.20 5 ARM 3.94 1 ARM 3.95
    May 27, 2010
    30-fixed 4.78 15-fixed 4.21 5 ARM 3.97 1 ARM 3.95
    May 20, 2010
    30-fixed 4.84 15-fixed 4.24 5 ARM 3.91 1 ARM 4.00
    May 13, 2010
    30-fixed 4.93 15-fixed 4.30 5 ARM 3.95 1 ARM 4.02
    Nov 26, 2009
    30-fixed 4.78 15-fixed 4.29 5 ARM 4.18 1 ARM 4.35
    So rates are one thing but it’s also informative to calculate mortgage payments. We took today’s rates and calculated a mortgage payment on a 200k house. We also did the same thing with rates from May, 13 2010 and rates from November,
    26 2009.
    Jun 10
    30-year $1039.68
    15-year $1496.47
    5-year ARM $945.62
    1-year ARM $944.48
    May 13
    30-year $1065.1
    15-year $1509.62
    5-year ARM $949.07
    1-year ARM $957.13
    Nov 26
    30-year $1046.91
    15-year $1508.6
    5-year ARM $975.7
    1-year ARM $995.62
    So compared to a month ago a mortgage payment is $25.42 less a month for a drop of 2.45 percent. While that is not a huge drop it is considering rates from last week were already pretty low.
    So what is going to happen moving forward? As always it’s hard to tell. If the economy continues to have a rocky recovery I would expect that rates will stay at current levels and possibly break down to new all time lows in the next few months. If the economy starts to rebound we should see mortgage rates move higher perhaps much higher. Over the next 6 months while it’s hard to know which way mortgage rates will move if they move up they could move up substantially while if they drop they do not have much room to fall.

  • Larry

    God is very very angry with America and it’s bankers. Gods wrath and fury is coming. Be prepared,

  • Jeff

    Confiscatory tax policies and insapient tax incentives have led to this, as well as Jimmy Carter signing the Community Reinvestment Act into law. What a monstrosity that became.

    On the bright side, perhaps when people fight for their freedom again the cycle of renewal will begin. I see my freedoms evaporating in the face of Bigger Government daily, on a national, state, and local level. The government is never benevolent. It can’t be.

  • Jeff Miller

    As far as I’m concerned the banks in this country are getting exactly what they deserve. There loans are nothing more than loan sharking. Don’t be fooled by what ever rate they give you even if it is 4% they will still take over 60% of every payment you make and this is condoned by the government another business that is going to get what it deserves. Our government has been raping this country as long as it has been in place and has failed at every task it has been assigned to do. Don’t be fooled by any of the crap the news media spreads every war we have ever been involved in has been to provide money and power to a very select few while using the rest of us as cannon fodder. If you believe in any way that any war is for the betterment of the USA then you are an ignorant subject sucking from the hind tit of the government controlled media.

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