“The World is in Trouble” sez German Bank Econ
Weimar Currency.
The top economist at Germany’s D-Bank says the green shoots are about to turn brown.
‘The World Is in Trouble’: Deutsche Bank Chief Economist
The global economy still faces turmoil as governments try to figure out how to move out of fiscal rescue packages, which could lead to another two downturns, Deutsche Bank Chief Economist Norbert Walter said Thursday. In addition, nervousness on the part of major dollar holders could pressure the greenback and lead to a very worrying 2010, Walter said. Norbert said recently in research notes “the world is in trouble.”
“I believe that the rescue packages brought on have been so costly for so many governments that the exit from this fiscal policy will be very painful, very painful indeed,” he said. “Some of us are already talking about a W-shaped recovery. I’d probably talk about a triple-U-shaped recovery because there are so many stumbling blocks here to get out of this.”
Huge Regional Thrift Set to Collapse
Guaranty Bank, the second largest in Texas has been ordered to turn itself over to the FDIC.
Bank Failure Friday – Thursday Edition
Back from a holiday hiatus to find 7 (seven) banks failed. Normally, they close them on a Friday, but I guess the holiday gave them the opportunity to put the key in the door on these guys a day early. Interestingly, 6 of the 7 are in my home state of Illinois. Hmmmmmmmmm.
Bank Failure Friday!!!
A whopping 4 5 (four – FIVE – they slipped another one in on me after I posted) banks bit the big one today! Read ‘em and weep, kids!
Metro Pacific Bank, Irvine, CA
Neighborhood Community Bank, Newnan, GA
Community Bank of West Georgia, Villa Rica, GA
AND
This makes a total of 45 (forty-five) banks closed this year by the FDIC.
The End of Empire – The BRIC is hitting the fan, folks!
Children playing with stacks of cash in Weimar Germany.
Stop reading right now unless you are prepared to be massively depressed. Our empire has fallen. We are now, officially, the Romans. In a stunning, devastating piece at TruthDig, Chris Hedges puts together the cataclysmic chain of events to come that many of us have struggled to round up and articulate since September of 2007. It took a year after that for the situation to get so bad, on September 21, 2008, that the Congressional leadership was called together by the Fed and Treasury and told without a massive cash infusion of tax dollars the whole rotten movie set that was our economy was going to fall on top of us. Riot, mayhem, violence and disintegration were sure to follow. Out of that meeting was born TARP, TALF, AIG, GM, the stimulus package, etc.
The whole piece is a must read, but some snippets after the jump will curl your hair.
Day Old Bread – Odds and Ends 06/08/09
- Can’t make the payment? Light a match!
- Palin kicked out of Republicanist fund raising dinner – again.
- Right wing on the upswing in meaningless EU elections.
- ChiComs put Ray Nagin on lockdown in Shanghai. Has the mayor been “Shanghaied”?
- Apparently we’re letting some of the big banks pay back their TARP money. Let them give it all back, dammit!
- Laura Bush thinks Sotomayor is OK.
- Can’t afford your car payment? Torch the damn thing!
- Right Wing Israeli government stands in the way of Mideast Peace, while simultaneously claiming to have a new plan in the works.
- Canadian nurses meet to discuss possible violence surrounding flu pandemics. Now, they’re talking.
- Government selectively tracks the pig flu.
- Officials said to be preparing for second wave of flu. 1918 here we come.
- Coming to a jailhouse near you – Rikers Island overrun with the pig flu.
- I am irritated with the President on DADT, but I understand his strategery.
Bank Failure Friday – May Day Edition
Two Three so far this week:
Bank Failure Friday
They’re out early this week with the 26th U.S. bank to fail this year. Drumroll, please….
American Southern Bank, Kennesaw, Georgia
UPDATE:
The sneaky bastards at the FDIC closed three other banks while I wasn’t looking. They are:
Daily Gloom – 04/23/09
- No Buy-eee, no carr-ee.
- March existing home sales fall by 3 percent.
- “Flexible” loans for small business owners now threaten them with bankruptcy and home foreclosure at the same time.
- Jobless Claims at 640,000; Continuing Claims Rise.
- General Motors to shutter plants this summer.
- Big Brown is down.
- My favorite economist sees ever more contraction. “This will be the worst financial crisis since the Great Depression and the worst global economic downturn in decades. “
Bank Failure Friday
Two this week, kids:
Daily Gloom – 04/15/09 – Teabagging Day Edition
- Run on the Bank
- Teabaggers are apparently outraged, simply infuriated, by the marginal tax rate rising 3% for millionaires!
- Depression will worsen unless more stimulus is pumped into the economy.
- Airlines, automakers, retail chains all on list of 10 companies that could go belly-up this year. Here’s why.
Bank Failure Friday – 04/10/09 – Good Friday Edition
Only one two this week. (They snuck one in on me after I first posted.):
It’s The Economy, Stupid! – 04/10/09
Treasury to Banks: Shut up about the freakin’ stress tests!- New Deal 2.0 – ARRA funds working their way into the system.
- Opinion divided on Recovery. Investors still worried. Some wiseguys are calling for a September rebound. I have my doubts. Aso, there is no TRUE recovery until there is full employment of the workers!
- Apparently, it sucks to be the head of that insurance company we own.
Daily Gloom – 04/09/09
- 1979
- Retail sales continue slump, not as bad as Christmas, though.
- Angst over Depression continues to grow.
- Oil prices up sharply. I know there are those who think this is a good thing. They can suck it. Until we completely change the transportation profile in this country, it is the working poor who are most adversely affected by high gas prices.
- WSJ Opinion: Recovery can’t be rushed.
- Even Wal-Mart is failing to cut the mustard.
Daily Gloom – 04/03/09
- Remember, kids, Friday is Bank Failure Day! They post around 8PM Eastern!
- Robert Reich utters the “D” word.
- I normally don’t post local stories, but this one grabbed my eye: Albuquerque Public Schools Homeless Student Population Doubles.
- I was a junior in college the last time unemployment was this high.
- Unemployment rate up to 8.5%.
- Hungary on the verge of collapse.
Politics Bag – 04/03/09
- Carville: Obama’s best day as President.
He's EVERYBODY'S Pal!
- Madame Noonanham comes out of her gin and Seconal-induced haze to opine that she’s figured out this Obama guy – and she didn’t even have to talk to any of her rich friends to do it!
