Tuesday, September 28, 2010

Banks Still Collapsing-America Close To Destructive Tipping Point

 The largest number of bank failures in nearly 20 years has eliminated jobs, accelerated a drought in lending and left the industry's survivors with more power to squeeze customers.
Some 279 banks have collapsed since Sept. 25, 2008, when Washington Mutual Inc. became the biggest bank failure on record. That dwarfed the 1984 demise of Continental Illinois, which had only one-seventh of WaMu's assets. The failures of the past two years shattered the pace of the prior six-year period, when only three dozen banks died.
Two more banks went down last Friday, and failures are expected to "persist for some time," according to a report issued Tuesday by Standard & Poor's. In the second quarter of this year, the Federal Deposit Insurance Corp. increased its number of problem banks by 6% to 829.
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America Close To Destructive Tipping Point
"America is very close to a destructive tipping point," co-authors Glenn Hubbard and Peter Navarro warn in their new book Seeds of Destruction. "We must change how we conduct our politics and economics...or we will inevitably go the way of all once-great nations and suffer an irreversible decline."
Hubbard, dean of Columbia Business School, joined Dan Gross and I to discuss the "major structural imbalances" facing America, chief among them being the government's profligate spending.
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14 comments:

  1. The right wing is out to take out the middle class. They are using culture wars to turn us on each other. They hate gays, hispanics, muslims, you name it. They want a white christian country with NO middle class. Any talk of help for us is labeled communism.

    The GOP is taking us down.

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  2. Wrong - it's the Marxist Dems that are taking us down. The Progressives, like you, are the root of America's demise. I hear China is looking for good Communist followers - this may be a place for you to go, where all the Marxist can get along. BTW, what's wrong with a Christian nation? Does that bother you so much?? And 'hate' is the word that exemplifies the left, as they use racial warfare to divide this nation.

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  3. Please why dont you go to Iran or Iraq if you want to live in a totalatarian religous state? You nut bags would fit in. The religous right spreads hate and discrimination and pays little in taxes.

    The right wing doesn't just hate hispanics, they hate the middle class.

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  4. The religous right are fascist. They are taking out freedom and insisting we all live by their ignorant bible. They should be sent to prison camps. They are true evil. Fascism, is awful.

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  5. 9:06 - 9:08 (same idiot) When you get a chance read the Constitution. Freedom of religion is a key element. If you can't read, have a friend read it for you - you might learn something. Your lame claims are as shallow as your lame logic.

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  6. 9:14 your freedom ends where ours begins. Keep your sick religion to yourself. The rest us do not want to be controlled by your fsiry tales. If you cant think for yourself fine, but dont think the rest of us should bow to your ignorance.

    Freedom should not be taken to compromise to the low IQ religous righters. The middle east uses the religion to control people and it is not working for them and it wont work here. Marriage rights, abortion,education, should be up to individual citizens not the thought police from your sick church.

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  7. 9:22 - To what "religion" are you referring? What "sick" church"? What "fairy tales"? Please be specific. Lay out your claims/charges in specificity so we know EXACTLY what they are and we can, if necessary, refute them. Otherwise, don't post idiotic and bizarre statements on this blog.

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  8. PLEASE KEEP RELIGION OUT OF ECONOMICS. I will delete all religious posts, for or against, from this post on. Thanks

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  10. the merger of corporation and government is called fascism. all of you guys are american fascists. how is islamo fascist fit into this?

    A M E R I C A N F A S C I S T

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  11. If I can put a different perspective on the death of America as of right now:

    Technologies developed throughout the 20th century made people materialistic. Spirit and morals decayed while consumerism and ignorance elevated. People obsessively acquired more, weren't/aren't satisfied so more crap is made. (needing 999 channels with a big screen and surround sound).

    This made those on top even worse. Bankers, Wallstreet, CEOs... vultures. Politicians then started meddling with everything and everyone. Some new regulations here, pass some more bills there, we need more of this or that, etc.

    In short, this was brought on by too much interference from the top and a failure to uphold civic responsibility by the people (protect the Constitution, punish criminals, cherish values).

    Instead we are surrounded by massive government while people spend their time cherishing drug addicted porn stars.

    It only ends in one way.

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  13. I noticed they took over the 3 credit union wholesalers. The credit unions use them for funding aside from their local loan programs. credit unions are big on commercial loans aswell as residental...hmm..all interesting.

    why have so many banks/cu's anyway? X amount of business= big banks will buy up many small banks etc.
    used to be the big sucking sound of manufacturing leaving now we'll hear also the big sucking sound of banking being funneled into the bigfew.

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  14. You guys all have it wrong and you have it right. The problem is not the left or right , its the right and wrong.The root of the problem is the Fed Reserve bank and fiet money.This system allows the hearts of greedy, evil people on both sides to enslave all of us.The answer is the freedom to make our own choices as long as they dont harm others.We have far more in commen than most can or want to see.Focus on this and care for one another and our Nation"The Republic" not democracy,which we arent, can be strong again.

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Everyone is encouraged to participate with civilized comments.