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hey but bove just came out and said "buy the banks"
"very attractive investments" (hmmm like paris hilton is a "very attractive investment" as long as one is long valtrex)
good one, but I'm still eating breakfast
The Germans wore grey, in Paris you shoulda worn Tyvek.
NO NO NO NO
Forget the FDIC =/- balances, "lines of credit" because its all fiction. The FDIC is 100% Full Faith and Credit of the US Governemt, on par, $ for $ with Treasuries.Now that's a whole nother story for a whole nutjer day, but this periodic mumbo jumbo about FDIC this and FDIC that is a waste of time.
Remember that demand deposits at banks are *liabilities*, so removal of these deposits is a removal of *liabilities*, so that's BULLISH!
Of course, since banks print money with the permission of the Fed (no reserve requirements), that statement is technically true, and in actuality, fundamentally true. Goldman needs no demand deposit accounts to claim profits.
Of course, it gets harder to skim fees when your customers leave ...
I have found the FDIC press releases on bank closures confusing. There is a term they use, like, "FDIC has entered into a loss share agreement with . . ." As I dig deeper, it is hard (at least for me) to get a hard number on how much money the FDIC has lost as the result of a specific bank closure. I am left with the impression that the loss share agreements could potentially be moving losses forward, and not counting on books today, but I could be wrong.
I was looking at that as well. I wonder where the follow up release is to show what the DIF hit was after the close of the deal. Some of those are pretty daunting numbers. What gets me is that some of those are nearly 70% of total assets the banks had at the time. How do things get that bad? I know there are other factors but that one is the simplest. I am no banker though.
FDIC loan loss sharing details are a total taxpayer ripoff to big money types and billionaires like Soros, Dell, GS execs. Look up OneWest Bank started by those guys. FDIC sold them a portfolio at up to 50% discount and the FDIC backs up to 90% of losses, not based on what OneWest paid, but the ORIGINAL amount of loans. OneWest makes more money not working out any loans and letting them foreclose and cashing in from the FDIC.
Hey do not worry. So what if the problem banks number rose to 775. The FDIC has the $500 billion dollar credit line for Timmay "Turbo Tax" Geithner. Its all good in 'hood! I mean I see the light at the end of the tunnel! Hey is that a train going 60 mph..........
EURUSD buying support is still evident.
For what it is worth, the FDIC and it's bank closure contractors are aggressively staffing up at this time, adding employees to pool to be called upon as banks are closed and FDIC teams move in on Fridays.
FDIC opened a new office in IL of all places. Hope and change, pixie dust and unicorn farts just not workin out.
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