Posted on 07/11/2009 11:02:55 AM PDT by rabscuttle385
SAN FRANCISCO (MarketWatch) -- Thermopolis, Wyo.-based Bank of Wyoming was closed by regulators Friday, the 53rd U.S. bank failure of 2009 as the credit crisis continues to claim victims.
(Excerpt) Read more at marketwatch.com ...
How much money is the FDIC down to now?
Not sure, but another IndyMac might sink the FDIC.
That’s what the printing presses are for.
My understanding is that's what's next.
It just takes them a bit longer to start defaulting, but it's much bigger than housing.
Does anyone know more about this potent large wave coming our way?
It’s reassuring that the Feds are closing a bank in Thermopolis, Wyoming, yet they allow Citigroup to keep operating. Citi’s management is a bunch of incompetent fools with no strategy (other than making sure they pay themselves handsomely) and no vision (other than selling off the good parts of the bank, leaving a stinking pile of manure for us taxpayers).
No explanation why it went bankrupt.
Judging from what I see on main street in my town the Potent wave you referring to is already laying waste to commercial real estate. Ever time I venture into town, I am greeted with an ever increasing deluge of vacant shops and lots of "FOR RENT" signs. Currently the signs are displayed on approximately 15% of the retail space, but I expect more small businesses will soon shutter their doors.
In addition to the current vacancies, there are a lot of going out of business sales taking place. Except for the store that runs a perpetual quitting business sale, the rest are closing due to lack of sales. The people around here are sure tight with a buck, even in good times.
....the way I understand it the FDIC will send a bill to it’s member banks when it needs money...the good banks have to pony up for the bad....what happens when there’s more bad than good?.....never mind, it’s too frightening to think about.
....check out your own bank here....you might get a little wake up call as to it’s stability:
http://www.bankrate.com/rates/safe-sound/bank-ratings-search.aspx?t=cb
....Forgot to mention, when I checked out my own bank it had lost a star....I’m getting my CD out of there when it rolls over in Sept.
One local bank here is expanding an office complex when it's been over half vacant for years.
How does that make sense?
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