[MedicalConspiracies] FDIC shuts down more banks FL, MN, AZ, CA

Bernanke Admits Printing $1.3 Trillion Out Of Thin Air  http://www.youtube.com/watch?v=CtvHAqK8P14&feature=player_embedded Fed Chairman Ben Bernanke admitted the central bank created $1.3 trillion out of thin air to buy mortgage backed securities. This shocking admission came from the Joint Economic Committee hearing on Capital Hill last week. I was dumbfounded when I saw Bernanke shake his head in the affirmative as Representative Ron Paul said, "Well, where did you get the money? You created this money. So you did monetize debt, and that went into the banking system." I was amazed he admitted this. I looked up the original hearing on C-Span to make sure the clip was not edited. It was not.  What is even more shocking is I could not find a single mainstream news agency that covered this revelation. Congress just finished voting on the bitterly contested Obama health care bill that is supposed to cost nearly a trillion dollars over ten years. (Some contend it will be more than twice that amount.) The mainstream media doesn't even bat an eye over the Fed creating $1.3 trillion in a little more than a year to buy worthless debt no one else will touch. I do not get it. I guess we could have asked the Fed to print up a trillion dollars to pay for health care and avoided that drawn out battle in Congress.  Then, Rep. Paul brings up printing another $105 billion to bailout Greece. Bernanke answers by saying, ". . . I think one of the agreements that the G20 leaders came up with was sort of a mutual commitment to put more money into the IMF as a way of addressing the financial crisis around the world. . ." Notice how Bernanke used the term "mutual commitment." I think what that really means is an agreement between all the G-20 nations of a "mutual debasement of their currencies." I think this is why gold has been rising in price around the globe. I have been saying for months that we are going to have some very big inflation. (Real inflation is already at 9.5% according to shadowstats.com.) I wrote about this last November in a post called "The Fix Is In."  I think Bernanke just opened the Fed playbook and revealed money will be printed to fix all financial problems. I don't think he's even trying to hide it anymore. Rep. Paul also brought up the big debt trouble coming soon with many, many bankrupt cities and states such as Los Angeles and California. I think they will all be bailed out one way or another by the printing press.  New York Fed President William Dudley seems to be on the same page as his boss. Dudley recently said, "The fact that our foreign indebtedness is for the most part denominated in our own currency is a huge advantage in the event the dollar were to come under significant downward pressure." (Zero Hedge has a complete text of Dudley's speech, click here) Is Dudley making a not so subtle hint about devaluing the U.S. dollar? Once again, I say yes.  Anyone with a savings account or money market denominated in dollars should be terrified. You have scrimped and saved only to have the Fed print money and devalue what you have worked so hard for! Inflation has been chosen for you by the Federal Reserve, and we the taxpayers can't even audit its actions. Below is the video from the Joint Economic Committee Hearing last week. Watch for yourself Bernanke nod yes to printing $1.3 trillion:    http://www.youtube.com/watch?v=CtvHAqK8P14&feature=player_embedded

-

From: Chester Lee McWhorter Sr

To: TruthSeekersElection2004@yahoogroups.com

Sent: Saturday, May 08, 2010 1:49 PM

Subject: FDIC shuts down more banks FL, MN, AZ, CA

 

I WOULD LIKE TO KNOW:  IF THAT HABITALO LIAR IS TELLING THE TRUTH; ”THAT WE ARE OUT OF MONEY”, WHERE IS THE GOV’T GETTING THE MONEY FROM?  CHET.

 

From: TruthSeekersElection2004@yahoogroups.com [mailto:TruthSeekersElection2004@yahoogroups.com] On Behalf Of Lucky
Sent: Saturday, May 08, 2010 11:32 AM
To: @ A2C
Subject: [TruthSeekersElection2004] FDIC shuts down more banks FL, MN, AZ, CA

 

FDIC shuts banks in Fla., Minn., Ariz., Calif.

Regulators shut down banks in Fla., Minn., Ariz., Calif.; brings total failures to 68 so far in 2010

•  

        

•  

 http://finance.yahoo.com/news/FDIC-shuts-banks-in-Fla-Minn-apf-2475780035.html?x=0&sec=topStories&pos=main&asset=&ccode

CHARLOTTE, N.C. (AP) -- Regulators on Friday shut down banks in Florida, Minnesota, Arizona and California, bringing the number of U.S. bank failures to 68 this year.

The Federal Deposit Insurance Corp. took over The Bank of Bonifay, based in Bonifay, Fla., which had $242.9 million in assets and $230.2 million in deposits; and Access Bank, in Champlin, Minn., with $32 million in assets and $32 million in deposits.

The agency also seized Towne Bank of Arizona in Mesa, Ariz., with $120.2 million in assets and $113.2 million in deposits; and 1st Pacific Bank of California in San Diego, with $335.8 million in assets and $291.2 million in deposits.

First Federal Bank of Florida in Lake City, Fla. agreed to acquire Bonifay's deposits and about $78.1 million of its assets. The FDIC will keep the remainder for eventual sale.

PrinsBank of Prinsburg, Minn. will assume Access' deposits and assets.

Commerce Bank of Arizona, based in Tucson, Ariz., agreed to assume all of the deposits and assets of Towne Bank, and City National Bank of Los Angeles will assume all of 1st Pacific Bank's deposits and assets.

The failure of The Bank of Bonifay is expected to cost the deposit insurance fund $78.7 million; that of Access Bank, $5.5 million; that of Towne Bank, $41.8 million; and that of 1st Pacific Bank, $87.7 million.

With the 68 closures so far this year, the pace of bank failures this year is double that of 2009. By May 1 last year, U.S. regulators had shut down 32 banks.

There were 140 bank failures in the U.S. last year, the highest annual tally since 1992, at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008 and only three succumbed in 2007.

The number of bank failures likely will peak this year and will be slightly higher than in 2009, FDIC Chairman Sheila Bair said recently.

As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, hitting a $20.9 billion deficit as of Dec. 31.

The number of banks on the FDIC's confidential "problem" list jumped to 702 in the fourth quarter from 552 three months earlier, even as the industry squeezed out a small profit. Still, nearly one in every three banks reported a net loss for the latest quarter.

The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years.

The agency mandated last year that banks prepay about $45 billion in premiums, for 2010 through 2012, to replenish the insurance fund.

Depositors' money -- insured up to $250,000 per account -- is not at risk, with the FDIC backed by the government. Apart from the fund, the FDIC has about $66 billion in cash and securities available in reserve to cover losses at failed banks.

__._,_.___