Add 23 More to Failed Banks

In a little over one month 23 more banks have failed. Bank failures may not be making your local news  One might wonder why the local news doesn’t report local bank failures as local news. We are however, rolling at a record pace of bank failures in 2010. To see the complete list of bank failures go here .

Illinois, were the President played a roll in state politics, has a record 36 bank failures in just five months compared to Florida’s 29 bank failures during the same time frame.  Florida, California and Arizona were number one in foreclosures because baby-boomers started buying retirement homes and investors scarfed up property like candy. But Illinois? What is the connection with Illinois bank problems?  Could “ACORN” (the Association of Community Organizers for Reform Now) have played a role? What was Barrack Obama’s role with ACORN and the banking industry? How many Illinois banks donated to Barrack Obama’s political career?

The 23 banks that failed over the last 30 days.

Pinehurst Bank     Saint Paul  MN
Midwest Bank and Trust Company  Elmwood Park  IL
Southwest Community Bank     Springfield     MO
New Liberty Bank     Plymouth  MI
Satilla Community Bank     Saint Marys  GA
1st Pacific Bank of California     San Diego  CA
Towne Bank of Arizona     Mesa     AZ
Access Bank     Champlin MN
The Bank of Bonifay     Bonifay  FL
Frontier Bank     Everett  WA
BC National Banks     Butler     MO
Champion Bank     Creve Coeur     MO
CF Bancorp     Port Huron     MI
Westernbank Puerto Rico En Español     Mayaguez  PR
R-G Premier Bank of Puerto Rico  En Español     Hato Rey  PR
Eurobank En Español     San Juan     PR
Wheatland Bank     Naperville     IL
Peotone Bank and Trust Company   Peotone  IL
Lincoln Park Savings Bank     Chicago IL
New Century Bank     Chicago     IL
Citizens Bank and Trust Company of Chicago     Chicago  IL
Broadway Bank     Chicago  IL
Amcore Bank, National Association   Rockford  IL

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20 Large Banks In Trouble

The latest report from Weiss Group ( see here) shows 20 of the largest banks in America could fail. The ratings for these banks appear very weak. One might ask, “What did the banks do with their bailout money?”  Evidence reflects they may have used taxpayer bailout money to invest and profit take for their bank and/or possibly CEOs while raising credit card interest rates and stiffening loan qualifications for the taxpayers who bailed them out.

Don’t get me wrong. Is it a bad thing to require loan applicants prove they have the money, credit rating and income to pay for a mortgage on a property? I say no, it is not wrong. When customers with good credit scores, good payment history and solid performance have to pay the way for credit weasels through higher interest rates and
when banks profit through investing using taxpayer funds, ya gotta love the federal reserve system.

Clearly the international bankers profit taking is not and I repeat not because of the free market system, it is the federal reserve system. The Federal Reserve is not a government agency yet it does business with the federal government. Congress has the authority to coin money through the US Treasury so why have the Federal Reserve? Why have a bunch of international bankers fix our money issues causing inflation, deflation and recessions?

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