Jim Sinclair’s Commentary
How is your bank today?
Enforcement Actions
Legal actions by the Board and written agreements approved by the Federal Reserve Banks
July 9, 2010
Written agreement with Commonwealth Bankshares and Bank of the Commonwealth
July 8, 2010
Written agreement with Dickinson Financial Corporation II and Dickinson Financial Corporation
July 8, 2010
Written agreement with Central Pacific Financial Corporation
July 7, 2010
Written agreement with BCB Holding Company, Inc.
July 6, 2010
Written agreement with Star Bancorp
July 6, 2010
Written agreement with Central Virginia Bancshares and Central Virginia Bank
Jim Sinclair’s Commentary
QE to infinity!
U.S. marks 3rd-largest, single-day debt increase
$166 billion jump spurs concerns over policy
By Stephen Dinan
8:36 p.m., Wednesday, July 7, 2010
The nation’s debt leapt $166 billion in a single day last week, the third-largest increase in U.S. history, and it comes at a time when Congress is balking over higher spending and debt has become a key policy battleground.
The one-day increase for June 30 totaled $165,931,038,264.30 – bigger than the entire annual deficit for fiscal year 2007 and larger than the $140 billion in savings the new health care bill will produce over its first 10 years. The figure works out to nearly $1,500 for every U.S. household, or more than 10 times the median daily household income.
Daily debt calculations jump and fall, and big shifts are common. But all three of the biggest one-day debt increases have occurred under the tenure of President Obama, and all of the top six have been in the past two years – an indication of just how quickly the pace of deficit spending has risen under Mr. Obama and President George W. Bush.
"What matters is the overall trend line, and the overall trend line is shooting up," said Robert Bixby, executive director of the Concord Coalition, a bipartisan deficit watchdog group, who said it is one more reason for a fiscal wake-up call.
Fears over red ink have stalled key parts of Mr. Obama’s agenda in Congress in recent weeks, including his push for another round of stimulus spending. Just last week, House Democrats had to use a tricky parliamentary tactic to pass an emergency war-spending bill, aid for teachers and new spending caps.
