Jim Sinclair’s Commentary
This is the ultimate national disgrace brought about by OTC derivatives and OTC derivatives only.
A four year normal mild recession with a corrective mechanism of free markets would have been the extreme of this experience.
The greed of sociopath Wall Streeters has destroyed the system. They do not give a damn, but damned they must be.
Number of Americans living in poverty ‘increases by 4m’
16 September 2010 Last updated at 14:46 ET
One in seven Americans was living in poverty in 2009 with the level of working-age poor the highest since the 1960s, the US Census Bureau says.
The number of people in poverty increased by nearly 4m – to 43.6m – between 2008 and 2009, officials said.
The bureau defines poverty as any family of four living on less than $21,954 a year.
Meanwhile, new figures showed home foreclosures in August hit the highest level since the mortgage crisis began.
Banks repossessed 95,364 properties in August, up 3% from July and an increase of 25% from August 2009, said RealtyTrac, a company which charts the national picture.
Jim Sinclair’s Commentary
The overvaluation of assets thanks to FASB’s capitulation is over 50% of the capital.
It is not money, it is accounting. No wonder these banks cannot perform.
More banks missing TARP dividend payments
By Brady Dennis
Washington Post Staff Writer
Monday, September 13, 2010; 9:17 PM
Big Wall Street firms have the most bruised public reputations, but it’s a collection of smaller banks that continues to plague the Treasury Department’s bank bailout program.
The latest report from the agency shows that more than 120 institutions – nearly all of them small banks – have missed their scheduled quarterly dividend payments, which is more than a sixth of the banks that received federal aid during the financial crisis.
In addition, five banks that received capital injections from the controversial $700 billion Troubled Assets Relief Program have failed altogether, making it highly unlikely that taxpayers will recover the nearly $3 billion poured into those institutions.
The Treasury report showed that at the end of August, a record six banks each missed six dividend payments. Saigon National Bank in Southern California has missed seven.
The rising number of "deadbeat" banks, as they are known, has prompted calls for Treasury officials to take action to protect taxpayers’ investment.
Jim Sinclair’s Commentary
A small technicality for the Banksters. Nothing to worry about.
Have you noticed there hasn’t been too many Western films made recently? That is because the villain was always the Bankster foreclosing, usually by illegal methods, on the helpless widow with eight starving children during a drought that is killing all the livestock, based on taking credit to buy feed which is genetically modified so it will grow nothing much.
