May 9 2009
24,700,000 Unemployed or Underemployed Americans: Job Losses Accelerate with 6 million unemployed over last year. Real Unemployment rate now at 15.8 Percent.
It is hard to believe what is taken as good news. 539,000 jobs were lost in April yet this was taken as a positive because it wasn’t 600,000. Forget about the fact that the revised number for March was moved upward to 699,000 from an initial 663,000. So it may be the case when [...]
May 2 2009
FDIC Insures $4.7 Trillion in Deposits with a $13.6 Billion Deposit Insurance Fund. This is Like Going into a Hurricane with a 99 Cent Store Umbrella.
On Friday, three banks failed and the FDIC took them over. Now this isn’t the big news necessarily. What it significant is that one of the banks taken over was Silverton Bank of Atlanta, Georgia. Silverton bank has $4.1 billion in assets and will cost the FDIC $1.3 billion from their dwindling insurance fund. [...]
