In America tomorrow is July 4th, which is a big celebration.  For a lot of people it means fireworks.  But, fireworks are actually pretty dangerous.  So before you go out and buy those illegal M-80s, you need to watch this video.  Do not try this at home (you know I’m talking to you David).

Otherwise, have fun!… Continue reading

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In the lead-up to next week’s G8 summit, the Chinese have been making yet more noises about setting up a new monetary system without the dollar as its anchor and leading reserve currency.  The Chinese, who have maintained a export orientation which has made them the largest holder of U.S. government bonds, are concerned that they are holding depreciating assets. As the U.S. economic and fiscal position deteriorates, the likelihood… Continue reading

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Just when you thought things couldn’t get any more questionable in Washington, then along comes this (hat tip Tom).

Washington Post publisher Katharine Weymouth said today she was canceling plans for an exclusive "salon" at her home where for as much as $250,000, the Post offered lobbyists and association executives off-the-record access to "those powerful few" — Obama administration officials, members of Congress, and… Continue reading

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Wow.  The Feds sure know how to celebrate Independence Day.  I went out for a couple of hours and four more banks were seized bringing the grand total to seven for the day and 52 on the year.

Here are all the FDIC seizures for today. Six were in Illinois and one in Texas.

First State Bank of Winchester Winchester, IL

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This is the press release from the FDIC.  Deposits of only $75 million.  Small banks are seized, big banks get bailed out, of course.

Rock River Bank, Oregon, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption… Continue reading

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When we saw the Case-Shiller data for April on Tuesday, I noted that New York was the most overpriced metro area in the Composite-20 as prices there were still 70% above January 2000 levels.  This is changing fast.  Bloomberg reports:

Manhattan apartment prices dropped for the first time since 2002 in the second quarter as the collapse of Lehman Brothers Holdings Inc. and Bear… Continue reading

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Another tiny little bank. Deposits of $34 million.

The First State Bank of Winchester, Winchester, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with The First National Bank of Beardstown, Beardstown, Illinois, to assume all… Continue reading

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This is number 46 this year. Very small.  Why not wait?  Holiday weekend?

The John Warner Bank, Clinton, Illinois, was closed today by the Illinois Department of Financial and Professional Regulation, Division of Banking, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with State Bank of Lincoln, Lincoln, Illinois, to assume… Continue reading

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Let’s say you’re an American named Maria living in Southern California.  The year is 2006.  You make $45,000 and your husband David makes another $40,000.  You have two children aged six and four and your two-bedroom apartment is getting too small.  So you decide to consider buying a house.  Eventually, you and your husband find a new home. Now, granted you know nothing about mortgage finance.  But, your guy at… Continue reading

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The labor market in the United States lost 467,00 jobs in June.  But this was just the headline number as unemployment rose to 9.5%.  Unfortunately, the deep dive shows a situation that mirrors this weakness. Establishment Survey Below is a snapshot of the Establishment Survey data over the last 18 months (click chart to enlarge).

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