My mom refuses to "cash-out."  She is a wonderful, faithful, generous person and patriotic American.  She will not join a "run-on-the-bank."  She refuses to "panic."..........and I think that is what the wealthiest people, the people on the top count on.
The Greedy cash-out...the decent folks lose-out.  As decent Americans do we have to be left with little to nothing?

Why is it OK for those on top to save themselves from a sinking ship...but not OK for the rest of us to try to save what we have honestly worked for?

When someone advocates for people to get their money now before there are no FDIC funds left or the dollars has no value...why is that bad or wrong?  

FDIC takes over all 28 branches of 1st National Bank of Nevada and First Heritage Bank

CARSON CITY, Nev. (AP) -- The 28 branches of 1st National Bank of Nevada and First Heritage Bank, operating in Nevada, Arizona and California, were closed Friday.  The banks, owned by First National Bank Holding Co., were to reopen Monday as Mutual of Omaha Bank branches, the FDIC said.  

In the first half of 2008, the closed banks total assets were $3.6 billion down from $4.1 billion six months earlier.

http://tinyurl.com/...

FDIC statement:  http://tinyurl.com/...

The Bush administration pushed for, and got, the biggest bailout in history of private shareholders, at taxpayer’s expense. The National Debt was raised $800 Billion to cover it.

The banking and mortgage industries and millions of homeowners are in terrible shape. Foreclosure rates are at levels not seen since the Great Depression, and bank failure rates could reach depression-era levels, if not for swift action by the government to bail them out, and even then it will be too late for many.

More...

The Markets started down today until George W. Bush decided to extend Multi billion... perhaps trillion-dollar transfer of wealth from the public treasury to the Filthy Rich. You know that top 1% of the population, that some how you conservatives think, pay way too much money in taxes. The very same people who’s idea of trickle down economics is to Piss on your head and tell you, don’t worry prosperity is just around the corner. I’ve heard that now for the last 30 plus years starting with Ronald Reagan.
After you deduct everything that you owe like your mortgage balance, your credit card payments, and other major loans then compare that to your savings... how much is left that you own outright?
How is that trickle down economics working out for you now?

The economic downturn continues.

Spain's finance minister Pedro Solbes has stunned the markets with an admission that his country faces the worst economic crisis in its history as the full effects of the property crash spread through the economy.

http://www.telegraph.co.uk/...

More below:

There probably isn’t a man alive who doesn’t reach his hand into his pocket on a daily basis. It is a normal occurrence, paying for a purchase, or just standing around waiting for something, hand in the pocket without giving it a thought.

Well the news out of Washington Friday July 11 was more than a bit disturbing. It seems that we are all familiar with George Bush and his moneyed Republican friends sticking their hands into our pockets, through high gasoline and food prices, as well as through taxes on everything including the kitchen sink.

Here is the what little of this I understand, and trust me, if more than half of what follows is correct, I'll be more shocked than anyone. I am no financial expert.

Back in the late 80's and all through the 90's (ahh... them good 'ole Clinton years), the Saudis were in a crude oil production war with the Russians and opened up the taps. Cheap oil flooded the market leading to $20/barrel oil and real economic growth spread through the non-industrial world. China, Brazil, India, SE Asia, Latin America, Eastern Europe. Explosive growth. Trillions and trillions of dollars of new real economic worth.

I remember stories from my grandmother and stepfather about runs on banks. I remember that famous scene from "It's a Wonderful Life." Today my brother left a message telling me he saw an actual run on a bank in Duarte California. It begins.

The Fanni Mae and Freddy Mac imminent possible collapse is an interesting story and draws clear the battle lines in the War on the middle class. Fannie Mae and Freddy Mac are guarantors of loans for mortgages. Their presence makes it possible for more mortgages to be underwritten at affordable rates for qualified home buyers. With them gone or seriously impaired, mortgages would be more expensive and housing values would decline. In short, increased Bank power over the ways and means of working class Americans.

A cynic might see the whole sub prime debacle as an attack on the Fannie Mae-Freddy Mac paradigm started under FDR as an aid to get more Americans into their own homes under reasonable terms. A fair question has to be, what benefit is it to the Banks and lenders to see Fanni Mae-Freddy Mac broke and street after street of empty houses across the American landscape? Who are these people, these "bankers" and what possible pleasure can they be getting from all this hardship they have helped spread in the country?

I just watched the report about those hostages in Columbia being released after five years of captivity. I know this has something to do with McCain's visit, the official story being just a little implausible. I'm going to take it as a good sign for things improving in Central America. Now on with my original wonderful blog.  

The more I watch this campaign suddenly the more hopeful I get. I see both candidates mostly running a straight forward clean campaign talking about things that are possible for America. I'm impressed, as both candidates seem to be staying away from radical proposals that are sure to be endorsed only by fringe partisan groups. Without being specific you can still infer this by looking at the Fundamentalist's dissatisfaction with McCain and the Progressives growing discontent with Barack Obama. Some may call this centrism and then say it means nothing or anything, others may call it realism knowing it will take moderate solutions to get the reforms the country needs.

Strange title for a blog and it's obvious where I'm going with this before I even start. Still I have nothing else to do right now so stringing a few random sentences together, underneath a title that seems to suggest that all Presidents follow the same script,it being only the times and circumstances that change, will do. One act follows another in perfect lockstep marching to the beat of an agenda that comes from somewhere other than the American people. How do I know this? Age and observation help plus an ability or perhaps neurosis to connect seeming unconnected events.

I mean I have watched America go through two unpopular major wars and have heard the new president running say he wanted to end the war and the suffering imposed on the people here at home and the lucky host country for that war. Only to hear all that fade into talk of responsible troop redeployment and peace with honor and other trite open ended promises that could and often do mean several contradictory things. I have also seen several economic cycles, oil supply problems, banking disasters, housing crunches, Wall street swoons and the list goes on. There's really nothing truly new going on right now, just slight permutations.

We watched this film in my macroeconomics class yesterday and I thought I would share it here for those who may be interested.  It's called Money as Debt and takes a look at our banking systems.

The video is 47 minutes, so give it a second to load.  If it doesn't load eventually you can find it here.

...of which, $256.00 is overdraft fees.

What happened was, I have a debit card linked to my checking account. I checked my balance every day, but there were some transactions that weren't processed until my balance was about twenty bucks. So, for a variety of purchases in the 2-5 dollar range, I'm paying overdraft fees of $32 each, changing to $64 (each transaction) for the most recent.

Should I manage my checking account such that I never get overdrafts? Absolutely; no argument from me on that.

UPDATE! Most Arizonan's do not know about this Bill!
If you have any friends or relatives in Arizona, please email this information to them!  Have them call the News services and their representative to get Senate Bill 1028 off the table and out of the Republican Gridlock!
Did you know that in Arizona, anyone can become a loan originator?

There is no license to get, no school to attend, not even a background check required to become a loan "Officer"

Criminal record, no problem!   Come on down!

And we wonder why we have a credit crunch/ Mortgage meltdown in the Home industry.

By the way there are 11 other states that don't require testing, certification or licensing.....

From dorm and building access, to discounts for movie tickets and accessing the meal plan, a student's ID card is a nearly indispensable part of campus life. But at a growing number of colleges, those same ID cards are taking on a whole new slew of functions, including serving as debit and bank cards.

Money markets signal fears over banks

Money markets in the US and Europe are signalling renewed fears about the financial strength of banks, with key confidence barometers almost returning to the levels that preceded the collapse of Bear Stearns.

The concerns are being highlighted by the difference between overnight lending rates set by central banks and three-month Libor, the rate at which banks lend to each other. This spread, known as the overnight index swap rate, has been rising in the US and remains elevated in Europe, indicating that banks are reluctant to lend to each other.

This means that mortgage rates are going up even as central bank rates are going down, and it means that banks still see more skeletons in each other's accounts. More scrificial lambs mght be needed...

The economy is going to be at least bad enough so that we need a new name to call it. A recess is a small indentation while a depression is a larger hole, so I think this new worse economic crisis should by called an Abyssal, and since it comes with inflation, it will be a Stagflationary Abyssal.

Too often in my life, I go to political rallies and see great Dems speaking passionately about the economy.  I hear how the jobs have to stay in America, and american workers have to stop getting the short end of the stick.  I was impressed with Obama when he actually mentioned by implementing executive orders, he could empower unions almost immediately.  But to be fair, the most of what I hear is so similar to all the other speechs-get the lobbyists, do more tax cuts for the middle class, job training and some bankruptcy and credit card reform.  Guess what, the repubs always come up with one or two hot button issues agaisnt Dems.  We all know what it is-no new taxes.  We, as Dems, argue our nuanced platforms and we get shot down with the big government big tax label. I got a couple hot buttons that might just knock this crap out of folks minds.
Here goes.