Yet Another Bank goes Belly Up

DOW DEATH SPIRAL™:

Dow Jones Industrial Average
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Change: Down 241.81 (2.08%)
Prev Close: 11,628.06
Open: 11,626.19
Day’s Range: 11362.6311626.27
52wk Range: 10,732.00 – 14,280.00

DIVE, DIVE, DIVE!

“The slowdown has reached such a wide range of countries that they’re now feeding on one another.”

ALAN RUSKIN
chief international strategist
at RBS Greenwich Capital
on the slumping global economy

DAGNABIT! This marks the ninth failure this year of an FDIC-insured bank. There were only three such failures in all of 2007. This won’t be the last one either! This from ap:

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US regulators shut Kansas bank

Columbian Bank of Topeka, reported $92 million in delinquent loans in the second quarter.

August 23, 2008

WASHINGTON (AP) — — Federal regulators on Friday shut down Kansas bank Columbian Bank and Trust Company, which was struggling with losses on soured real estate loans.

The Federal Deposit Insurance Corp. was appointed receiver of Columbian Bank of Topeka, Kan., which had $752 million in assets and $622 million in deposits as of June 30.

The FDIC did not give a reason for the closure, but Columbian reported $92 million in delinquent loans in the second quarter, citing a “volatile real estate market.” The bank set aside $9.2 million for loan losses in the first quarter, up nearly 30 percent from the $7.1 million it set aside in the first quarter of 2007.

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SONOFABUSH! If that ain’t enough, look what else this disaster is doing to our neighborhoods. This from cnnmoney:

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These homes for sale suck

Never before have there been so many squalid, dilapidated homes on the market – and they’re helping to exaggerate already-plummeting home prices.

By Les Christie, CNNMoney.com staff writer

Last Updated: August 22, 2008

NEW YORK (CNNMoney.com) — Mold, maggots and piles of festering trash – no wonder home prices are in freefall.

It’s not just the subprime mortgage crisis that’s to blame for plummeting home prices. A flood of squalid properties on the market is helping to exaggerate the post-bubble price declines.

“Part of the reason home prices are declining is a fundamental deterioration in the housing stock,” said Glenn Kelman, CEO of the online, discount broker Redfin. “During the boom, nine out of 10 houses for sale in many markets were in prime condition. Now, for every 10 houses, at least three are dogs.”

Most of these mutts are foreclosed properties that have been permitted to fall into disrepair by lenders overwhelmed with thousands of vacant homes. If these houses sell at all, they’re going for bargain basement prices that are hurting home values throughout the neighborhood.

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This is all the fallout from the failure of raygunomics. The move to deregulate EVERYTHING, including the banks, has caused the biggest economic crisis since the great depression! WE are feeling the pain, the fools who set this economic BOMB off are now richer then ever. WE, the regular folks are being forced to pay for this failure via lemon socialism. YOU are now feeling the pain. WE have been royally SCREWED by raygun, pappa bush, slick willy, g’dubya, and next we will be SCREWED by mcPain or nobama. That is, if TOU are STUPID ENOUGH TO VOTE ON OF THE syphlatic co-joined twins of the apocalypse into the oval office! YOU don’t hav to be THAT STUPID AGAIN! YOU have a REAL CHOICE FOR CHANGE!

THROW THE LEMON SOCIALISM MERINGUE PIE™ IN THE FACES of the corpoRATeer stooges!

THROW THE PEACE PIE™ IN THE FACES OF two parties of the apocalypse stooges!

THROW THE PORK BARREL POT PIE™ IN THE FACES of the washingtOOn stooges!

THROW THE NONSENSICAL NONDESCRIPT GIBBERISH GENERALIZATION CREAM PIE in mcbamas tow pudgy faces!

YOU have ONLY ONE CHOICE FOR REAL CHANGE! SUPPORT AND VOTE FOR THE ONLY PRESIDENTIAL CANDIDATE WITH AN AGENDA THAT WILL FIX THIS MESS!

VOTENADER.ORG

The Telepathic Crickets™ on the ClapSotronics editorial board and I are pleased as punch to pepper the military industrial complex stooges with our first ever four pie post!

Don’t forget to stop by our satirical sister blog:

The Intergalactic Times

The scientifically impossible I do right away

The spiritually miraculous takes a bit longer

~ by ClapSo on August 26, 2008.

2 Responses to “Yet Another Bank goes Belly Up”

  1. Please clarify on delapidated homes on the market I don’t want a bad one.

    I herd the depression got better because of a price freeze so then the money became more stable. Yea it is major regulation whats the crickets views on that?

  2. Political pictionary! I want signed drawings how canidates plan on doing things! These drawings or murals should be fallowed and if broken loose fingers on tv!

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