Bank Failures to Reach 1,000 by 2010
If the FDIC were to headline an announcement tomorrow that Bank Failures will reach 1,000 by 2010, what would happen to the world’s financial system?
Find Out More About Bill Bartmann. Click Here.
As America struggles to mend its banking industry, the focus seem to be only on the biggest 100. What of the other smaller 8,300? Yes, the US has 8,400 banks (that’s down from 12,000+ in the mid 1980’s) many of which are not profitable.
84 banks have already failed to date. Bill Bartmann, maintains on Fox that up to 1,000 banks may be lost by the year 2010. Speculation? Or Stunning fact?
Banks, private and public are by law obligated to publish quarterly financial reports. This second quarter reports indicate 28% are unprofitable. 90 % of these unprofitable banks were also unprofitable over the 1 quarter of the year. More troubling is that 75% of that 28% had 3 consecutive unprofitable quarters. That’s unusually poor performance and very troubling.
Bill cites a number of valid reasons for such failures:
- Growing unemployment: less employment mean people buy fewer things which means stores close and banks lose their commercial mortgages and loans.
- Credit card charge offs are at 10.5% now: the highest rate of defaulted credit card debts being charged off now.
- The Commercial real estate bubble is starting to deflate. Most of these will be in the smaller towns and cities.
- There are not enough healthy banks to bail out the bad ones now.
- Most smaller commercial properties are held or have loans from the smaller banks. These are the ones most at risk.
- the FDIC for the second time is running out of money. Therefore, don’t expect any more bailouts.
Watch Bill Bartmann on Fox Business.
Bill Bartmann on Countdown to the Closing Bell with Host Liz … – Click here for more blooper videos
“Banks should not be bailed out the way they have been with the large banks recently.” ” They should let bad debts be lost and save the good ones”…
Tip…the FDIC insures your deposits up to $250k per account. Therefore, if you have more money than that in 1 account, please split them until you are just below that FDIC threshold. That way, you will remain insured. Current protection is better than no protection.
Why doesn’t the FDIC warn the public? Well, if they did, it would mean a very downward looking report and that does not serve the FDIC’s agenda very well if the whole world were to really feel the pressure to downgrade all US financial holdings. Now, imagine what a cascade of failures would occur?
Can you profit from this?
Yes, Bill Bartmann is also the acknowledged expert at buying debts and recollecting them at huge discounts. In fact, he built a multi-dollar empire with 3,900 employees. The US Government will actually help fund you to buy off bad loans from banks for pennies on the dollar. That, if you know how, becomes your meal ticket. Bill is willing to show you how. To find out more, CLICK HERE.
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I am agree with you.These are the main reasons for failure of Banks.
nice to visit your post.
Welcome here anytime DJ.
[...] this guy doesn’t even mention the thousand or so bank failurs slated for next year. Submit to Stumbled Upon! -Bill Quick comment on this [...]
You’re welcome back here anytime. Very apt statement: That last step certainly is a Doozy. Start to watch out and take care of your assets/finances, etc.
Thanks for the Stumble Daily Pundit.
[...] Third, then are you ready to profit from it? You can. But first read about what Bill Bartmann has to tell you about this banking industry problems and how you can profit from it. He’s the numero uno when it comes to making a legitimate profit from this situation and he’s the one and only recognized expert in this business. He once built a $3.5B business from it-yes, he’s a super entrepreneur. Here’s the article printed in it’s entirety below from Private Bank. [...]
[...] Private BankingBanks are primarily a preserver of wealth.Insurer Acquires Bank SharesBank Failures to Reach 1,000 by 2010Bank Secrecy Backlash Beginning?ING Raising 8 Billion EurosFDIC in Private Equity Bank Investors [...]
Very perceptive article, personally i think the current crisis is a good thing in one way, it will get rid of the deadwood and ensure that companies and banks that come through it are stronger and more able to adapt to the changing financial environment
These are all true. But I still hope everything will be okay by the start of 2010.
Well those days were really so horrible and i think this is really a great thing about that time. I think now a days market conditions are changing and people are getting the good opportunities. Thanks for sharing the information.