A lost decade

This from "Economist's View". Please follow link for more good stuff.


Economist's View
Dec 01, 2009
"A Lost Decade for Private Sector Jobs"

Private sector employment is lower than it was a decade ago:

A Lost Decade for Private Sector Jobs, by Jon Hilsenrath, Real Time Economics: To mark this week’s focus on the dismal state of the U.S. job market, check out the following chart, which shows the trajectory of private sector U.S. employment since 1998. It tells a story of a lost decade for U.S. workers.


The U.S. now produces fewer private sector jobs than it did a decade ago. This been the case since August, and it’s getting worse. ... Not since the Labor Department began tracking payroll employment in 1939 has there been such a stretch with no net job gains. ...

With the economy recovering from last year’s shock, private sector firms might start hiring again. But it likely will take months if not years to make up this gap.

How to explain the gap? One obvious answer is that the U.S. has suffered through two recessions during this stretch. The first, in 2001, was short and mild but included more than two years of job cuts. The second one starting in 2007 has been long and brutal. The other answer is that the U.S. has enjoyed a big burst of productivity growth during this stretch — which means firms are producing more with fewer workers. In the long-run this is supposed to be a good development because it leads to profit and income gains. But the short-term costs are looking increasingly more debilitating.

It’s worth nothing that overall employment is higher than it was a decade ago, but that’s only because the government has produced two million additional jobs during that stretch. You can expect both sides of Washington’s political spectrum to spin the lost decade for jobs in their own direction. Republicans will use it to blast Mr. Obama’s big government approach — though it’s worth remembering that most of these jobs were lost when a Republican controlled the White House. Democrats will use the data to demonstrate the benefits of a helping government hand in down economic times. ...

The administration is holding a jobs summit later this week, but the fear is that it is more for show than anything else, and it is not clear what, if anything, will come of it. If so, that's a mistake. The administration needs to do more than just acknowledge that it "feels your pain," it needs to alleviate some of the problem with a jobs program that produces results. The midterm elections are less than a year away, and there's every indication that when the election is held the employment problem will still be present and that could be problematic for Democrats.

I don't like using the election as a reason and motivation to do something about this problem, the struggles that the unemployed face should be enough on its own to motivate action, but if elections are what it takes to move congress and the administration to do something about this, then I suppose we'll have to settle for that. But given the lags in the process of creating jobs, I'd say six months is optimistic, there's only a month or two left before it will be too late to do anything in time to affect employment before the election. And if it doesn't get done in time to help congress get votes, it's unlikely it will get done at all no matter how bad the problem gets.

One final note. Timidity the first time around -- even if it was driven by political realities -- is part of the problem. With a more aggressive package employment would likely be much improved right now, but unfortunately that's not the policy that was implemented. If the administration puts a jobs program in place that is too reserved and does little to help with employment, that will make its political problems even worse since it will appear that its job policy was largely a failure. If it does move on a jobs program -- as it should -- it needs to be sufficiently aggressive and it needs to target jobs directly. Then we should all cross our fingers, not because of worry over the election (though losing ground would be a big disappointment for Democrats), but in the hopes that jobs will come to households struggling to make ends meet.

[Note: A version of this is also posted at MoneyWatch.]

Posted by Mark Thoma on Tuesday, December 1, 2009 at 08:35 AM in Economics, Policy, Politics, Unemployment Tweet This Permalink TrackBack (0) Comments (9)

Now, for something REALLY important

Yankees’ Jeter Named Sports Illustrated’s Sportsman of the Year

By Mason Levinson

Nov. 30 (Bloomberg) -- Derek Jeter became the first member of the New York Yankees to be named Sportsman of the Year in the annual selection by Sports Illustrated.

Jeter, who helped the Yankees to their 27th World Series title this month, is the 56th honoree by the magazine and will be featured in Sports Illustrated’s Dec. 7 edition.

The 35-year-old shortstop finished third last week in voting for the American League Most Valuable Player Award after batting .334 and scoring 107 runs, leading the Yankees to their fifth championship during his 14-season career.

On Sept. 11, he passed Lou Gehrig’s franchise record for hits, and batted .344 with three home runs and six runs batted in during the playoffs, which culminated with the Yankees beating the defending champion Philadelphia Phillies in six games to claim the World Series.

The last solo baseball player to win the award was Cal Ripken Jr. in 1995. Mark McGwire and Sammy Sosa were co-winners in 1998, Randy Johnson and Curt Schilling shared the honor in 2001, and the Boston Red Sox won as a team in 2004.

Others to win the award since Sports Illustrated began publishing in 1954 include Roger Bannister, who was the first winner after breaking the four-minute mile barrier; Muhammad Ali (1974); Sandy Koufax (1965); Michael Jordan (1991); Tiger Woods (1996 and 2000, the only two-time winner); and last year’s winner, Michael Phelps.

To contact the reporter on this story: Mason Levinson in New York at mlevinson@bloomberg.net.
Last Updated: November 30, 2009 11:01 EST

More on Dubai

So, the gov't will not honor the debt they said was backed by the gov't.

At this time -- remember, you're an infidel -- they don't have to tell you the truth.

Sorry "investors", you are F*%$&D!! -- then again, why should they be any more honorable than any of the Wall Street dudes? (AKA: Masters Of The Universe).

I suspect The Mafia has more honor.

Now, for some AIG news

Isn't this fun?


ap
AIG shares fall amid reports of reserve shortfall
AIG shares decline amid reports of shortfall in insurance reserves, possible sale of

NEW YORK (AP) -- Shares of American International Group Inc. tumbled nearly 15 percent Monday after an analyst stirred concerns that the troubled insurer doesn't have enough reserves to pay some potential claims.

AIG shares dropped $4.90, or 14.7 percent, to finish at $28.40 -- their lowest close since August 19. The shares have more than quadrupled from a low of $6.60 in March.

Sanford Bernstein analyst Todd Bault said AIG is facing an $11 billion shortfall to cover potential claims in its property and casualty insurance business, according to media reports Monday. Bault declined to share the research note.

Covering that shortfall could cause problems for the New York-based insurer as it tries to repay a government bailout package it received to help stay in business.

Separately, the Financial Times reported AIG may soon get a bid for a part of its aircraft leasing unit from a group that includes the head of that business.

A spokeswoman for AIG, which is based in New York, declined to comment on either report.

AIG is trying to sell assets and raise capital to help repay the government, which bailed it out last year with a loan package worth more than $180 billion. In return, the government received an 80 percent stake in AIG. As of Sept. 30, AIG owed the government about $85.66 billion in loans as part of the broader bailout package.

The Financial Times said AIG could be a step closer to selling a portion of the aircraft leasing business, International Lease Finance Corp., to a group of private investors and the unit's chief executive, Steven Udvar-Hazy. The sale of a piece of ILFC, among AIG's profitable units, could help relieve some of its debt burden.

AIG's aircraft leasing unit generated operating income of $365 million during the third quarter, a 19 percent jump from the same quarter a year earlier and a 9 percent increase from the previous quarter.

The prospective buyers would acquire about half of ILFC's business, which buys airplanes and then leases them to major airlines, for more than $2 billion, according to the Financial Times.

AIG has posted two straight quarters of profits as credit and stock markets improved in recent months. Including the government's portion of the profit, AIG earned $455 million during its most recent quarter.

more Dubai stuff

Looks like the government of Dubai will not honor debts of Dubai World:

Fear of creditor wipe-out as Dubai jettisons conglomerate
David Robertson and Hugh Tomlinson


The Government of Dubai has refused to honour the debt obligations of its largest company, prompting fears that international creditors could be wiped out.

Dubai World, the state-owned conglomerate, was effectively abandoned to its fate by the Emirate's Government yesterday despite previous assumptions that Dubai would stand behind the company. That has raised the likelihood that lenders to Dubai World, which has liabilities of $60 billion, could lose billions of dollars.

Dubai World will be restructured and some of its assets, which include Turnberry golf course in Scotland and the former cruise ship QE2, are likely to be sold to pay down debt.

However, there is uncertainty over the robustness of creditor protection under Dubai law and lenders are understood to be concerned that they will get little or none of their money back.
Related Links

Analysts at RBC Capital Markets said: “The bottom line is that creditors have almost no legal legs to stand on to maximise recovery values.”

Royal Bank of Scotland (RBS), the bank bailed out with £53.5 billion of British taxpayer money, has been the largest loan arranger for Dubai World in the past two years, securing $2.3 billion of financing. Much of that debt will have been syndicated to other banks but RBS could lose more than £100 million as a result of Dubai’s actions. RBS declined to comment yesterday.

Dubai revealed last week that it would seek a standstill on debt repayments for Dubai World, a sprawling company that includes property developers, investment funds and a ports operation. Dubai had previously included Dubai World’s debts within its own total sovereign debt of $80 billion but it has said it has no obligation to the company’s lenders.

Abdulrahman al-Saleh, director-general of Dubai’s Department of Finance, said: “Creditors need to take part of the responsibility for their decision to lend to the companies. They think Dubai World is part of the Government, which is not true.”

That has sparked anger among some creditors, who believe that Dubai had given an implicit guarantee that its companies were state-backed.

In a move seen as adding insult to injury, the Government has ringfenced DP World, the profitable ports division of Dubai World, in a move designed to protect it from international creditors.

One Abu Dhabi-based legal source said: “Looking at the list of assets, DP World stands out as the jewel in the crown. That is why they are desperately trying to ringfence it, but where else are they going to find the money for these creditors?”

The turmoil in Dubai led to carnage on regional stock markets yesterday, with $9 billion wiped off their value. The Dubai Financial Market closed down 7.3 per cent and the Abu Dhabi Securities Exchange was down 8.3 per cent. Yesterday was the first day of trading after the Eid religious holiday and since Dubai announced the debt standstill.

Potential Dubai losses continued to hang over the UK banking sector yesterday, which helped to push the FTSE 100 down 55.05 points to 5,190.68.

Although Dubai’s potential debt default is not large in global terms, the state’s difficulties have raised the prospect that other countries might struggle with their growing deficits. Analysts at Deutsche Bank said: “The situation in Dubai may be a controllable event, but it reminds us how much governments are potentially on the hook for all over the world.”

The crisis at Dubai World was prompted by the need to repay a $3.5 billion Islamic bond held by Nakheel, the property developer behind the Palm Jumeirah islands, in two weeks.

Nakheel said yesterday that it was suspending trading in all three of its Islamic bonds.

However, Dubai World did make a small repayment on a $2 billion Islamic bond owed by the Jebel Ali Free Zone Authority yesterday.

By cutting Dubai World loose, Dubai has effectively reduced its sovereign debt from $80 billion to about $20 billion. As a result, the cost of insuring against a default on that debt fell yesterday. Credit default swaps, the premium paid to insure against default, fell from $645,000 per $10 million of debt on Friday to $570,000.

"Problem Banks"

So, the FDIC has a "problem bank list". The # of banks on the official problem bank list, as of the end of the third quarter is 552. That's a lot of bad banks --- no?

The official list lags behind - right now there are 553 banks on an "unofficial problem bank list" -- more info on this to come --- or --- go to Calculated Risk.

No new failed banks

Gosh, no banks failed this week. Anyone want to bet we'll have a whole bunch either next week, or the week after?

WOW! A REAL Thanksgiving

In my last post about the holiday, I thought we might rent a drunk or two next year -- for that "Genuine Thanksgiving Family Experience" -- I'd best hold off on that idea. It might get too real.

JUPITER, Fla. – A Florida man opened fire on his family after Thanksgiving dinner, killing his pregnant sister, 6-year-old cousin and two other relatives before speeding off and initiating a statewide manhunt, police said Friday.

Police were searching for Paul Michael Merhige, 35, of Miami. He also is accused of gunning down his pregnant sister's twin and his 79-year-old aunt. Jupiter Police Sgt. Scott Pascarella said there had been an "ongoing resentment" in the family, but did not elaborate.

"What led to this incident, we're not quite sure," Pascarella said. "It did not appear there was any altercation prior to this shooting."

Pascarella said Merhige left briefly before returning to the gathering with a handgun.

Seventeen relatives had gathered in Jupiter, a small beach town about 90 miles north of Miami best known as a home to celebrities including Michael Jordan and Burt Reynolds.

Police spokeswoman Sally Collins-Ortiz said the city had never experienced a slaying with so many victims.

The department enlisted the U.S. Marshals in the search for Merhige, who police said had no known criminal past. He was believed to be driving a royal blue 2007 Toyota Camry with a rear spoiler and Florida license plate W42 7JT.

Pascarella said police first received a 911 call from a neighbor, then another from someone inside the home. The residence, in a well-kept new subdivision with brick-paved driveways, is owned by local TV videojournalist Jim Sitton and his wife. On Friday, it was surrounded by yellow crime scene tape and police crime unit vans.

Sitton's daughter Makayla was the young victim. Police said she had gone to bed before the rampage.

"God packed a lot of sweetness into that little body," Sitton said. "She's just our life. I don't know how we are ever going to recover."

Sitton told local media that his daughter was supposed to perform Friday in a holiday production of "The Nutcracker." The Florida Classical Ballet Theatre performed two shows Friday and artistic director Colleen Smith acknowledged the loss.

"Makayla was part of our family, and as one of the youngest dancers, she was to be one of Mother Ginger's Children," Smith said. "She was a beautiful, dear girl. She was a beam."

The other victims were Merhige's twin sisters, Carla Merhige and Lisa Knight, and an aunt, Raymonde Joseph. A fifth victim, Merhige's brother-in-law Patrick Knight, was in critical but stable condition at a local hospital. Another man, Clifford Gebara, 52, was grazed by a bullet.

Neighbors in the Palm Beach County community were shocked as police processed the home.

"Our kids walk the streets by themselves," said Nicole Kemp, 67, who did not know any of the victims. "I thought it was the safest place to live. I guess it doesn't matter, if there's a maniac here."

Carla Merhige was a real estate agent in Miami, said a co-worker.

"She was a wonderful agent," said Joanna Sherman, a manager at Coldwell Banker Residential real estate. "She was very active in the community and in charities. She was just a genuine, beautiful individual. She always had a smile for everybody."

No comment necessary, or appropriate.

___

Dubai

For more info about the Dubai crap, please go to Calculated Risk. They have all the latest info as well as some stuff from Feb., when their real estate crash was in full swing.

Thanksgiving

Thanksgiving's come and gone. Today is called "Black Friday" in the retail trades -- I hope it isn't also another black friday financially.

there seems to be a lot of surprise over the possible Dubai default -- I wonder why?

If I recall correctly they were writing a lot about the problems in Dubai about a year ago - people stuck there, lack of jobs, etc., etc., etc.

Oil is finite, as is the willingness to bail out those who forget reality.

Anyway, aside from the possible nasty realities, we did have a very nice peaceful Thanksgiving holiday. Neither of us cooked -- we reheated, having bought a preroasted turkey, ready made stuffing, mashed potatoes, creamed spinach, spiced apples, and pumpkin pie. It was the most "traditional" Thanksgiving dinner we've ever had. It was also quite good -- considering the ease of "preparation" -- thaw, heat, microwave. We also had ready made gravy.

This was the very first time I've ever done that.

I will do it again.

We even had the constant drone of football in the background. The only thing lacking was a drunk or two -- probably could have hired a couple of those for that final touch of reality.

Is it time yet?

Yes, it is.

Time for what?

Time to examine the possibility of buying/owning a useful weapon for personal, and home, defense.

I'm speaking about purchasing a LEGAL firearm, learning how to use it SAFELY, and practising its use at a local range.

It seems a lot of folks are armed to the teeth these days. Ammo is still in short supply, and very expensive. Someone, in addition to the military, is buying it up as soon as it hits the market.

If things do happen to explode (and I hope they do not), it will be important to be able to defend yourself and your loved ones.

This is especially important for minorities who might well be scapegoated (IE: LGBT folks, Mexicans, etc.)

This is not about offensive action. Nor do I suggest reckless or illegal use of any weapon -- this is purely about last ditch self defense, giving yourself a chance to live, and perhaps fight another day.

Hopefully the true spirit of America will prevail -- but, there's an awful lot of loose talk making the rounds these days. It's time to take precautions.

Follow the link

Please follow the link to get all the details. States are cutting services -- at a time when more services are needed. Folks are beginning to protest.

An interesting bumper sticker I saw recently promoted the "Tea Parties" while using the imagery of the left wing they claim to HATE. A black ground, with a red star, and white lettering. I've never thought of red and black as a part of the ultra right wing.

Perhaps our corporate overlords understand the rage they have caused with their policies and are attempting to divert it against those who stand for the people.

I think the anger is so great that they might just lose control of the movement they are building -- at least let's hope so, otherwise I see the possibility of real Fascism in our future.

Let us hope the Obama Administration can escape from the power of Wall Street.

Unreported News

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California: Students Protest Tuition Hikes

Friday, November 20 2009 @ 04:42 PM CST

Contributed by: Admin

Views: 101

College students in California are protesting a 32% increase in tuition. Students are occupying buildings in protest.

*California is Occupied
*Days of Action Against the Tuition Hikes
*Students and Workers Resist Privatization at UCLA Regents Meeting
*UCB Wheeler Occupation UPDATES
*Occupy Everything! Photos from UC Berkeley
*Student protest at UCLA grows
*UC Students Fight Back Against Administration’s War on Public Education
*UC students occupy buildings to protest fee hike
*More than 50 protesters arrested at UC Davis
*California students arrested amid protest over fee increase

I'm So Happy

Yep, I'm so happy we are in the midst of a "recovery". Just think how your Holidays would be if we were still in a recession -- job losses, growing unemployment, loss of confidence. So happy Wall Street is going well.

Doesn't it seem we are now in the midst of the continued "Bush Economy" -- only the Republicans can now claim it's not theirs?

So, this is the "Change We Can Believe In"?

In any case, I'm still willing to give the new administration more time -- they inherited a holy (unholy) mess.

Commercial Real Estate

Of late there have been some main street media news articles about commercial real estate (CRE). The economics blogs have been active describing the ongoing debacle for quite a while. Here's another little heads-up about the CRE market:

NEW YORK CITY-Prices nationwide have fallen 42.9% from their October 2007 peak, according to the latest Moody’s/REAL Commercial Property Price Index report issued Thursday, while Real Capital Analytics says total transaction volume for 2009 will be the lowest of the decade. The November Moody’s/REAL report, which covers transactions through Sept. 30, notes that monthly price declines appear to be leveling off, although September’s index represented a 3.9% value decline compared to August.

According to the CPPI report, which is prepared for Moody’s by Real Estate Analytics using RCA data, the four months between June and September saw prices fall by an average 3.2%. That compares with a 4.6% decline in values for the previous four-month period.

"Further price declines are almost certain over the short term," says Nick Levidy, Moody’s managing director, in a statement. "However, it is notable that the pace of deterioration appears to be moderating."

Similarly, the report points out that transaction volume has been hovering "just below 400" per month throughout ’09, compared to a monthly average of 1,000 sales last year. In September, the number of deals dipped slightly to 363 while the dollar volume rose slightly to $5.1 billion.

"The relatively tight range of transaction volume we’ve seen over the past year may mean that we have reached our bottom in terms of sales per month," Levidy writes in the new report. "However, we may see the market bouncing around this bottom for some time before a significant uptick in overall volume is recorded."

Included in the Moody’s/REAL report is the quarterly National Property Type Indices, which noted an improvement in the third quarter compared to the second for all sectors except office. The 12.2% drop in values for office in Q3 puts the peak-to-trough decline for the sector at 36.2%. In the report’s Top Ten MSAs indices, office prices dropped 19.3%, making office the only sector to experience larger value declines in the top 10 markets than nationally.

Apartment prices, which declined 10.9% in Q3, dropped off less than they had in the previous two quarters. The peak-to-trough decline for apartments is 39.5%. Industrial’s 8.1% decline was considerably less than the record-setting 20.4% drop the sector experienced in Q2, while retail property values showed a minor 2.5% gain after seven consecutive quarters of flat or negative price growth, the report states.

RCA said Friday that total transaction volume this year for the four major sectors and hotels will total just $49 billion, less than half of the 2008 tally and below even the $80 billion recorded in 2001. "While astonishingly low and an excellent illustration of the vast frustration over the still-stagnant credit markets and the interrelated murkiness of the outlook for operating fundamentals and asset pricing for performing and troubled properties alike, the 2009 total represents a modestly improving investment picture," according to RCA’s latest issue of US Capital Trends.

Across most sectors, asset sales "have moved unequivocally off of their lows from earlier in the year," according to RCA. "Throughout the fall, sales have been gaining ground month-to-month, as investors gain confidence on pricing for select assets, and some sellers--and lenders--seek to cut their losses.

so far - today #124

Press Releases
Central Bank, Stillwater, Minnesota, Assumes All of the Deposits of Commerce Bank of Southwest Florida, Fort Myers, Florida

FOR IMMEDIATE RELEASE
November 20, 2009
Media Contact:
Greg Hernandez (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Commerce Bank of Southwest Florida, Fort Myers, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank, Stillwater, Minnesota, to assume all of the deposits of Commerce Bank of Southwest Florida.

The sole branch of Commerce Bank of Southwest Florida will reopen on Monday as a branch of Central Bank. Depositors of Commerce Bank of Southwest Florida will automatically become depositors of Central Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Central Bank can fully integrate the deposit records of Commerce Bank of Southwest Florida.

This evening and over the weekend, depositors of Commerce Bank of Southwest Florida can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 28, 2009, Commerce Bank of Southwest Florida had total assets of $79.7 million and total deposits of approximately $76.7 million. Central Bank did not pay a premium to assume all of the deposits of Commerce Bank of Southwest Florida. In addition to assuming all of the deposits of the failed bank, Central Bank agreed to purchase essentially all of the assets.

The FDIC and Central Bank entered into a loss-share transaction on approximately $61 million of Commerce Bank of Southwest Florida's assets. Central Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share transaction is projected to maximize returns on the assets covered by keeping them in the private sector. The transaction also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-5370. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/commercesw-fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $23.6 million. Central Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Commerce Bank of Southwest Florida is the 124th FDIC-insured institution to fail in the nation this year, and the twelfth in Florida. The last FDIC-insured institution closed in the state was Orion Bank, Naples, on November 13, 2009.

Happy Fri. 13th

So far three more banks have gone belly up. I wonder how many "free market" lovers are sitting around thanking God, or better yet, FDR, for the FDIC?

#123

Press Releases
Sunwest Bank, Tustin, California, Assumes All of the Deposits of Pacific Coast National Bank, San Clemente, California

FOR IMMEDIATE RELEASE
November 13, 2009
Media Contact:
LaJuan Williams-Dickerson
Office: (202) 898-3876
Email: lwilliams-dickerson@fdic.gov

Pacific Coast National Bank, San Clemente, California, was closed today by the Office of the Comptroller of the Currency, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Sunwest Bank, Tustin, California, to assume all of the deposits of Pacific Coast National Bank.

The two branches of Pacific Coast National Bank will reopen on Monday as branches of Sunwest Bank. Depositors of Pacific Coast National Bank will automatically become depositors of Sunwest Bank. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Sunwest Bank can fully integrate the deposit records of Pacific Coast National Bank.

This evening and over the weekend, depositors of Pacific Coast National Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 31, 2009, Pacific Coast National Bank had total assets of $134.4 million and total deposits of approximately $130.9 million. Sunwest Bank did not pay a premium to assume all of the deposits of Pacific Coast National Bank. In addition to assuming all of the deposits of the failed bank, Sunwest Bank agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-913-3067. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/pacificcoastnatl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $27.4 million. Sunwest Bank's acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Pacific Coast National Bank is the 123rd FDIC-insured institution to fail in the nation this year, and the fifteenth in California. The last FDIC-insured institution closed in the state was United Commercial Bank, San Francisco, on November 6, 2009.

#122

Press Releases
IBERIABANK, Lafayette, Louisiana, Assumes All of the Deposits of Century Bank, Federal Savings Bank, Sarasota, Florida

FOR IMMEDIATE RELEASE
November 13, 2009
Media Contact:
LaJuan Williams-Dickerson
Office: (202) 898-3876
Email: lwilliams-dickerson@fdic.gov

En Español

Century Bank, Federal Savings Bank, Sarasota, Florida, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Century Bank, FSB.

The eleven branches of Century Bank, FSB will reopen during normal business hours as branches of IBERIABANK. Depositors of Century Bank, FSB will automatically become depositors of IBERIABANK. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Century Bank, FSB.

This evening and over the weekend, depositors of Century Bank, FSB can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 31, 2009, Century Bank, FSB had total assets of $728 million and total deposits of approximately $631 million. The FDIC accepted a 1.5 percent discount on the deposits of the failed bank from IBERIABANK. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $706 million of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

The FDIC and IBERIABANK entered into a loss-share transaction on approximately $656 million of Century Bank, FSB's assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-613-0378. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/centuryfsb.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $344 million. IBERIABANK'S acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Century Bank, FSB is the 121st FDIC-insured institution to fail in the nation this year, and the tenth in Florida. The last FDIC-insured institution closed in the state was Flagship National Bank, Bradenton, on November 6, 2009.

#121

Press Releases
IBERIABANK, Lafayette, Louisiana, Assumes All of the Deposits of Orion Bank, Naples, Florida

FOR IMMEDIATE RELEASE
November 13, 2009
Media Contact:
LaJuan Williams-Dickerson
Office: (202) 898-3876
Email: lwilliams-dickerson@fdic.gov

En Español

Orion Bank, Naples, Florida, was closed today by the Florida Office of Financial Regulation, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with IBERIABANK, Lafayette, Louisiana, to assume all of the deposits of Orion Bank.

The 23 branches of Orion Bank will reopen during normal business hours as branches of IBERIABANK. Depositors of Orion Bank will automatically become depositors of IBERIABANK. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until IBERIABANK can fully integrate the deposit records of Orion Bank.

This evening and over the weekend, depositors of Orion Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 31, 2009, Orion Bank had total assets of $2.7 billion and total deposits of approximately $2.1 billion. The FDIC accepted a 1.5 percent discount from IBERIABANK on the deposits of the failed bank. In addition to assuming all of the deposits of the failed bank, IBERIABANK agreed to purchase $2.4 billion of the failed bank's assets. The FDIC retained the remaining assets for later disposition.

The FDIC and IBERIABANK entered into a loss-share transaction on approximately $1.9 billion of Orion Bank's assets. IBERIABANK will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-331-6306. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/orion-fl.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $615 million. IBERIABANK's acquisition of all the deposits was the "least costly" resolution for the DIF compared to alternatives. Orion Bank is the 122nd FDIC-insured institution to fail in the nation this year, and the eleventh in Florida. The last FDIC-insured institution closed in the state was Century Bank, Sarasota, FL, earlier today.

War on Sickness

Instead of calling it a bill FOR something called "health care" -- why not brand it a bill AGAINST sickness/illness/disease/etc.

Calling it a "War On Illness", like the "War On Drugs" might allow more "conservatives" to support it. After all, it's a "war" AGAINST something.

Don't "conservatives" relish that sort of thing? Doesn't that make it more acceptable?

There has to be a way to present better health care for all as a way to help the "poor downtrodden white male", and "punish" (bring back "traditional values") minorities.

Since we can't get people to vote for their self-interest. Since they would rather "cut off their nose to spite their face", perhaps we can take a page from the tea-party bunch and just plain lie to them -- very loud, and very angry, in true "conservative" fashion.

Facts do not seem to work -- take a page from the Republicans -- deal in half truths, quarter truths, and just plain lies -- give them what they seem to want.

Some Holy Pedophiles

Of course we have to protect the rights of Heterosexuals from ............from WHAT?

3 lay ministers among 5 charged with sex crimes
Email this Story

Nov 11, 4:37 PM (ET)

LEXINGTON, Mo. (AP) - Five members of a family, including three lay ministers, are charged in Missouri with sex crimes against children.

The five men arrested Tuesday are charged with several felonies, including forcible sodomy, rape with a child less than 12 years old and use of a child in a sexual performance. Allegations include bestiality and forcing an 11-year-old to have an abortion.

Authorities say one of the victims came forward with the allegations in mid-August. The 26-year-old woman is related to the suspects.

A spokeswoman for the Independence-based Community of Christ says three of the suspects are lay ministers but are not in positions of leadership or involved with youth.

Authorities are searching property outside Bates City that is owned by the family.



LEXINGTON, Mo. (AP) - Five members of a family are charged in Missouri with sex crimes against children.

The five men arrested Tuesday are charged with several felonies, including forcible sodomy, rape with a child less than 12 years old and use of a child in a sexual performance. Allegations include bestiality and forcing an 11-year-old to have an abortion.

Authorities are searching property outside Bates City that is owned by the family.

Lafayette County Sheriff Kerrick Alumbaugh said Wednesday that authorities believe there may be a body or bodies buried on the land.

The sheriff is asking for the public's help in the investigation, saying that "there may be other victims out there."

More about equal rights

Right now, LGBT people are being murdered at an accelerated rate -- especially if you include all the various "T" folks.

Rights are being limited.

Even rights enacted by legislative action.

Now, even the cry of "activist judges/courts" is shown to be a lie.

How are these actions different from the KKK? How are they different, in intent, from the Nuremberg Laws? How long before all "out" LGBT folks are forced to wear some identifying garment or symbol, to "protect" the general population?

Is it becoming a fight for survival, instead of equal rights?

The very fact a majority of folks are very willing, even it appears, happy to strike down equal rights granted to a significant minority truly frightens me.

I read somewhere that a majority actually support "gay marriage" (this in Ca.) -- they just don't want to vote on it.

How neat is that?

"I didn't want them lined up and shot -- I just didn't want to be bothered voting on it -- oh well, I guess its 'my bad'." seems to be about where some folks are on this issue.

Others seem to "tolerate" LGBT folks because that's the current consensus -- if it appears to them that it's no longer the case, how much will violence against various LGBT folks spike? Will they be cheered on from various pulpits around the USA?

When will this insanity stop -- or, will it?

Topics I wanted to avoid -- but really can't

First, "gay marriage" was voted down in another state. It seems equal rights are subject to the whims of the majority.

Don't like certain people -- vote away their rights. See how simple that is!

Having the ability to vote on whether some citizens are more equal than others is rather stupid. The American Experiment was based on the concept of "majority rule, minority rights". To reject the equal citizenship of any minority that's not breaking the law on RELIGIOUS grounds is anti-American. We are a secular republic, based on freedom OF and FROM religion.

Banning "gay marriage" because YOUR Bible doesn't seem to like it is DUMB. Banning "gay marriage" because you think the sex is "icky" is even dumber.

It seems an awful lot of American "citizens" have no idea what it means to be either American or a citizen.

Next is the mish-mosh of a health care bill -- especially the parts that make being a woman a condition that leads to second class citizen status.

The Stupak Amendment is another example of misogyny that's an integral part of American society.

If you are against abortion -- don't have one. If you think being a woman is "optional", or a "choice" (like smoking) and therefore calls for higher health insurance premiums, convince your wife, sister, or mother to change that "choice".

All in all, men are among the most privileged, illogical, stupid, folks around. Their misogyny blinds them to the world.

Enough said.

The Big #120

Press Releases
East West Bank, Pasadena, California Assumes All the Deposits of United Commercial Bank, San Francisco, California

FOR IMMEDIATE RELEASE
November 6, 2009
Media Contact:
David Barr
Office: (202) 898-6922
Cell: (703) 622-4790
E-mail: dbarr@fdic.gov

United Commercial Bank, San Francisco, California, was closed today by the California Department of Financial Institutions, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with East West Bank, Pasadena, California, to assume all of the deposits of United Commercial Bank. This agreement included all U.S. branches of United Commercial Bank, the Hong Kong branch of United Commercial Bank, and the subsidiary of United Commercial Bank headquartered in Shanghai, China, United Commercial Bank (UCB-China).

The 63 U.S. branches of United Commercial Bank will reopen during their normal business hours beginning tomorrow as branches of East West Bank. All locations in Hong Kong and China will reopen on Monday, according to normal business hours. In addition, UCB-China, the Shanghai, China, subsidiary of United Commercial Bank, which was also part of today’s transaction, will continue its regular banking operations without interruption with the full support of its parent company, East West Bank, whose qualification has already passed the preliminary review by the China Banking Regulatory Commission.

Depositors of United Commercial Bank will automatically become depositors of East West Bank. Domestic deposits will continue to be insured by the FDIC, and the Hong Kong deposits will continue to be covered by the Hong Kong Deposit Protection Scheme and the full deposit guarantee currently in force in Hong Kong. The FDIC continues to be in close cooperation with the Chinese banking regulatory authority regarding regular operations of UCB-China.

Customers should continue to use their existing branch until they receive notice from East West Bank that it has completed systems changes to allow other East West Bank branches to process their accounts as well.

This evening and over the weekend, depositors of United Commercial Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of October 23, 2009, United Commercial Bank had total assets of $11.2 billion and total deposits of approximately $7.5 billion. East West Bank paid the FDIC a premium of 1.1 percent for the right to assume all of the deposits of United Commercial Bank. In addition to assuming all of the deposits of the failed bank, East West Bank agreed to purchase approximately $10.2 billion in assets of the failed bank. As part of the purchase and assumption agreement, the FDIC transferred to East West Bank all qualified financial contracts to which United Commercial Bank was a party and those contracts remain in full force and effect.

The FDIC and East West Bank entered into a loss-share transaction on approximately $7.7 billion of United Commercial Bank's assets. East West Bank will share in the losses on the asset pools covered under the loss-share agreement. The loss-share arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

U.S. customers who have questions about today's transaction can call the FDIC toll-free at 1-800-238-8209. The phone number will be operational this evening until 9:00 p.m., Pacific Standard Time (PST); on Saturday from 9:00 a.m. to 6:00 p.m., PST; on Sunday from noon to 6:00 p.m., PST; and thereafter from 8:00 a.m. to 8:00 p.m., PST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/ucb.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $1.4 billion. East West Bank's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. United Commercial Bank is the 120th FDIC-insured institution to fail in the nation this year, and the 14th in California. The last FDIC-insured institution closed in the state was Pacific National Bank, San Francisco, which closed on October 30, 2009.

#119

Press Releases
Central Bank of Kansas City, Kansas City, Missouri, Assumes All of the Deposits of Gateway Bank of St. Louis, St. Louis, Missouri

FOR IMMEDIATE RELEASE
November 6, 2009
Media Contact:
Greg Hernandez
Office: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Gateway Bank of St. Louis, St. Louis, Missouri, was closed today by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Central Bank of Kansas City, to assume all of the deposits of Gateway Bank of St. Louis.

The sole branch of Gateway Bank of St. Louis will reopen on Saturday as a branch of Central Bank of Kansas City. Depositors of Gateway Bank of St. Louis will automatically become depositors of Central Bank of Kansas City. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branch until Central Bank of Kansas City can fully integrate the deposit records of Gateway Bank of St. Louis.

This evening and over the weekend, depositors of Gateway Bank of St. Louis can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 25, 2009, Gateway Bank of St. Louis had total assets of $27.7 million and total deposits of approximately $27.9 million. Central Bank of Kansas City did not pay the FDIC a premium for the deposits of Gateway Bank of St. Louis. In addition to assuming all of the deposits of the failed bank, Central Bank of Kansas City agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-8124. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties also can visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/gateway-mo.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $9.2 million. Central Bank of Kansas City's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Gateway Bank of St. Louis is the 119th FDIC-insured institution to fail in the nation this year, and the third in Missouri. The last FDIC-insured institution closed in the state was First Bank of Kansas City, Kansas City, on September 4, 2009.

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#118

Press Releases
Alerus Financial, National Association, Grand Forks, North Dakota, Assumes All of the Deposits of Prosperan Bank, Oakdale, Minnesota

FOR IMMEDIATE RELEASE
November 6, 2009
Media Contact:
Greg Hernandez
Office: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Prosperan Bank, Oakdale, Minnesota, was closed today by the Minnesota Department of Commerce, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Alerus Financial, National Association, Grand Forks, North Dakota, to assume all of the deposits of Prosperan Bank.

The three branches of Prosperan Bank will reopen during their normal business hours as branches of Alerus Financial, N.A. Depositors of Prosperan Bank will automatically become depositors of Alerus Financial, N.A. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Alerus Financial, N.A. can fully integrate the deposit records of Prosperan Bank.

This evening and over the weekend, depositors of Prosperan Bank can access their money by writing checks or using ATM or debit cards. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of August 31, 2009, Prosperan Bank had total assets of $199.5 million and total deposits of approximately $175.6 million. Alerus Financial, N.A. will pay the FDIC a premium of 1.02 percent to assume all of the deposits of Prosperan Bank. In addition to assuming all of the deposits of the failed bank, Alerus Financial, N.A. agreed to purchase approximately $173.9 million of the failed bank's assets.

The FDIC and Alerus Financial, N.A. entered into a loss-share transaction on approximately $173.9 million of Prosperan Bank's assets. Alerus Financial, N.A. will share in the losses on the asset pools covered under the loss-share agreement. The loss-sharing arrangement is projected to maximize returns on the assets covered by keeping them in the private sector. The agreement also is expected to minimize disruptions for loan customers. For more information on loss share, please visit: http://www.fdic.gov/bank/individual/failed/lossshare/index.html.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-800-405-6318. The phone number will be operational this evening until 9:00 p.m., Central Standard Time (CST); on Saturday from 9:00 a.m. to 6:00 p.m., CST; on Sunday from noon to 6:00 p.m., CST; and thereafter from 8:00 a.m. to 8:00 p.m., CST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/prosperan.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $60.1 million. Alerus Financial, N.A.'s acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Prosperan Bank is the 118th FDIC-insured institution to fail in the nation this year, and the sixth in Minnesota. The last FDIC-insured institution closed in the state was Riverview Community Bank, Ostego, on October 23, 2009

good stuff

Of the 117 banks that have failed so far this year, about 21 have been in Georgia -- that's about 18% -- pretty good for just one of 50 states. By golly, I'm glad these good country bankers are not infected by the same greed bug that hit the big city boys ---- you know, you can't trust them city fellers!

Georgia on my mind

Another Georgia bank has gone belly up. Must be the deeply conservative values, along with the hatred of any regulation -- see how the "free market" "lifts all boats"?

#117

Press Releases
Liberty Bank and Trust Company, New Orleans, Louisiana, Assumes All of the Deposits of Home Federal Savings Bank, Detroit, Michigan


FOR IMMEDIATE RELEASE
November 6, 2009
Media Contact:
Greg Hernandez
Office: (202) 898-6984
Cell: (202) 340-4922
Email: ghernandez@fdic.gov

Home Federal Savings Bank, Detroit, Michigan, was closed today by the Office of Thrift Supervision, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Liberty Bank and Trust Company, New Orleans, Louisiana, to assume all of the deposits of Home Federal Savings Bank.

The two branches of Home Federal Savings Bank will reopen during their normal business hours as branches of Liberty Bank and Trust Company. Depositors of Home Federal Savings Bank will automatically become depositors of Liberty Bank and Trust Company. Deposits will continue to be insured by the FDIC, so there is no need for customers to change their banking relationship to retain their deposit insurance coverage. Customers should continue to use their existing branches until Liberty Bank and Trust Company can fully integrate the deposit records of Home Federal Savings Bank.

This evening and over the weekend, depositors of Home Federal Savings Bank can access their money by writing checks. Checks drawn on the bank will continue to be processed. Loan customers should continue to make their payments as usual.

As of September 24, 2009, Home Federal Savings Bank had total assets of $14.9 million and total deposits of approximately $12.8 million. Liberty Bank and Trust Company did not pay a premium to assume all of the deposits of Home Federal Savings Bank. In addition to assuming all of the deposits of the failed bank, Liberty Bank and Trust Company agreed to purchase essentially all of the assets.

Customers who have questions about today's transaction can call the FDIC toll-free at 1-866-782-1969. The phone number will be operational this evening until 9:00 p.m., Eastern Standard Time (EST); on Saturday from 9:00 a.m. to 6:00 p.m., EST; on Sunday from noon to 6:00 p.m., EST; and thereafter from 8:00 a.m. to 8:00 p.m., EST. Interested parties can also visit the FDIC's Web site at http://www.fdic.gov/bank/individual/failed/homefsb-mi.html.

The FDIC estimates that the cost to the Deposit Insurance Fund (DIF) will be $5.4 million. Liberty Bank and Trust Company's acquisition of all the deposits was the "least costly" resolution for the FDIC's DIF compared to alternatives. Home Federal Savings Bank is the 117th FDIC-insured institution to fail in the nation this year, and the third in Michigan. The last FDIC-insured institution closed in the state was Warren Bank, Warren, on October 2, 2009.

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