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The Department of Labor reports unemployment (initial claims) statistics as follows.
“In the week ending June 19, the advance figure for seasonally adjusted initial claims was 457,000, a decrease of 19,000 from the previous week’s revised figure of 476,000. The 4-week moving average was 462,750, a decrease of 1,500 from the previous week’s revised average of 464,250.”
These figures are still high and continued job losses may still be on the horizon.
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The FDIC seized 5 more banks, raising the totaled number of failed U.S banks in 2010 to 78. FDIC Chairman Sheila Bair has said in the current banking crisis, failures will peak in 2010.
According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.
Brief Rundown;
Bank Assets Deposits
Sun West Bank (Nevada) $360.7 million $353.9 million
Granite Community Bank (California) $102.9 million $94.2 million
Bank of Florida – Tampa Bay (Florida) $245.2 million $224.0 million
Bank of Florida Southwest (Florida) $640.9 million $559.9 million
Bank of Florida Southeast (Florida) $595.3 million $531.7 million
Apple has dethroned Microsoft. Apple is the world largest tech company by $3 billion dollars!
From the New York Times:
“As of Wednesday, Wall Street valued Apple at $222.12 billion and Microsoft at $219.18 billion. The only American company valued higher is Exxon Mobil, with a market capitalization of $278.64 billion.
The revenue of the two companies are comparable, with Microsoft at $58.4 billion and Apple at $42.9 billion. Microsoft is sitting on more cash and short-term investments, $39.7 billion, to Apple’s $23.1 billion, which makes the value assigned by the market to Apple — essentially a bet on its future prospects — all the more remarkable.”
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The FDIC seized 1 more bank, raising the totaled number of failed U.S banks in 2010 to 73. FDIC Chairman Sheila Bair has said in the current banking crisis, failures will peak in 2010.
According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.
Brief Rundown;
Bank Assets Deposits
Pinehurst Bank (Minnesota) $61.2 million $58.3 million
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The Department of Labor reports unemployment (initial claims) statistics as follows.
“In the week ending May 15, the advance figure for seasonally adjusted initial claims was 471,000, an increase of 25,000 from the previous week’s revised figure of 446,000. The 4-week moving average was 453,500, an increase of 3,000 from the previous week’s unrevised average of 450,500.”
These figures are still high and continued job losses may still be on the horizon.
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Mortgage Bankers Association reported that 1 in 7 U.S. households with a mortgage ended the first quarter in foreclosures or in late payments. A long path to recovery remains even though foreclosures rates have slowed down, a stockpile of loans are still present.
“It’s like shutting off the oil leak, but you still have a lot of oil in the Gulf to deal with,” Jay Brinkmann, the MBA’s chief economist
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Check out this chart below, it shows the National Debt as a percentage of GDP. It doesn’t matter which presidents you like or don’t like, but data doesn’t lie. Many critics assume that deficits were created on January 20th, 2009!
Source: zFacts.com
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The FDIC seized 4 more banks, raising the totaled number of failed U.S banks in 2010 to 72. FDIC Chairman Sheila Bair has said in the current banking crisis, failures will peak in 2010.
According to the FDIC bank failures from 2009 to 2013 is expected to cost $100 billion. Small(regional) banks are failing due to the loan losses from the credit boom. Many losses are result of the collapsed commercial real estate projects.
Brief Rundown;
Bank Assets Deposits
Southwest Community Bank (Missouri) $96.6 million $102.5 million
Midwest Bank and Trust Company (Illinois) $3.17 billion $2.42 billion
New Liberty Bank (Michigan) $109.1 million $101.8 million
Satilla Community Ban (Georgia) $135.7 million $134.0 million
The Department of Labor reports unemployment (initial claims) statistics as follows.
“IIn the week ending May 8, the advance figure for seasonally adjusted initial claims was 444,000, a decrease of 4,000 from the previous week’s revised figure of 448,000. The 4-week moving average was 450,500, a decrease of 9,000 from the previous week’s revised average of 459,500.”
These figures are still high and continued job losses may still be on the horizon.
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