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Small and Midsized Banks Could Exceed Losses of $200 Billion in 2010
More than 900 small and mid-sized banks could face an aggregate $200 billion in losses by the end of next year if economic conditions worsen, according a study conducted by The Wall Street Journal.
Using the same worst-case scenario the U.S. Federal Reserve employed in its recent stress test of the 19 largest U.S. banks, the Journal examined the health of 940 small and midsized banks that had total assets of $2.8 trillion as of Dec. 31, 2008. Because the study was based on data from 2008 filings with the Federal Reserve, it did not take into account any capital raised by…
20May2009 | Money Morning | 0 comments | ContinuedPeter Schiff WSJ editorial
By borrowing more than it can ever pay back, the government will guarantee higher inflation for years to come, thereby diminishing the value of all that Americans have saved and acquired. For now the inflationary tide is being held back by the countervailing pressures of bursting asset bubbles in real estate and stocks, forced liquidations in commodities, and troubled retailers slashing prices to unload excess inventory. But when the dust settles, trillions of new dollars will remain, chasing a diminished supply of goods. We will be left with 1970s-style stagflation, only with a much sharper contraction and significantly higher inflation.
The…
29Dec2008 | The Real Deal | 0 comments | ContinuedGM and Ford Choose Different Routes to Return to Profitability
Shares of Ford Motor Co. (F) and General Motors Corp. (GM) posted gains yesterday (Tuesday) on speculation that consolidation in the U.S. domestic auto industry could be the struggling sector’s saving grace.
Over the last three trading sessions, Ford shares are up almost 18%, while GM shares are up over 37% on reports of possible merger talks and asset sales.
Both stocks have been hammered year-to-date, with Ford shares having plunged over 63% and GM shares down a staggering 74%. Declining sales have seen the automakers’ stocks touch lows not seen in decades.
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