Will It All Come Tumbling Down?
Let's juxtapose two stories. First, from Bloomberg:
Aug. 14 (Bloomberg) -- More than 150 publicly traded U.S. lenders own nonperforming loans that equal 5 percent or more of their holdings, a level that former regulators say can wipe out a bank’s equity and threaten its survival.
Ok. Now how about this one?
WASHINGTON (MarketWatch) -- Delinquency rates for loans and leases at U.S. banks increased to a record 6.49% in the second quarter from 5.58% in the first quarter, the Federal Reserve announced Monday.
So let me see if I get this right.
At 5% of non-performing loans a bank is at risk of being insolvent.
But the entire banking system in The United States had its non-performing loan ratio increase from 5.58% in the first quarter to 6.49% in the second, a record, and higher than the 5% level at which the survival of a bank(ing system) is threatened with collapse.Hmmmm.... So should we take from this that the entire US Banking System is about to collapse?
This much we know for certain - YOU'RE BEING SCREWED! - systematically - to cover the sins of these banksters who made loans to people who they had no reason to believe could pay:
Being in debt is about to get a lot more expensive for millions of Americans. Credit card issuers have been rushing to raise rates in advance of this Thursday, when the first provisions of the Credit Card Accountability Responsibility and Disclosure Act (CARD) will go into effect, with other protections starting in February 2010.
Right. Including those who are good credit risks.
Certainly this gentleman is a threat - to a government that would run roughshod over people and ignore The Constitution and the lawful limits to its power, to a corporatist culture that has become imbued with fraud, deceit and lies, and to the heathens in Washington DC, all of them, who have knowingly and willfully cooperated with the lawless behavior of those who not only got us into this mess but refuse to this very day to put a stop to it.
We will come to the end of this rope, and before we do we had better flush the system of these shysters and con artists or our economy will disassemble itself in a spectacle far worse than what you saw last fall and into March of this year.
Of that I am certain.
16% of our working-age population is unemployed but looking for work. Nearly 30% of people 16 to 19 years of age are out of work but desire a job.
Or will we witness America turn to something more destructive - events that I'm hearing about more and more - civil unrest?
I fear for my nation and her future.
I fear we have too few men like that gentleman in Arizona and too many muggers in Lakeview.
We live in a nation where our government's founding documents formally recognize the supremacy not of the government, but of the people. Where government exists only by the consent of the governed.
Not of, by and for the corporation, but of the individual.
Not by the rule of man, but the rule of law.
But those are just words on parchment, over 225 years old.
Does the will and the desire to bring those words to life still exist? To render them something more than dry, old, cracked ink?
233 years ago there was.
Does it still exist in America today?
This guy gets it!
