Regulators shut 6 Illinois banks

Six Illinois banks were shuttered Thursday, bringing the total number of closings of Illinois financial institutions to 12 this year -- the most of any state.

[ChgoSaint]

So Chicago saves downstate again. What a shock.

[whatever]

I don't think I would consider Worth as being "downstate"

[not stupid]

'Bout dang time! We "downstaters" have been bailing out Chicago for years!

[Doom_Gloom]

Wonder when the last 3 baanks in the "family" will go down?

[Doom_Gloom]

Waiting for Corus and Mutual to go. They should be up at the plate soon!

[Blago Balls]

not stupid wrote:

'Bout dang time! We "downstaters" have been bailing out Chicago for years!

Yes, we can thank you for Blago. Great job electing him downstate voters. Way to go!

[And]

I keep reading these articles about banks for fear I'll find my banks. Not yet so far but still could happen to many other banks.

[Ernie Banks]

'Nuff said

[Hokey Smokes]

Anybody who thinks the American banking / financial system is sound should get their head examined.
Printing money like there's no tomorrow, borrowing money and paying the juice for it to China, importing the vast majority of our energy from our 'friends' at OPEC, unfunded obligations for Social Security and Medicare - and the baby-boomers about to entire those systems, countless illegals and their spawn sucking the public trough dry, politicians sing'n guarantees for Olympic games that will only fleece the ever fewer and fewer taxpayer left standing as the American Dream turns into a nightmare, etc, etc.
Happy 4th of July - idiots, we get the government we deserve and since we're getting it up the &ss - I guess that's precisely what the majority of us deserve!

[Jimmy McGriff]

Hokey Smokes wrote:

Anybody who thinks the American banking / financial system is sound should get their head examined.
Printing money like there's no tomorrow, borrowing money and paying the juice for it to China, importing the vast majority of our energy from our 'friends' at OPEC, unfunded obligations for Social Security and Medicare - and the baby-boomers about to entire those systems, countless illegals and their spawn sucking the public trough dry, politicians sing'n guarantees for Olympic games that will only fleece the ever fewer and fewer taxpayer left standing as the American Dream turns into a nightmare, etc, etc.
Happy 4th of July - idiots, we get the government we deserve and since we're getting it up the &ss - I guess that's precisely what the majority of us deserve!

You, my friend, are free to leave.

[howie]

Let's see.....52 banks in the U.S., 12 of them here in illinois....no wonder I save at a credit union!!! Hey, Anyone out there, has ANY credit union failed this year?? Last year?? Folks, make the Great Financial Leap Forward! Save at a credit union!! Most of these banks I know of are just not business-worthy. Save at a credit union, and SAVE yourselves the utter anxiety of trying to figure out if your money really is as good as they say....otherwise, it's time to reach for some Kaopectate...

[FatNSassy]

Anyone who thinks that this is about Chicago vs downstate is a provencal poop! This is about a small group of financial pirates who destroyed the banking system for their own gain. They did it in part by gambling on derivatives, after buying of politicians to change the laws protecting against it. Then they bought off the media to obscure the real story and keep the public blaming each other.(All those irresponsible homeowners over their heads, but subprime was only part of the story.) It is amazing how strongly people can express their opinions when they have never researched beyond what was most available to them in MSM. Don't completely blame the kleptocrats, they exist because we allow them to.

[FatNSassy]

provincial poop!

[rosco]

Looks like the crash is coming.

[Anon Y Mouse]

And wrote:

I keep reading these articles about banks for fear I'll find my banks. Not yet so far but still could happen to many other banks.

First, don't panic. They raised the limits of the FDIC and as long as you have below that limit in the account, its Federally insured.

Second, if you don't trust the local bank, you could always diversify and put some of your money in a regional or super region bank.

[james andrews]

Did the family forget to Pay to Play?

[billp]

Never mind Bernie Madoff, how about some of these bank presidents, etc, paying some fines or a little time! This greed factor has ruined a good system that was in place before 2001!

[Montys python]

Hokey Smokes wrote:

Anybody who thinks the American banking / financial system is sound should get their head examined.
Printing money like there's no tomorrow, borrowing money and paying the juice for it to China, importing the vast majority of our energy from our 'friends' at OPEC, unfunded obligations for Social Security and Medicare - and the baby-boomers about to entire those systems, countless illegals and their spawn sucking the public trough dry, politicians sing'n guarantees for Olympic games that will only fleece the ever fewer and fewer taxpayer left standing as the American Dream turns into a nightmare, etc, etc.
Happy 4th of July - idiots, we get the government we deserve and since we're getting it up the &ss - I guess that's precisely what the majority of us deserve!

This is the "perfect storm" of failed Fiscal and monetery Policy.Almost half a million new jobless claims with the CBO advising there will be another half million this year.The BBC had a newscast which examined the state of the US automakers.Gist of the article was people are going into show-rooms but can't buy because of lack of financing.Why is this?Well the banks got almost a trillion dollars from the Bush Admin at the end of 2008.Purpose was to free up funds for consumers.But wait,there's more.Along comes the Obama admin and they throw a Trillion dollar "stimulus" package at the problem.Since February only 5% of the stimulas has been released.Why is that?Because the Admin needs to borrow the money to redistribute it.The bank which received the TARP money are holding onto the funds waiting for the Treasury auctions to buy US debt to fund the stimulus package.In other words the Feds giveth and taketh away.The Chinese America's largest creditor nation still hasn't made up it's mind as to buy gold or dollars.It's aware a gold buying spree will drive up the cost of gold,and are also aware America will never get its financial house in order with 9 Trillion in Debt.Add to this the fact that 55 million baby boomers are now eligible for Social Security and will no longer be buying the big ticket items.Millions have bought their last car,and will spend money keeping it in running condition,rather than taking on debt in their "golden" years.America job holders have now seen the virtue of savings.A recent program on CNBC said that Americans are saving as never before,and the savings rate is now approaching 10%.That's money out of the system.America is a consumer nation.A 10% drop in spending forbodes ill for America.The recession maybe bottoming out,but it may not rise again for many months.This puts a strain on Govt in the form of welfare,unemployment benefits,etc,all the while tax revenues are falling.Add to this a real possibility of tax increases,which take more money out of the system and spends it on entitlement programs,both at state and federal levels.Tighten your belts folks it's going to be a bumpy ride for many months.

[My Nuts]

I like the story of the woman who was looking through the landfill for her mother's mattress after she bought her mom a new one, threw out the old one, and found out it was where her mother kept all of her money.

Anyhow, have a happy 4th people and remember, keep the pants on and the flag flying high!

[And]

Blago Balls wrote:

<quoted text>
Yes, we can thank you for Blago. Great job electing him downstate voters. Way to go!

Typical Chicago retort. Don't you know that most of Illinois other than Chicago is Republican. Chicagoans voted Blagojevich into office. Not downstaters.