Will Glendora see 1929 again?

[Slick Numbers]

November 06, 2009 Regulators on Friday shut banks in Georgia, Michigan, Minnesota, Missouri, and California, bringing the number of bank failures this year to 120 amid the struggling economy and a cascade of defaults on loans.

120 Banks so far? Wonder when this number will increase? Wonder which banks are next?

[Bites the Dust]

United Commercial Bank, which has branches in Los Angeles County, was closed Friday by the California Department of Financial Institutions.

United Commercial Bank, San Francisco, CA was closed by the California Department of Financial Institutions. No advance notice is given to the public when a financial institution is closed.

All deposit accounts, excluding certain brokered deposits, have been transferred to East West Bank, Pasadena, CA.

[MacAttack]

A $1.3 billion dividend payment on senior preferred stock bought by the Treasury in previous quarters, Freddie Mac's third-quarter loss increases to $6.3 billion.

The home funding company's loss comes amid a rise in credit losses to $7.6 billion in this quarter, up 46 percent verses the previous quarter, delinquencies are worsening on loans guaranteed by Freddie Mac.

Looks like more rain before the sun comes out to dry up this mess in the Houseing amd Commercial Markets.

[Greed Spinners]

What is happening in New Yorks Wall Street is the same type of GREED that the City of Glendora, california 91741 has been pulling for several years now.

Wall Street Mutual fund managers control $5 trillion invested in stocks always switch from buying to selling whenever rallies show signs of faltering. They are trying to lock in any gains from rising stock prices.

On average this happens in December to dress (phoney up) returns and yty and put a positive spin (stock market lies) on year-end results. But sometimes managers lock in gains earlier if the market is in a sustained rally. And many mutual funds close the books for their fiscal year at the end of October, motivating managers to make a move before November.

[Leaked]

The Kohl’s Black Friday sale ad was leaked Sunday morning. There are a few standout deals buried in its whopping 64 pages -- mostly toy, jewelry and home items. Coupons, rebates, and Kohl’s cash make the deals even better.

[Chip Maker]

Just in time for the holidays, Applied Materials is laying off 1,300 to 1,500 people over the next year and a half to cut costs as the company grapples with a downturn in business sales world wide.

[Just raise taxes]

California leads the most vulnerable states identified by the report, which describes it as having poor money-management practices.

Since February, California has made nearly $60 billion in budget adjustments in the form of cuts to education and social service programs, temporary tax hikes, one time gimmicks and stimulus spending.

Many of those fixes are not expected to last. The state's temporary tax increases will begin to expire at the end of 2010, while federal stimulus spending will begin to run out a year after that.

Just like Glendora, California 91741 they to are trying to TAX there way out of there Financial Problems! So there maybe no one left to tax and then it's tax what when businesses have packed up a left the city and state.

[Less Spending]

Americans in United States spent about the same amount in October as in August and September, and they may be settling into new low-spending habits.

Including everything from toys to food, from a year earlier even as consumers grappled with rising unemployment and tight credit.

Compared with the month before, however, sales fell 2.3 percent in October, the biggest month to month decline since December 2008.

Thursday's figures, are an estimate of spending in all forms including cash and offer fresh evidence that the holiday shopping season may be challenging for retailers.

[Back Woods]

Hello Glendora, California 91741 it appears there have 123 bank failures in 2009 so far, with another month and a half to go.

Regulators shut down two banks in Florida and one in California on Friday, as loan defaults rise in the worst financial climate in decades.

The Federal Deposit Insurance Corp. took over Orion Bank, based in Naples, Fla., Sarasota-based Century Bank and Pacific Coast National Bank in San Clemente, Calif.

[LOFaith]

The Dow Jones stocks extended there rally this week, to finish just a hair below its 2009 closing high.

The Dow has pushed into 10,000 zone, but by many economists and investors say, can this rally be trusted, or a zombie market propped up by outside forces?

Some feel the Dow’s 10,000 is only worth about three-quarters of that anyway, owing to the ground the U.S. dollar has lost in comparison with other currencies since the index first hit five digits. Even taking the current number at face value, though, the sheer speed of the recovery should give us pause.

[Stick it ToIM]

November 16, 2009 a report that credit card defaults fell more than expected in October, but delinquencies rose in the same period, but consumers are still under stress and this could continue for many more months ahead.

The drop in defaults for credit cards is a two edge sword for card issuers, yes this problem has slowed but a increase could happen after the holiday spending spree's.

Since delinquencies are a indicator of future credit losses.

[Points System]

How many homes in Glendora, California 91741 have fallen to this level or pit?

For the three months ending September 30, 2009. 6.25 percent of U.S. mortgage loans were 60 or more days past due, as being reported by credit companies. That's up 58 percent from 3.96 percent a year ago.

Being two months behind is considered a first step toward foreclosure, because it's so hard to catch up with payments at that point.

[CIT likes it]

November 17, 2009 a commercial lender Group of CIT, which recently filed for bankruptcy protection, reported it lost $1.07 billion during the third quarter of 2009.

One of the nation's largest lenders to small and mid-sized businesses, CIT Group filed for bankruptcy protection Nov. 1 as it was unable to get bondholder approval to reduce mounting debt.

CIT was hit hard by the credit crisis as its costs to borrow money outpaced revenue generated from providing loans.

[Norm]

November 17, 2009 California faces a budget gap of nearly $21 billion for 2010 - 2011 fiscal budget years, according to CA's government's budget watchdog agency.

[Latest health report]

November 18, 2009 rising proportion of fixed rate home loans connected to people with good credit continue to sink into foreclosure, adding to concerns about the strength of the economic recovery.

Continued and ever increasing or rising unemployment, with such loans have accounted for nearly 33 percent of new foreclosures last quarter.

That compares with just 21 percent in 2009, when high risk subprime loans were made during the housing boom are and still appear to be the main reason for defaults.

[Debt Crises]

The underlying debt burden is greater than it was after the Second World War, when nominal levels looked similar. Ageing populations will make it harder to erode debt through growth.

High public debt looks entirely unsustainable in the long run. We have almost reached a point of no return for government debt.

Inflating debt away might be seen by some governments as a lesser of evils.

Private debt is also crippling. Even if the US savings rate stabilises at 7%, and all of it is used to pay down debt, it will still take nine years for households to reduce debt to income ratios to the safe levels of the 1980s.

[China an Germany]

Germany’s finance minister has repeated Chinese warnings about the growing threat of fresh global asset price bubbles, fuelled by low US interest rates and a weak dollar.

China’s banking regulator, criticised the US Federal Reserve for fuelling the dollar carry trade, in which investors borrow dollars at ultra-low interest rates and invest in higher-yielding assets abroad.

[124th failed]

November 20, 2009 Friday regulators shut down Commerce Bank of Sourhwest Florida, the 124th U.S. bank to fail and be taken over this year.

[About Right]

The unemployment rate in every city in the San Gabriel Valley either went down or stayed flat last month, according to state numbers.

Still, many more people are out of work now compared to this time last year, and unemployment will continue to rise albeit more slowly into next year.

But SG Valley will remain mired in the depths for several more months, state's Employment Development Department's numbers suggested.

The county's jobless rate jumped to 12.8 percent in September, as manufacturers continued to shed jobs, construction remained very weak and hospitality industry continued its decline.

Of course these currently posted figures do not truely reflect the real numbers of unemployed as many have just given up looking for employment, 15.3% is about right.

[Grinch]

A lot more Americans are feeling stressed out by debt this holiday season, raising the glum likelihood they'll behave like Scrooge rather than Santa.

In fact, fully 93 percent say they'll spend less or about the same as last year, about 20 percent say they are suffering from debt-related stress, up from 15 percent in the spring despite all the talk about economic recovery.

Most people 80 percent say they'll use mostly cash to pay for their holiday shopping, and that generally means buying less.