Is Your Bank About to Implode? The FDIC is Hinting, YES!

By Moe Bedard as Published in Loan Safe Solutions

The lender carnage, death and destruction litter the home page of Aaron Krowne’s Mortgage Lender Implode-O-Meter like the beach at Normandy on D-Day. The infamous list has grown from September 2006 when Aaron started the website with approximately 10 failed lenders to a whopping 276 major U.S. failed lending operations today.

That comes out to about one failed lender every two days over the last two years. This is no anomaly- An anomaly is an irregularity, a mis proportion, or something that is strange or unusual, or unique.

Yes, 276 failed lenders are FAR from unique.

If you truly think about what is going on in our country right now and from the actual evidence on the ML-Implode.com website, your will realize that this is really not the “twilight zone” and our banking system is on the verge of complete collapse.

I think the question now is not “if” your bank will fail, but “when” will your bank fail.
Wall Street Journal - Exhibit A is the revelation by Federal Deposit Insurance Corp. Chairman Sheila Bair that her $45 billion deposit insurance fund may not be adequate to pay off account holders as banks continue to fail. This has been inevitable for months, but neither Ms. Bair nor Treasury wanted to admit the truth in public for obvious political reasons. Yet now we learn that the insurance fund shrank by $7.6 billion in the second quarter, bringing its reserve ratio well below the minimum required by Congress.

Quick Fact - The FDIC is a government agency that insures deposits in the U.S. against bank failure; it was created in 1933 to maintain public confidence and encourage stability in the financial system.

The frightening facts are that the US Banking system is in dire straits and our government does not want you to panic and make a run on your bank. It would be the Great Depression all over again in a heartbeat if we were all to take what little cash we Americans have out of these “insolvent” banking establishments and place it under our mattresses.

That would really make them fail and fast. But will our money be safer under our mattress than these banks of cards? Ms. Bair and the FDIC may be hinting to us all, YES!

ML-Implode has listed 276 various lenders that have met their deaths and another 19 on the ailing list of lenders “about” to implode. But only the FDIC truly knows the “true” state of our nation’s banks and the hints and news coming from this mighty agency is nothing short of frightening.

Slate - You can add the Federal Deposit Insurance Corp. to the list of entities that may be in line for a Treasury Department bailout, the Wall Street Journal reports, following an interview with the agency’s chairwoman. The FDIC is a bit cash-strapped these days as it props up failing banks across the country. It announced on Tuesday that 117 ailing banks are now under its care and that the FDIC holds an astounding $78 billion in distressed bank assets, the Guardian points out. And, the New York Times says, the FDIC sees the banking crisis going from bad to worse.
Moe Bedard - America, get your head out of the sand, turn off American Idol, turn off Squawk Box and get a clue to the true state of our economy and failing banking system. Your bank may be next!

One of our country’s fathers warned us about the banks and the evil they create over 200 years ago. Yet, here we sit, paying the price for letting these banks run wild for the last couple hundred years.

Moe Bedard is a leading expert and trusted authority in regards to loan workouts and loan modifications. Moe is the founder and President of Loan Safe Solutions, LoanSafe.org and the main contributor to LoanWorkout.org. He has blogged on this subject more than any other person on earth and has personally been involved in over 300 loan workouts and mortgage audits.

Analyst: FDIC Will Need Half A Trillon Dollars
Chris Whalen, managing director of Institutional Risk Analytics, in an interview on CNBC, said:
They need about a half a trillion dollars in borrowing authority, and they need a vehicle to own these banks while we triage them and sell them.The FDIC Deposit Insurance Fund currently has approximately $50 billion in assets.

Up and Coming Surprise COG Plans

Though few Americans realize it, Cheney and Rumsfeld worked through the 1980s and 1990s on emergency nuclear-response plans which allegedly suspended the American constitution and also Congress.[1] (Through these decades Rumsfeld was CEO of a major pharmaceutical firm, and in the later 1990s Cheney was CEO of Halliburton; but their private status did not deter them from continuing to exercise a supra-constitutional planning power conferred on them by Ronald Reagan.) Even fewer Americans know that these rules, originally dealing with a nuclear attack on America, were extended by Reagan Executive Order 12656 to cover “any occurrence, including natural disaster, military attack, technological emergency, or other emergency, that seriously degrades or seriously threatens the national security of the United States.”[2] And few Americans realize that at least some of these rules, known technically as Continuity of Government or COG rules, were invoked before 10:00 AM on September 11, 2001.[3] As he did in 2007, President Bush has again, on August 28, 2008, continued for another year the national emergency first officially proclaimed on September 14, 2001, along with “the powers and authorities adopted to deal with that emergency:” Notice: Continuation of the National Emergency with Respect to Certain Terrorist Attacks Consistent with section 202(d) of the National Emergencies Act (50 U.S.C. 1622(d)), I am continuing for 1 year the national emergency I declared on September 14, 2001, in Proclamation 7463, with respect to the terrorist attacks at the World Trade Center, New York, New York, the Pentagon, and aboard United Airlines flight 93, and the continuing and immediate threat of further attacks on the United States. Because the terrorist threat continues, the national emergency declared on September 14, 2001, and the powers and authorities adopted to deal with that emergency, must continue in effect beyond September 14, 2008. Therefore, I am continuing in effect for an additional year the national emergency I declared on September 14, 2001, with respect to the terrorist threat. This notice shall be published in the Federal Register and transmitted to the Congress. GEORGE W. BUSH THE WHITE HOUSE, August 28, 2008.[4] Once again appropriate personnel in Congress should learn and review what those “powers and authorities” are, since almost certainly they include COG (Continuity of Government) rules. In 2007 National Security Presidential Directive 51 (NSPD 51), issued by the White House, also extended for one year the emergency proclaimed in 2001; and it empowered the President to personally ensure "continuity of government."[5] NSPD 51 also contained "classified Continuity Annexes" to "be protected from unauthorized disclosure." Congressman DeFazio twice requested to see these Annexes, the second time in a letter cosigned by House Homeland Security Committee Chairman Bennie Thompson and Oversight Subcommittee Chairman Christopher Carney. The White House denied these requests, claiming that the congressmen lacked the requisite clearances. But as I wrote earlier this year, "Congress has a right to be concerned about Continuity of Government (COG) plans refined by Dick Cheney and Donald Rumsfeld over the past quarter century….The story, ignored by the mainstream press, involved more than the usual tussle between the legislative and executive branches of the U.S. Government. What was at stake was a contest between Congress's constitutional powers of oversight, and a set of policy plans that could be used to suspend or modify the constitution."[6] Oliver North, who worked on COG planning with Rumsfeld and Cheney in the 1980s, was asked in the Iran-Contra Hearings about his work on an emergency plan “that would suspend the American constitution.” Democratic Senator Inouye, who was presiding, pounded his gavel and interjected that this was a “highly sensitive and classified matter,” not to be dealt with in an open hearing.[7] Congress has never discussed COG plans publicly since that time. According to Wikipedia, “The National Emergencies Act (50 U.S.C. 1601-1651) is a United States federal law passed in 1976 to stop open-ended states of national emergency and formalize Congressional checks and balances on Presidential emergency powers. The act sets a limit of two years on states of national emergency. It also imposes certain "procedural formalities" on the President when invoking such powers, and provides a means for Congress to countermand a Presidential declaration of emergency and associated use of emergency powers (emphasis added). Bush’s denial of the Homeland Security’s right to review the COG plans in the classified Appendices of NSPD-51 should have been seen as a constitutional crisis -- a line in the sand for Congress to assert its constitutional rights and duties. Now, one year later, I understand (although I cannot corroborate it from the Internet) that Congressman Kucinich has introduced or will introduce a bill for Congress, under the terms of the National Emergencies Act, to countermand the presidentially proclaimed national emergency. This is an important move, but it should not obviate the need for Congress to review rules which allegedly restrict its own powers under the constitution. Between now and November the American electorate have an opportunity to present this demand to everyone running for office: that they will insist on vigorous congressional action to expose and dispose of these secret COG rules -- rules that allegedly suspend the American constitution. Notes [1] "One of the awkward questions we faced was whether to reconstitute Congress after a nuclear attack. It was decided that no, it would be easier to operate without them," said one of the COG planners in the 1980s, who spoke to James Mann (The Rise of the Vulcans, 141-42). James Bamford reported the same remark in his book Pretext for War (p. 74). [2] The provisions of Executive Order 12656 of November 18, 1988, appear at 53 FR 47491, 3 CFR, 1988 Comp., p. 585, “Executive Order 12656—Assignment of Emergency Preparedness Responsibilities,” http://www.archives.gov/federal-register/codification/executive-order/12656.html. The Washington Post (Gellman and Schmidt, “Shadow Government Is at Work in Secret,” March 1, 2002) later claimed, incorrectly, that Executive Order 12656 dealt only with “a nuclear attack.” [3] Peter Dale Scott, The Road to 9/11: Wealth, Empire, and the Future of America (Berkeley and Los Angeles: University of California Press, 2007), 228; citing 9/11Commision Report, 38, 326; Richard A. Clarke, Against All Enemies: Inside America’s War on Terrorism (New York: Simon & Schuster, 2004), 8. [4] http://www.whitehouse.gov/news/releases/2008/08/20080828-7.html . [5] National Security Presidential Directive 51, http://www.whitehouse.gov/news/releases/2007/05/20070509-12.html. [6] Peter Dale Scott, “Congress, the Bush Adminstration and Continuity of Government Planning: The Showdown,” http://www.counterpunch.org/scott03312008.html. [7] Scott, Road to 9/11, 9, 23, 184. The New York Times published a complete transcript of the interchange on July 14, 1987, but did not mention it in its news story about North’s testimony.

Peter Dale Scott is a frequent contributor to Global Research. Global Research Articles by Peter Dale Scott

Critize Your Government BEAR the Consecuences!

The owner of a website who was a vocal critic of Moscow's policies in the Caucasus has died after reportedly being shot while in police custody, according to the Interfax news agency.

Magomed Yevloyev, who ran the website ingushetiya.ru, a major source of information in the region, died on Sunday the agency reported, quoting prosecutors.

An Enemy of my Enemy is my Friend

US intelligence fears the Kremlin will supply the sophisticated S-300 system to Tehran , the S-300 can track 100 targets at once and fire on planes up to 75 miles away.

There are reports that Russia has already moved some basic components for the system to its close ally Belarus, ready for possible transfer to Iran. Dr Friedman said that if it became operational, it would effectively rule out Israeli air raids and seriously complicate any US aerial bombardment.

Dan Goure, a long-time Pentagon adviser, said: "If Tehran obtained the S-300, it would be a game-changer in military thinking for tackling Iran. That could be a catalyst for Israeli air attacks before it's operational."

A senior Iranian military commander warned yesterday that any attack on Iran would start a major conflict. "Any aggression against Iran will start a world war," deputy chief of staff for defence publicity, Brigadier General Masoud Jazayeri, said in a statement. "The unrestrained greed of the US leadership and global Zionism... is gradually leading the world to the edge of a precipice."