Federal Reservations

Ben Bernanke wants prices to rise 2%. There are numerous problems with such a proposal, the first being increases in money supply sometimes lead to asset bubbles and not increases in prices of consumer goods. Indeed the Fed completely ignored (if not encouraged) the housing bubble because home prices are not in the CPI. A housing bubble and a housing crash was the result.

Originally from The Market Oracle

This is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Feb 3, 2012. (table is sortable by assets, state, etc.)

Changes and comments from surferdude808:

Quiet week for the Unofficial Bank List with no closings, one voluntary liquidation, and one addition. The list is unchanged at 958 institutions but assets increased by nearly $600 million to $389.6 billion. The First National Bank of Ordway, Ordway, CO ($45 million) underwent a voluntary liquidation in late January. The sole addition was Community West Bank, National Association, Goleta, CA ($643 million Ticker: CWBC) after the OCC issued a Consent Order against the bank. The only other change was a Prompt Corrective Action order issued by the Federal Reserve against Bank of Bartlett, Bartlett, TN ($371 million). Next week will likely be quiet as well.

Earlier Employment posts:
• January Employment Report: 243,000 Jobs, 8.3% Unemployment Rate
• Graphs: Unemployment Rate, Participation Rate, Jobs added
• Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
• Construction Employment, Duration of Unemployment, Unemployment by Education and Diffusion Indexes
• All Employment Graphs

Originally from Calculated Risk

A couple of our gentle Bears have suggested that I repost this over here. Ask and ye shall receive. It's a good complement to and demonstration of the point I tried to make in my last post.

From Mike Konczal:



Their model is obviously telling them that whatever (non-)actions they're taking at the moment will solve the problem.

And their model is obviously, consistently, and wildly wrong -- and always wrong in the same direction.

Altering that model to accurately predict unemployment, of course, would require that they allow more inflation in order to address both of their mandates.

And higher inflation utterly slams the real wealth of creditors.

And the Fed is run by creditors.

Comparing the Federal Reserve’s Reaction to the Financial Crisis Versus the Unemployment Crisis | Rortybomb.

Originally from Angry Bear

Note: this is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Oct 14, 2011.

Changes and comments from surferdude808:

After several changes, the Unofficial Problem Bank List finished the week with 979 institutions and assets of $403.8 billion. A year ago, there were 875 institutions with assets of $401.6 billion on the list. This week, there were five removals and one addition.

The addition this week is The Savannah Bank, National Association, Savannah, GA ($737 million Ticker: SAVB). Also, the Federal Reserve issued a Prompt Corrective Action order against Anchor Commercial Bank, North Palm Beach, FL ($143 million), which has been operating under a Written Agreement since March 2010.

Among the removals are The Elgin State Bank, Elgin, IL ($277 million), which merged on an unassisted basis with St. Charles Bank & Trust Company, Saint Charles, IL. The other removals were the four failed banks -- First State Bank, Cranford, NJ ($204 million); Piedmont Community Bank, Gray, GA ($202 million); Country Bank, Aledo, IL ($191 million); and Blue Ridge Savings Bank, Inc., Asheville, NC ($161 million). All of these failures were costly relative to the failed bank assets at more than 22 percent. Moreover, Piedmont Community Bank and Country Bank resolution costs were around 35 percent of their respective assets. While the Unofficial Problem Bank List has trended down over the past three months, failure continues as the primary removal method.

Yesterday:
• Summary for Week Ending Oct 14th
• Lawler: Early Read on Existing Home Sales in September
• Schedule for Week of Oct 16th

Originally from Calculated Risk

Note: this is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Oct 7, 2011.

Changes and comments from surferdude808:

As anticipated, it was a quiet week for changes to the Unofficial Problem Bank List. This week, there were three removals, which leaves the list with 983 institutions and assets of $404.1 billion. A year ago, there were 877 institutions with assets of $417.3 billion.

The removals include the Federal Reserve terminating an action against State Bank Financial, La Crosse, MN ($303 million) and the two failures this week -- The Riverbank, Wyoming, MN ($417 million); and Sun Security Bank, Ellington, MO ($356 million).

Earlier:
• Summary for Week Ending Oct 7th
• Schedule for Week of Oct 9th

Originally from Calculated Risk

Captain of the ship spoke sternly to the Chief Steward, "Red chairs on the port side, and blue ones on starboard." Such started a typical, icy cold morning on the Titanic. We imagine that the Chairman of the Federal Reserve likewise spoke sternly this week to the committee, "We will buy some blue ones and sell some red ones."

Originally from The Market Oracle

Note: this is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Sept 9, 2011.

Changes and comments from surferdude808:

As anticipated, it was a quiet week for changes to the Unofficial Problem Bank List. This week, there were two removals and one addition, which leaves the list with 986 institutions and assets of $402.7 billion. A year ago, there were 849 institutions with assets of $415.3 billion.

The removals were the failed The First National Bank of Florida, Milton, FL ($297 million) and Clarkston State Bank, Clarkston, MI ($111 million Ticker: HRTB), which had its actions terminated by the FDIC. The addition is Community Pride Bank, Isanti, MN ($92 million), which has been subject to a Consent Order by the State of Minnesota and not the FDIC since May 2010. This action just came to light when the Federal Reserve issued a Written Agreement against the bank's parent holding company.

Next week, we anticipate the OCC will release its actions through mid-August, which should contribute to more changes to the list.

Earlier:
• Schedule for Week of Sept 11th
• Summary for Week ending September 9th

Originally from Calculated Risk

There’s a bank run underway...but in reverse. All the major U.S. banks are seeing an influx of deposits. Reserve levels at the Federal Reserve are climbing to astronomical levels.

Originally from All News, Video and Posts related to TOPIC: Federal Reserve

Note: this is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Aug 13, 2011.

Changes and comments from surferdude808:

The total number of institutions on the Unofficial Problem Bank Lists remains unchanged from last week at 988. However, there were two removals and two additions. Aggregate assets declined slightly by $391 million to $411.3 billion.

The removals include the failed The First National Bank of Olathe, Olathe, KS ($572 million) and Citizens Bank of Spencer, Tenn., Spencer, TN ($46 million), which merged on an unassisted basis. The additions were State Bank of Herscher, Herscher, IL ($195 million) and Texas Coastal Bank, Pasadena, TX ($32 million).

The other change is the issuance of a Prompt Corrective Action order by the Federal Reserve against Bank of the Eastern Shore, Cambridge, MD ($190 million). Next week, we anticipate the OCC releasing its actions through the middle of July. This will be the first monthly release after the merger of the OCC with the OTS.

It seems like the number of mergers has increased recently.

Earlier:
• Summary for Week Ending August 12th
• Schedule for Week of August 14th

Originally from Calculated Risk

Note: this is an unofficial list of Problem Banks compiled only from public sources.

Here is the unofficial problem bank list for Aug 5, 2011.

Changes and comments from surferdude808:

Busy week for removals with the two failures this Friday night and after the FDIC updated its structure database to reflect some recent unassisted mergers. The removals plus one addition leave the Unofficial Problem Bank List at 988 institutions with assets of $411.6 billion, down from 995 institutions with assets of $415.4 billion last week.

The removals from failure include Bank of Whitman, Colfax, WA ($608 million) and Bank of Shorewood, Shorewood, IL ($120 million). Consistent with an American Banker article published in the past month that said regulators are pushing troubled banks to find merger partners, there were six removals because of unassisted mergers including Wilmington Trust FSB, Baltimore, MD ($2.3 billion); Sunrise Bank, San Diego, CA ($232 million); Jefferson Bank, Dallas, TX ($205 million); Bank of the Northwest, Bellevue, WA ($146 million); Cornerstone Bank & Trust, National Association, Carrollton, IL ($144 million); and Heritage Bank, National Association, Holstein, IA ($137 million).

The flow of new additions will become lumpier with the shuttering of the OTS as the OCC and FDIC only release actions on a monthly basis instead of when they are issued like the Federal Reserve and OTS.

Employment posts yesterday (with graphs):
• July Employment Report: 117,000 Jobs, 9.1% Unemployment Rate
• Employment Summary, Part Time Workers, and Unemployed over 26 Weeks
• More Employment (Duration, Education, Diffusion Index)
• Employment graph gallery

Originally from Calculated Risk