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Factors are coming together in the U.S. financial sector and the economy as a whole that bode so ill that nobody should be fooled by any happy talk from the mainstream media or the government. Let"s look at some facts: the economy is continuing to shed jobs at a prodigious rate, and the official unemployment rate of 9.8% is the worst since June of 1983 and is no longer capturing nearly half of the actual jobless, who make up 17% of our population.
Banks holding 20% or more of their loans in the defaulted category are at an 18-year high. The FDIC first proposed having the solvent banks prepay three years worth of premiums, then declined to do so after learning that the banks didn"t have the money. But the FDIC needed that money, and without it they will not be able to close the banks that have failed and repay their depositors immediately. Meanwhile, just this last Friday the FDIC was blindsided by a billion dollar bank failure, Georgian Bank out of Atlanta, that wasn"t even on their troubled bank list. Over 97% of the derivatives risk in the U.S. banking system is now in the shaky hands of the five largest banks. These banks can"t be allowed to fail, so the relaxation of the mark to market rules will simply continue until we have a "lost decade" just like Japan did.
For the American consumer, the credit card party is definitely over as default rates by cardholders at major players such as Bank of America hit 14% and angry Americans like Ann Minch make YouTube videos urging a debtors" revolt due to the banks" efforts to use ratejacks to 30% in a self-defeating bid to recoup their losses on defaults. Advanta Bank, once the 11th largest credit card bank has already essentially folded under the weight of accelerating defaults.
What can you do? As a consumer you need to educate yourself on what your options are financially, you need to do business with a credit union rather than a bank, you need to focus on the viability of your job and the frugality you can achieve in your own family. Do not look to government or to anyone else to solve your problems-solve your own, and help your neighbor if you can.
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Source by Mark S. Hankins
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