Life After the Oil Crash

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Breaking News: Tuesday August 18th, 2009

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Editor's Note: Banking Crisis and FDIC News Has Gone Supernova, Dam May be About to Break, Another "This is it" Moment Possibly Shaping Up

I've had a number of people ask me if "this is it" after reading about the latest news regarding the FDIC. Obviously, things don't look good but there have several moments with "this is it" type potential over the last year and the trucks are still rolling into Safeway. So who knows. But it's clear the BAU is on the express train to the crapper. FWIW, recall the following article which I posted back in January as the graphs tell you pretty much everything you need to know about the speed at which things are falling apart:

LATOC: The Financial System Has Entered Into a Flat Spin

On that note, let's start today's update with the latest banking collapse news:

Nancy Miller: Has FDIC Run Out of Money? This Graph Speak Volumes

Corn and Soybean Digest: FDIC Sees Ag Bank as the Next Big Failure

Calculated Risk: FDIC Loss Rates Eclipsing Those During the S&L Crisis

Some more FDIC and bank failure news from yesterday in case you missed it:

Wall Street Journal: Bank Failures Threatening to Deep Six the FDIC

Jim Kunstler: Unemployed Americans Prepare to Put Arsenals to Work

Mish Shedlock: As of Friday August 14th, 2009 the FDIC is Bankrupt

Seeking Alpha: Banking Crisis of Historic Proportions at Our Doorstep

Bloomberg: Toxic Loans Exceeding 5% May Implode 150 More Banks

Other financial collapse news:

UK Guardian: Rate of US Home Repossessions Rocket to Record Levels

Washington Post: Unemployment Now the Main Driver of Foreclosures

Bloomberg: American Incomes Fall 4.7% in One Year, Most on Record

NY Times: Tax Bills Putting Extra Pressure on Struggling Homeowners

Seeking Alpha: Stock Market Insiders Continue to Sell, Sell, and Sell

The Exiled: Americans So Poor They Can't Afford their Own Funerals

The Exiled: China Executes Corrupt CEOs, U.S. Gives Them Bonuses

AP: Mexican Cartels Moving From Drugs to Full Scale Mafia Operations

Jim Kunstler: Unemployed Americans Prepare to Put Arsenals to Work

CBS News: Chicago City Government to Shut Down Due to Budget Cuts

Best of the LATOC Archives:

James Howard Kunstler: My Predictions for the Coming Year (2009)

Richard Heinberg: Baby Boomer Generation Facing Their Last Chance

Michael Ruppert: Michigan, California, Ohio at Highest Risk for Rioting

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