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FDIC Opens A Massive New Office Near Chicago Just To Handle The Coming Tidal Wave Of Midwest Bank Closings They Are Expecting
Published on 02-18-2010 Email To Friend    Print Version
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By Michael Snyder - BLN Contributing Writer

Is the Midwest about to see a massive wave of bank closings?  That is apparently what the FDIC is expecting.  The FDIC is opening up a massive new satellite office in the Chicago area that will be dedicated to managing receiverships and liquidating assets from failed Midwest banks.  This new facility will occupy 7 floors in an 11 floor building.  The office space that the FDIC is leasing is well over 100,000 square feet and will employ approximately 500 temporary employees and contractors.  This is a huge expenditure by the FDIC.  So will there really be so many bank failures over the next couple of years in the Midwest that a 100,000 square foot facility is required to deal with it?

Apparently someone at the FDIC thinks so.  

But this is not the first time the FDIC has done something like this.   

The FDIC has already opened similar offices in Irvine, California and Jacksonville, Florida.  Each time, the number of bank failures in those states increased dramatically after the FDIC opened those facilities.

So what is going to cause such a massive wave of bank failures that the FDIC will need hundreds of new employees just to deal with it?

Well, as we have reported previously, the financial powers in the U.S. are now moving to reduce the money supply, hoard cash and tighten credit.  All of those things cause a slowdown in economic growth.

At the same time, a gigantic "second wave" of adjustable mortgages is scheduled to reset starting this year.  This could push the U.S. economy into "part 2" of the housing crisis.  Just check out the chart below....

In fact, one new study has been released that estimates that 5 million houses and condominiums on which mortgages are now delinquent will go through foreclosure and be put on the market within the next few years.

Another devastating housing crisis would absolutely destroy the vast majority of small to mid-size banks in the United States.  In such a scenario, the FDIC would definitely be able to make use of the new facilities that they are opening up around the United States.

There are even rumors that the big bankers do not intend for most small and mid-size bankers to survive the coming crisis.  There are whispers that the big bankers see all of this economic turmoil as a great opportunity to "consolidate" the banking industry.

So what should you and your family do to get prepared?  Get out of debt and get rid of any unnecessary expenses.  Try to start developing alternate streams of income and come up with a plan for what you will do if you lose your job.

The reality is that hard times are coming and a lot of people are going to lose their homes and their jobs.  Don't just blindly trust "the system" - now is the time to make sure that you and your family will be prepared even if a total economic collapse happens

FDIC Opens A Massive New Office Near Chicago Just To Handle The Coming Tidal Wave Of Midwest Bank Closings They Are Expecting
Published on 02-18-2010 Email To Friend    Print Version
AddThis Social Bookmark Button

By Michael Snyder - BLN Contributing Writer

Is the Midwest about to see a massive wave of bank closings?  That is apparently what the FDIC is expecting.  The FDIC is opening up a massive new satellite office in the Chicago area that will be dedicated to managing receiverships and liquidating assets from failed Midwest banks.  This new facility will occupy 7 floors in an 11 floor building.  The office space that the FDIC is leasing is well over 100,000 square feet and will employ approximately 500 temporary employees and contractors.  This is a huge expenditure by the FDIC.  So will there really be so many bank failures over the next couple of years in the Midwest that a 100,000 square foot facility is required to deal with it?

Apparently someone at the FDIC thinks so.  

But this is not the first time the FDIC has done something like this.   

The FDIC has already opened similar offices in Irvine, California and Jacksonville, Florida.  Each time, the number of bank failures in those states increased dramatically after the FDIC opened those facilities.

So what is going to cause such a massive wave of bank failures that the FDIC will need hundreds of new employees just to deal with it?

Well, as we have reported previously, the financial powers in the U.S. are now moving to reduce the money supply, hoard cash and tighten credit.  All of those things cause a slowdown in economic growth.

At the same time, a gigantic "second wave" of adjustable mortgages is scheduled to reset starting this year.  This could push the U.S. economy into "part 2" of the housing crisis.  Just check out the chart below....

In fact, one new study has been released that estimates that 5 million houses and condominiums on which mortgages are now delinquent will go through foreclosure and be put on the market within the next few years.

Another devastating housing crisis would absolutely destroy the vast majority of small to mid-size banks in the United States.  In such a scenario, the FDIC would definitely be able to make use of the new facilities that they are opening up around the United States.

There are even rumors that the big bankers do not intend for most small and mid-size bankers to survive the coming crisis.  There are whispers that the big bankers see all of this economic turmoil as a great opportunity to "consolidate" the banking industry.

So what should you and your family do to get prepared?  Get out of debt and get rid of any unnecessary expenses.  Try to start developing alternate streams of income and come up with a plan for what you will do if you lose your job.

The reality is that hard times are coming and a lot of people are going to lose their homes and their jobs.  Don't just blindly trust "the system" - now is the time to make sure that you and your family will be prepared even if a total economic collapse happens

FDIC Opens A Massive New Office Near Chicago Just To Handle The Coming Tidal Wave Of Midwest Bank Closings They Are Expecting
Published on 02-18-2010 Email To Friend    Print Version
AddThis Social Bookmark Button

By Michael Snyder - BLN Contributing Writer

Is the Midwest about to see a massive wave of bank closings?  That is apparently what the FDIC is expecting.  The FDIC is opening up a massive new satellite office in the Chicago area that will be dedicated to managing receiverships and liquidating assets from failed Midwest banks.  This new facility will occupy 7 floors in an 11 floor building.  The office space that the FDIC is leasing is well over 100,000 square feet and will employ approximately 500 temporary employees and contractors.  This is a huge expenditure by the FDIC.  So will there really be so many bank failures over the next couple of years in the Midwest that a 100,000 square foot facility is required to deal with it?

Apparently someone at the FDIC thinks so.  

But this is not the first time the FDIC has done something like this.   

The FDIC has already opened similar offices in Irvine, California and Jacksonville, Florida.  Each time, the number of bank failures in those states increased dramatically after the FDIC opened those facilities.

So what is going to cause such a massive wave of bank failures that the FDIC will need hundreds of new employees just to deal with it?

Well, as we have reported previously, the financial powers in the U.S. are now moving to reduce the money supply, hoard cash and tighten credit.  All of those things cause a slowdown in economic growth.

At the same time, a gigantic "second wave" of adjustable mortgages is scheduled to reset starting this year.  This could push the U.S. economy into "part 2" of the housing crisis.  Just check out the chart below....

In fact, one new study has been released that estimates that 5 million houses and condominiums on which mortgages are now delinquent will go through foreclosure and be put on the market within the next few years.

Another devastating housing crisis would absolutely destroy the vast majority of small to mid-size banks in the United States.  In such a scenario, the FDIC would definitely be able to make use of the new facilities that they are opening up around the United States.

There are even rumors that the big bankers do not intend for most small and mid-size bankers to survive the coming crisis.  There are whispers that the big bankers see all of this economic turmoil as a great opportunity to "consolidate" the banking industry.

So what should you and your family do to get prepared?  Get out of debt and get rid of any unnecessary expenses.  Try to start developing alternate streams of income and come up with a plan for what you will do if you lose your job.

The reality is that hard times are coming and a lot of people are going to lose their homes and their jobs.  Don't just blindly trust "the system" - now is the time to make sure that you and your family will be prepared even if a total economic collapse happens

FDIC Opens A Massive New Office Near Chicago Just To Handle The Coming Tidal Wave Of Midwest Bank Closings They Are Expecting
Published on 02-18-2010 Email To Friend    Print Version
AddThis Social Bookmark Button

By Michael Snyder - BLN Contributing Writer

Is the Midwest about to see a massive wave of bank closings?  That is apparently what the FDIC is expecting.  The FDIC is opening up a massive new satellite office in the Chicago area that will be dedicated to managing receiverships and liquidating assets from failed Midwest banks.  This new facility will occupy 7 floors in an 11 floor building.  The office space that the FDIC is leasing is well over 100,000 square feet and will employ approximately 500 temporary employees and contractors.  This is a huge expenditure by the FDIC.  So will there really be so many bank failures over the next couple of years in the Midwest that a 100,000 square foot facility is required to deal with it?

Apparently someone at the FDIC thinks so.  

But this is not the first time the FDIC has done something like this.   

The FDIC has already opened similar offices in Irvine, California and Jacksonville, Florida.  Each time, the number of bank failures in those states increased dramatically after the FDIC opened those facilities.

So what is going to cause such a massive wave of bank failures that the FDIC will need hundreds of new employees just to deal with it?

Well, as we have reported previously, the financial powers in the U.S. are now moving to reduce the money supply, hoard cash and tighten credit.  All of those things cause a slowdown in economic growth.

At the same time, a gigantic "second wave" of adjustable mortgages is scheduled to reset starting this year.  This could push the U.S. economy into "part 2" of the housing crisis.  Just check out the chart below....

In fact, one new study has been released that estimates that 5 million houses and condominiums on which mortgages are now delinquent will go through foreclosure and be put on the market within the next few years.

Another devastating housing crisis would absolutely destroy the vast majority of small to mid-size banks in the United States.  In such a scenario, the FDIC would definitely be able to make use of the new facilities that they are opening up around the United States.

There are even rumors that the big bankers do not intend for most small and mid-size bankers to survive the coming crisis.  There are whispers that the big bankers see all of this economic turmoil as a great opportunity to "consolidate" the banking industry.

So what should you and your family do to get prepared?  Get out of debt and get rid of any unnecessary expenses.  Try to start developing alternate streams of income and come up with a plan for what you will do if you lose your job.

The reality is that hard times are coming and a lot of people are going to lose their homes and their jobs.  Don't just blindly trust "the system" - now is the time to make sure that you and your family will be prepared even if a total economic collapse happens

FDIC Opens A Massive New Office Near Chicago Just To Handle The Coming Tidal Wave Of Midwest Bank Closings They Are Expecting
Published on 02-18-2010 Email To Friend    Print Version
AddThis Social Bookmark Button

By Michael Snyder - BLN Contributing Writer

Is the Midwest about to see a massive wave of bank closings?  That is apparently what the FDIC is expecting.  The FDIC is opening up a massive new satellite office in the Chicago area that will be dedicated to managing receiverships and liquidating assets from failed Midwest banks.  This new facility will occupy 7 floors in an 11 floor building.  The office space that the FDIC is leasing is well over 100,000 square feet and will employ approximately 500 temporary employees and contractors.  This is a huge expenditure by the FDIC.  So will there really be so many bank failures over the next couple of years in the Midwest that a 100,000 square foot facility is required to deal with it?

Apparently someone at the FDIC thinks so.  

But this is not the first time the FDIC has done something like this.   

The FDIC has already opened similar offices in Irvine, California and Jacksonville, Florida.  Each time, the number of bank failures in those states increased dramatically after the FDIC opened those facilities.

So what is going to cause such a massive wave of bank failures that the FDIC will need hundreds of new employees just to deal with it?

Well, as we have reported previously, the financial powers in the U.S. are now moving to reduce the money supply, hoard cash and tighten credit.  All of those things cause a slowdown in economic growth.

At the same time, a gigantic "second wave" of adjustable mortgages is scheduled to reset starting this year.  This could push the U.S. economy into "part 2" of the housing crisis.  Just check out the chart below....

In fact, one new study has been released that estimates that 5 million houses and condominiums on which mortgages are now delinquent will go through foreclosure and be put on the market within the next few years.

Another devastating housing crisis would absolutely destroy the vast majority of small to mid-size banks in the United States.  In such a scenario, the FDIC would definitely be able to make use of the new facilities that they are opening up around the United States.

There are even rumors that the big bankers do not intend for most small and mid-size bankers to survive the coming crisis.  There are whispers that the big bankers see all of this economic turmoil as a great opportunity to "consolidate" the banking industry.

So what should you and your family do to get prepared?  Get out of debt and get rid of any unnecessary expenses.  Try to start developing alternate streams of income and come up with a plan for what you will do if you lose your job.

The reality is that hard times are coming and a lot of people are going to lose their homes and their jobs.  Don't just blindly trust "the system" - now is the time to make sure that you and your family will be prepared even if a total economic collapse happens

FDIC Opens A Massive New Office Near Chicago Just To Handle The Coming Tidal Wave Of Midwest Bank Closings They Are Expecting
Published on 02-18-2010 Email To Friend    Print Version
AddThis Social Bookmark Button

By Michael Snyder - BLN Contributing Writer

Is the Midwest about to see a massive wave of bank closings?  That is apparently what the FDIC is expecting.  The FDIC is opening up a massive new satellite office in the Chicago area that will be dedicated to managing receiverships and liquidating assets from failed Midwest banks.  This new facility will occupy 7 floors in an 11 floor building.  The office space that the FDIC is leasing is well over 100,000 square feet and will employ approximately 500 temporary employees and contractors.  This is a huge expenditure by the FDIC.  So will there really be so many bank failures over the next couple of years in the Midwest that a 100,000 square foot facility is required to deal with it?

Apparently someone at the FDIC thinks so.  

But this is not the first time the FDIC has done something like this.   

The FDIC has already opened similar offices in Irvine, California and Jacksonville, Florida.  Each time, the number of bank failures in those states increased dramatically after the FDIC opened those facilities.

So what is going to cause such a massive wave of bank failures that the FDIC will need hundreds of new employees just to deal with it?

Well, as we have reported previously, the financial powers in the U.S. are now moving to reduce the money supply, hoard cash and tighten credit.  All of those things cause a slowdown in economic growth.

At the same time, a gigantic "second wave" of adjustable mortgages is scheduled to reset starting this year.  This could push the U.S. economy into "part 2" of the housing crisis.  Just check out the chart below....

In fact, one new study has been released that estimates that 5 million houses and condominiums on which mortgages are now delinquent will go through foreclosure and be put on the market within the next few years.

Another devastating housing crisis would absolutely destroy the vast majority of small to mid-size banks in the United States.  In such a scenario, the FDIC would definitely be able to make use of the new facilities that they are opening up around the United States.

There are even rumors that the big bankers do not intend for most small and mid-size bankers to survive the coming crisis.  There are whispers that the big bankers see all of this economic turmoil as a great opportunity to "consolidate" the banking industry.

So what should you and your family do to get prepared?  Get out of debt and get rid of any unnecessary expenses.  Try to start developing alternate streams of income and come up with a plan for what you will do if you lose your job.

The reality is that hard times are coming and a lot of people are going to lose their homes and their jobs.  Don't just blindly trust "the system" - now is the time to make sure that you and your family will be prepared even if a total economic collapse happens

Americans stock up to be ready for end of the world

Recession and the constant threat of terrorist attacks have given new life to the ingrained survivalist instinct

Tess Pennington, 33, is a mother of three children, and lives in the sprawling outskirts of Houston, Texas. But she is not taking the happy safety of her suburban existence lightly.

Like a growing army of fellow Americans, Pennington is learning how to grow her own food, has stored emergency rations in her home and is taking courses on treating sickness with medicinal herbs.

"I feel safe and more secure. I have taken personal responsibility for the safety of myself and of my family," Pennington said. "We have decided to be prepared. There all kinds of disasters that can happen, natural and man-made."

Pennington is a "prepper", a growing social movement that has been dubbed Survivalism Lite. Preppers believe that it is better to be safe than sorry and that preparing for disaster – be it a hurricane or the end of civilisation – makes sense.

Unlike the 1990s survivalists, preppers come from all backgrounds and live all over America. They are just as likely to be found in a suburb or downtown loft as a remote ranch in the mountains. Prepping networks, which have sprung up all over the country in the past few years, provide advice on how to prepare food reserves, how to grow crops in your garden, how to hunt and how to defend yourself. There are prepping books, online shops, radio shows, countless blogs, prepping courses and prepping conferences.

John Milandred runs a website called Pioneer Living, which is one of the main forums for discussing prepping. It provides a range of advice for those who just want to store extra food in case of a power cut, to those who want to embrace the "off the grid" lifestyle of America's western pioneers. "We get inquiries from people from all walks of life. We had a principal from a school asking us to talk to their children. We have doctors and firemen and lawyers," he said.

Milandred lives in Oklahoma and, should society collapse around him, he is well placed to flourish. Indeed, he might not notice that much. His house has a hand-dug well that gives him fresh water. He grows his own food. He has built an oven that needs neither gas nor electricity. He can hunt for meat. "If something happened, it really would not affect us," he said.

There are several reasons for the rise of prepping. The first is that, in the post-9/11 world, mass terror attacks have become a fear for many Americans. At a time when US diplomacy is focused on preventing Iran getting nuclear weapons and terror experts continue to warn of "dirty bombs" on American soil, it is no surprise that many Americans feel threatened. Added to that paranoia has come the recession. Suddenly, millions of Americans have been losing their jobs and their homes, reinforcing a feeling that society is not as stable as it once seemed.

Hollywood has caught on. A succession of films, such as 2012, The Road, The Book of Eli and Legion, have tapped into an American Zeitgeist that is worried about the end of civilisation.

"Prepping masks a wide range of stances and ideologies. But the more people are prepared, the more they are likely to have an apocalyptic way of thinking," said Professor Barry Brummett, of the University of Texas-Austin.

Even government officials have accepted that the financial crisis posed a threat to social order. In recent testimony before Congress, treasury secretary Tim Geithner admitted that top-level talks had been held on whether the US could enforce law and order in the wake of a collapse of the financial system.

Certainly, Tom Martin agrees. He runs the American Preppers Network, which helps provide a wide range of resources. Martin, a truck driver who lives in Idaho, believes that more and more people will become preppers. "Millions of people now have the mindset that they want to be prepared for something, but don't know what to call it," he said.

That rings true with Pennington. In the 1990s, survivalism was the province of anti-government militiamen or loners in the woods. But preppers are more concerned with stocking up on food and water and relearning skills so that they can fend for themselves.

To that end, Pennington has set up a website called Ready Nutrition, which teaches basic food skills to prepare for a time when pre-packaged goods at a supermarket might not be available: "Prepping is not taboo, like survivalism. There is no negative connotation to it. We are not rednecks. In many ways, our ancestors were preppers. So were the Native Americans. It is just going back to being able to look after yourself."

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