Blessings Steve,
I spoke with a very respected Avalon member last night on Skype and he suggested something big happening this weekend.
He highly recommended checking out Larry Nichol's blog talk from yesterday.
"We Now Have a Communist Government"
Live today is:
"The Fed's Are Getting Busted"
Link: http://www.blogtalkradio.com/Nichols-live
Stress-Tested Banks May Struggle as Bad Assets Triple
By Elizabeth Hester and Linda Shen
April 24 (Bloomberg) -- U.S. banks that get preliminary results today of government stress tests may struggle to raise money after bad assets at the biggest lenders almost tripled on average in the past year.
Pittsburgh-based PNC Financial Services Group Inc. saw nonperforming assets -- those no longer accruing interest -- jump more than fivefold in the first quarter from a year earlier. They more than quadrupled at U.S. Bancorp in Minneapolis. At 13 of the largest U.S. banks, bad assets increased 169 percent on average from a year ago, according to first-quarter data compiled by Bloomberg.
The tests on the 19 largest banks are likely to focus in part on loan quality as a measure of health. The lenders, which may need to raise $1 trillion in capital to cushion losses according to an April 23 KBW Inc. report, may have a hard time persuading investors to give them cash.
Article continues: http://www.campaignforliberty.com/wire.php?view=4432
Please also see this article about nationalization of the banks:
U.S. May Convert Banks’ Bailouts to Equity Share
April 20, 2009
http://projectavalon.net/forum/showthread.php?t=13337
I also saw on Yahoo minutes ago about GM getting another bailout, not a bankruptcy.
Treasury lends $2 billion more to GM
Associated Press
April 24, 2009
WASHINGTON - The Treasury Department said Friday it has provided General Motors Corp. with another $2 billion in federal loans as the giant automaker struggles to restructure.
The Treasury said that the payment was made to GM on Wednesday and provides working capital to the company.
A government report revealed earlier this week that the Treasury was prepared to provide GM with up to $5 billion more in federal loans and Chrysler with up to $500 million more in bailout support as they race against deadlines to restructure.
GM has until June 1 to complete restructuring plans that satisfy the government's auto task force, while Chrysler has until April 30.
Source: http://www.journalgazette.net/articl...49948/-1/BIZ09