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Two More Banks Fail

Published 07/28/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

The FDIC was forced to shut down First National Bank of Nevada and First Heritage Bank of Newport Beach on Friday, according to MarketWatch.com. These failed banks mark the sixth and seventh bank failures this year.

The banks’ deposits were quickly sold to Mutual of Omaha Bank as the least costly way to maintain customer accounts remain secure and insured. Recent bank collapses have stemmed from predatory lending, new credit limits and a slowing economy. It is hoped the new law enacted by Congress will help troubled borrowers and provide a safety net for banks.


Source MarketWatch.com:

The Federal Deposit Insurance Corp. said it was appointed receiver of First National Bank of Nevada, based in Reno, Nev., and First Heritage Bank of Newport Beach, Calif. - both units of First National Bank Holding Co., of Scottsdale, Ariz.

…

All depositors, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Mutual of Omaha Bank for the full amount of their deposits, the FDIC said.

Click here to contact your Representative in Congress.

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Article Comments From Readers

guest says "re: taxes" on 03/12/09
Okay Article I Section X all pertains to STATES... STATES are not allowed to tender their own money but for gold and silver coins. The Federal government is not explicitly denied and thus (according to the interpretation of the Constitution by the United States Supreme Court - the officially constitutionally recognized authority on the Constitution by the way) reserves the right.

Furthermore, I bet you didn't read far enough into the Constitution if you had trouble finding tax law on the books. Not only does Art1Sec10 NOT PERTAIN TO TAXATION... but the 16th Amendment (ratified Feb 1913) gives Congress the right to tax income. Thus, it IS a law. Many associated legal cases have upheld this provision - it is a constitutional amendment after all.

This "there is no income tax" myth is pervasive and ridiculous. There is obviously an income tax, hence the reason that we PAY IT EVERY APRIL 15th!

guest says "Banks fail." on 03/11/09
2 Banks fail, too bad, since the banks screwed the hell out of their borowers, I HOPE the rest of the Banking system fails also. Maybe we will return to an honest system instead of the FRAUD system (BANKS) that the banks have brought upon this GREAT? nation and we will finelly return to an Honest system based on GOLD and SILVER as called for in the Constitution of the unites States,(Article 1 Section 10)

P.S. Show me the tax law/s that the individual MUST pay or file and report to the Government of the u.S.. See the article 1 Section 10.

BET You can't find that Law! --- There is no Law.