Federal regulators shut down two more banks - who sold their banks’ deposits to Mutual of Omaha Bank - this week. The total number of banks now to close is seven. 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.
In May an important and key measure of consumer confidence reached an all time low as it dropped the most it has ever done in 16 years. The reason for this is that many Americans are worried about the future of their jobs and the business conditions.
The New York-based Conference Board said Tuesday that its Consumer Confidence Index dropped to 57.2, the lowest level since October 1992, from a revised 62.8 in April. Economists had expected the index to decline to 61, according to a consensus compiled by Briefing.com.
The economy in New York City and its financial services industry has taken a turn for the worse after Wall Street’s fifth largest firm – Bear Stearns – broke down this week. Last Fall many of the investment banks and brokerage firms began to cut their payrolls after the market for mortgages began to take heavy losses.
We were enjoying the steady price of gas at a decent $2.50 – but last week when it sky rocketed over $3.00 we were upset and confused on what the raise was for. Pump prices are again above $3, yet the outcry from Congress is barely a whimper by comparison — even after this week’s warning from Federal Reserve Chairman Ben Bernanke that oil near $100 a barrel is a serious economic threat. Geoffrey Styles, managing director of Virginia-based energy consulting firm GSW Strategy Group LLC, ascribes the relatively tame reaction in Washington these days to “price fatigue.”
Energy prices seemed to have soared. It seems that the gasoline and crude oil prices don’t seem to be dropping, but to be getting higher and higher. So with winter just around the corner what will people do with all the heating bills coming their way? Those in the south won’t have much problems, but those in the north who have to use gas to heat their homes are looking for a rough road. Or will it be smooth?