East Side Lenders Blog

Now if we could get some banks from around the world to do this for us…we’d be set. East Side Lenders wants to share this article with you

NEW YORK (CNNMoney) — The Federal Reserve and four other powerful central banks threw a lifeline Thursday to Europe’s struggling banks.

The European Central Bank — along with the Fed, the Bank of England, the Bank of Japan and the Swiss National Bank — announced a coordinated plan to pump dollars into Europe’s financial system.

The aim: Provide U.S. dollars to European banks that need the currency to fund loans and repay debt.

European banks have seen outflows of U.S. dollars as U.S. financial institutions and money market accounts have scaled back exposure to European banks amid fears over the institutions’ exposure to a Greek debt default or another troubled EU

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Stocks Plummet Amid European Tension

You know, I once previously believed that the United States was sinking while the rest of the world watched. It seems that many countries are now slipping into some sort of financial crisis that we here have been experiencing. I would like to share the following article with everyone and hope that someone realizes that something needs to change and bipartisanship is absolutely necessary in this day and age. Sooner or later I won’t even be able to contact East Side Lenders for a loan, because the economy is too weak to support such small loan increments over time. We’ll just have to wait and see.

Just before the opening bell, the European Central Bank announced that executive board member Jürgen Stark was stepping down. Analysts say Stark is leaving amid disagreements over the ECB’s bond-buying program.

Selling gained momentum in the afternoon as investors also grew increasingly concerned about a possible Greek default.

The Dow Jones industrial average (INDU) tumbled 304 points, or 2.7%. At its lowest points, the blue chip index was down 359 points.

The S&P 500 (SPX) slumped 32 points, or 2.7%, and the Nasdaq composite (COMP) lost 71 points, or 61 points, or 2.4%.

The day’s steep losses pushed all three indexes to end in the red for the week. The Dow declined 2.2%, the S&P fell 1.7% and the Nasdaq slipped 0.5%.

“There’s a lot of nervousness that Greece could default this weekend, and Greek bonds yields keep rising,” said Joe Saluzzi, co-head of equity trading at Themis Trading.

Reports said Germany is preparing to shore up its banks to protect them against a Greek default. If Greece’s bonds become worthless, that can trigger capital-requirement problems, and a lot of major banks could go under, Saluzzi said.

“The financial contagion could be pretty bad, so investors are getting out now and waiting to see how all of this will shake out,” he added.

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Bank deposits hit record high!

With the economy in it’s current state, it is important to know the current status of society’s trust in Banking. East Side Lenders would like to share this article about banks in America.

NEW YORK (CNNMoney) — Americans have more money saved up in bank accounts than ever before.

Deposits in FDIC-insured banks climbed $343 billion in the first half of the year to an all-time high of $9.8 trillion, according to Market Rates Insight, which tracks bank pricing.

Despite meager interest rates “consumers are very fearful about the economy, and are fleeing to the safety and security of insured and liquid deposits,” said Dan Geller, executive vice president at Market Rates Insight.

The research firm found that consumers pulled their money out of financial products like CDs and stashed it in checking, savings and money market accounts where their money would be more readily accessible.

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