RantZ and RaveZ - A previous RantZ and RaveZ reviewed the $31,000,000,000 Trillion Dollar debt the United States is facing. A Debt that President Biden wants to increase to a much higher level. The 2024 budget submitted by the President is at $6.8 Trillion dollars. $1 Trillion dollars more than last year’s total budget. To make financial matters worse, we were informed this past Sunday that two American banks were seized by the FDIC. When bad news strikes it can strike more than once. It is not enough for us to worry about the current inflation that is out of control, we are now concerned about the safety and security of our funds at American Financial institutions. The two American banks that shut down are Silicon Valley Bank and Signature Bank. Silicon Valley Bank was the second-largest bank failure in U.S. history.
Some of us remember when Washington Mutual led the shutdown of 25 banks in 2008. That rocked the American Financial markets like a huge earthquake. I can still remember seeing long lines of worried people waiting for hours to withdraw their savings. Those were very troubled times for the American population and trust in American banks and the FDIC.
While I was not directly impacted by that financial disaster, I felt the pain of many of my friends who were concerned about paying bills and keeping a roof over their heads.
As time passed, we all moved on and some of us are still here not wanting history to repeat itself. The strain on many American families currently living from paycheck to paycheck is a very uncomfortable situation. Many families are struggling to meet basic daily demands such as fuel prices, food, clothing, and many of the other factors that drain our checking and savings accounts. Latest reports show that credit card debt is continually increasing with the need to pay routine household bills. Bills like natural gas to cook and heat your residence. What was a few dollars in the past is now hundreds of dollars a month.
When I turned the news on this past Monday morning, I heard President Biden trying to assure the American people that everything would be OK and not to worry about our money in American banks. “The Bank System in Safe” were the words of President Biden. I was not assured that all would be OK. If the President and Federal Officials who oversee all FDIC American financial institutions had been doing their job, we would not have to worry about American Banks being taken over by the United States Government! Who is watching all of the various institutions that are under the eye of governmental regulatory agencies? In this case, someone was sleeping at the switch and now the American people have to worry about their financial institutions.
How about the FDA? Are they letting spoiled or contaminated foods enter the food chain? There is no end to the Billions of dollars we pay in taxes for our government to make sure all is safe and secure for each and every person in America!
On a personal note, last year I was approached to deposit funds at Signature Bank’s branch in Warner Center. Due to a very long delay with the bank representative completing the paperwork, I decided not to place any funds at Signature. I decided to place the funds at another bank and am so happy I followed my instinct and did not invest at Signature. If any of you have deposits at Signature, I hope your concerns are met and your dollars are safe.
I received an email from my credit union on March 13. The institution has been around for 85 years and assured me that they are well-capitalized and all deposits are secure and safe. This reassuring email was nice to receive.
If you have been impacted by this latest American financial situation, please submit a letter to the editor. I am sure our readers would like to hear your experience.
The California DMV only knows “UP” when it comes to vehicle registration fees.
I have a 1971 Honda Motorcycle that I purchased in 1971. It has been registered with the California DVM every year. In 2015-2016 the annual fee was $83.00. We have known for years as a vehicle ages the registration fees decrease. Well, I have some news for you. My 2023-2024 registration fee for my “71 Honda is now $141.00! I am paying $58 dollars more in 2023-2024 than I did in 2015-2016 for my 1971 Motorcycle. Talk about gouging the California taxpayers! Thank you Governor Newsom and the California Legislature for taking more and more dollars each year and providing a terrible state for us to reside.
Eric Garcetti FINALLY wins approval to serve as the Ambassador to India.
If you Fail, Try and Try Again…..Over 600 days ago President Biden submitted the nomination of Eric Garcetti to serve as the Ambassador to India. When the Senate failed to approve the appointment, the President submit the nomination a second time. At that time, relatives of Garcetti hired a Lobby Firm to visit officials who could ultimately vote on the appointment of the Ambassador.
Congratulations Mr. Ambassador.
(Dennis P. Zine is the author of RantZ and RaveZ. The column is published twice a month in CityWatchLA.com to keep you informed of political and associated activities in and around Los Angeles. Dennis is a retired member of law enforcement and a retired L.A. City Councilmember.)