Sunday, October 04, 2009

Another one (well actually three) bites the dust

It seems lately that hardly a week goes by that the weekend news doesn't have an article or report about another bank(s)closing.

Unless it happened to your bank you probably put it down to just another hiccup in the ongoing illness that besets the national and global economy. Ho-hum......well, that's what the FDIC is for. They'll take care of things. Right?.......Right??

This weekends closings come in Michigan, Colorado and Minnesota. Between them the three banks had deposits of $585,300,000.00 and assets, which really means loans outstanding, of $633,800,000.00.

Some would ask, "if the banks are supposed to have a reserve of 10% how can they loan out more money than they take in"?

It's not too hard if you take a close look at the second largest criminal enterprise in the country, second only to the bloated, diseased Federal Government.

No wonder we're in such a mess.


Jean said...

Crikey. When will it end?

kdzu said...

Likely not for a while.

GUYK said...

Lot of reasons banks are in trouble and most of them are because of congress