Posted on 09/15/2009 3:07:53 PM PDT by Kartographer
By most measures, the past year has been the worst financial crisis in a lifetime. But not by one significant measure: Bank failures.
The Federal Deposit Insurance Corp. has closed 92 banks so far in 2009, after seizing 25 ailing banks last year. By contrast, during the last banking crisis, 381 banks were seized in 1990, 268 in 1991, and 179 in 1992. Still, the pace of bank failures is accelerating. In recent days, three banks failed, including Illinois-based Corus Bank, doomed by $3.2 billion in construction loans, mostly to condominium developers.
The relatively slow pace of bank failures during the crisis is partly the result of government decisions to keep ailing banks open for as long as possible, says Louisiana State University banking professor Joseph Mason.
(Excerpt) Read more at businessweek.com ...
But but but — The recession is over ...
bank failures or take overs.
Another possible reason for 4-5 banks a week being processed is that the FDIC cannot competently and legally process more than that with its current manpower, and, that bank failures must be held back for that reason. The Dutch Boy needs a continually enlarging Thumb in the Dike.
LLS
bump
If the Media Matrix, APABCBSNBCCNNNYTIMESBOSTONGLOBELATIMES etc., along with the Obama administration's economic councils, repeatedly declare that "the recession is over;" yet virtually all taxpaying citizens, including you and I, find that their buying power, their ability to improve their homes, their access to leisure and creative fulfillment, their participation in exploration, and their general quality of prosperity, is plunging, what is the citizen to believe?
Does one simply believe what the Media Matrix tells them without truthfully assessing his own condition? After all, examples of such self ignorance abound in human history, where the common individual simply succumbs, absent a greater consciousness, to his own deteriorating condition, somewhat like feudalism.
Or maybe the Media and economists' definition of "recession," like Bill Clinton's definition of "sex," has nothing to do with the prosperity of the taxpayer, so that in economic jargon the recession can be technically "over," but that means little for the quality of life in America for its taxpaying citizens?
If we have the first condition then indeed humanity has re-entered the Dark Ages, where the taxed are simply too ignorant, and hence egocentric, to be honest with themselves, kind of like President Obama himself (but even more like Speaker Pelosi).
If we have the second condition then indeed the political pseudo-intellectuals are imminently leading us into the Dark Ages by subscribing to a doctrine, Economics, which has no relevance whatsoever to man's condition.
In either case we have a profound failure of the human mind to be objective, about itself, about its history; kind of like the Harvard set who can see nothing beyond their own arrogance.
Perhaps if we think on these things we'll see a way out of the Dark Ages.
Johnny Suntrade
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