Friday, August 14, 2009

It's Friday, so that means it's Bank Failure Time

It's Friday, so that means sometime after the close of business today, the FDIC will swoop in and take over more US banks that are teetering on disaster.

How much more money does the FDIC have to rescue failing banks? It has about 13 billion on hand and ensures over 8,000 banks worth a total amount of 13 TRILLION.

Penny for your thoughts?

Robbing Banks in Broad Daylight

William K. Black suspects that it was more than greed and incompetence that brought down the U.S. financial sector and plunged the economy in recession — it was fraud. And he would know. When it comes to financial shenanigans, William K. Black, the former senior regulator who cracked down on banks during the savings and loan crisis of the 1980s, has seen pretty much everything.

Only the scale of the scandal is new. A single bank, IndyMac, lost more money than the entire Savings and Loan Crisis. The difference between now and then, explains Black, is a drastic reduction in regulation and oversight, "We now know what happens when you destroy regulation. You get the biggest financial calamity of anybody under the age of 80."

Source Bill Moyer's Journal

Aided and abetted by Barney Franks, Chris Dodd and the SEC. And a craven and corrupt Congress that only serves Wall Street, the Pentagon Death Machine and Israel.

We the People don't fit into their vision of their 'New World Order.'

With another 500 banks due to be taken over by the FDIC this year, your bank could be one of those being looted by Wall Street con artists.

'Black Friday,' the market crash that led to the Great Depression, was in 1929. The Great Depression didn't really kick in till almost four years later.

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