Utah, Georgia Banks Closed
Regulators took down seven more banks Friday with a combined $3.3 billion in assets, marking a total of 37 failures for 2010.
In keeping with their policy of doing unpleasant work on weekends, the federal government shut down seven more banks. If the federal government had shut down these additional seven banks on Monday morning, it would have been all over the news all week. By shutting down the banks on Friday evening, it gives the news an excuse to bury the story, and ignore it come Monday morning.
In any case, the American public doesn't need to worry. In keeping with the federal policy of destroying the economy, the assets and liabilities of the closed banks were only offered to the banks which are already too big to fail. Evidently there is no point (and no ability) of the government to help out small banks.
For those of you who really believe that the federal government saved the economy, then you probably don't want to read any further. Because that attitude should be difficult to maintain when reading how the federal government expects to close 200 banks this year.
No comments:
Post a Comment