Mr. President, it's the ECONOMY!!! Last week, 4 more banks in MD,FL, IL and UT were closed by the FDIC and their toxic assets (real estate and bad loans) were absorbed by larger, more solvent institutions. Lenders are collapsing at the fastest rate in 17 years. The two banks in UT and MD were closed as no other bank could be found to take them over. The IL and FL banks were absorbed by banks which had already taken over 2 banks previously. This does not bode well for our economy and the current admininstration and congress should be concentrating on THE ECONOMY so that these bank failings do not continue to happen and the economy AND EMPLOYMENT can recover!!!
Wallace S. Gibson, CPM * GIBSON MANAGEMENT GROUP, Ltd.
Central Virginia
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"...to be a Virginian, either by Birth, Marriage, Adoption, or even on one's Mother's side, is an Introduction to any State in the Union, a Passport to any Foreign Country, and a Benediction from the Almighty God...." Anonymous
One of the problems I see in this is that the banks that take on the assets are getting them with little risk, since they are covered by FDIC. And they are becoming too big to fail again.
As usual Congress is now gotten into a mode of focusing on re-election moves, and not caring what goes on in the country. This health care business is a lot of smoke and mirrors to take attention off the real problems.
Wallace,
They NEED to change the banking system in the States. In Canada, banks cannot fail.
Terry * I totally agree and the continued failing of banks shows that our economy is NOT stabalizing as this administration would have us believe.