Saturday, April 23, 2011

Bank fails

Seems I've been shucking my self imposed responsibility of reporting on the bank fails of late. No fails this week but there were 6 more last week and 2 the week before. I can't remember the exact figure (I think I lost count around 134) but that's still a lot of fails. In going back to the S&L debacle of the 1980 I find some very familiar territory as in "haven't we been down this road before?"

Here ya go again ya dumb monkeys

And in looking at our failures of the past (didn't some similar things happen in the 1920s before the market crash?) we're setting up for an even larger crash should the rethuglicon party have their way and eliminate yet more regs on the banks and business. Greed seems to be their mantra and woe be on anyone that gets in their way. I pity anyone who's made the mistake of moving to Florida thinking life will be just peachy as their state legislature has enacted so many new rules against the working poor and retirees. Don't believe me? Just pop over to the states' web site if they still have one and check out newly passed laws the puts a shiv in the less fortunate. Note that many of the fails happened in red states like Ga and. Fl.

And to those who wave the U.S. flag and cheer on the elected officials (and it doesn't matter if you let tea bags dangle from your three cornered hat or not) these officials do not have your best interests at heart. They are bought and paid for by the very people who control them.

As I see it the big banks will continue to gobble up the smaller ones as the little guys fail. The trick for the big guys will be how to package all that bad debt and sell it to some other sucker under the guise of some new whiz bang financial instrument. We are at a turning point. The frog is coming close to the boiling point (see how to boil a frog). Will we see $5 gallon gas or even higher? Gold is at $1500 an oz. so you know the bubble is close to breaking there. And in all of this developing poop storm our wonderful congress has yet to truly address the underlying problems. And no it isn't a problem about debt. We always have debt. People have a mortgage and they are not broke so don't give me that crap. The real problem is that like a transportation system gone wild most of the traffic signs and lights have been eliminated. Imagine that image for a while. Revving engines, screeching tires and the sounds of breaking glass and twisting metal only this involves real people and lives.


Randal Graves said...

There are fewer & less spectacular bank failures than earlier because they learned their lesson, just you wait & see, we'll all be rolling in freshly minted scratch, or necrotizing fasciitis, whichever comes first.

Jerry Critter said...

At least in the S&L scandal, lots of people got prosecuted.