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Thursday, 26 November 2009

BUT..BUT..THE STIMULUS IS WORKING, ISN'T IT?

Ken Berwitz

Excerpted from an article in today's The New York Times (to its credit):

As Bank Failures Rise, F.D.I.C. Fund Falls Into Red

By ERIC DASH

Published: November 24, 2009

 

The government-administered insurance fund that protects depositors fell into the red for the first time since the fallout from the savings-and-loan crisis of the early 1990s as the pace of bank failures accelerated.

 

Skip to next paragraph The fund had a negative balance of $8.2 billion at the end of the third quarter, federal regulators said Tuesday. Bank customers, however, should remain confident that their deposits would be protected since most of the amount reflects money that Federal Insurance Deposit Corporation has already set aside to cover the losses from future bank failures.

 

Officials of the F.D.I.C. said in October that the deposit insurance fund had been depleted, but the third-quarter report card on the banking industry issued on Tuesday was the first time that hard numbers had been released. Even amid early signs that the economy is recovering, the report suggested that the country’s 8,100 lenders remain in fragile condition.

This is a wakeup call for anyone who believes the adminstration's BS about the economy.

Anyone, that is, except the people who are still so mesmerized by Obama & Co. that they believe he. "saved or created" 600,000 - 1,000,000 jobs, while unemployment went from 8.1% to its current 10.2%. 

They are immune to wakeup calls.

Hopelessly Partisan @ 07:43 AM   Add Comment

Zeke ... ... Something like 2/3 of the Stimulation Money has NOT been spent. ... ... Is O-BOW-Ma planning on dumping all that money into the economy prior to the 2010 elections to show that "the recession is over". ... ... The nation cannot survive, living on a credit card mentality. ... ... The decline of the dollar is a direct result of overspending. (11/26/09)


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Alternet
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Daily Kos
Democracy Now
Democratic Underground
Media Matters
Talk Left
The Huffington Post
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  Drudge Report
  Politico
  Real Clear Politics
  The Hill


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   Free Republic
   Front Page Magazine
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   Newsbusters
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