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Another Friday, another bank failure
Hat tip Instapundit
Another Friday, another bank failure. The Georgian Bank, which 99% of most Americans had never heard of until today, will cost the FDIC approximately another one billion dollars. But there is a difference between the bank failures that have been announced during the past year and the bank failures (Lehman) and close calls (Wachovia, Washington Mutual, Merrill Lynch) that convulsed the United States financial system one year ago. The difference is that the FDIC and the Federal Reserve, having learned from the experience of 2008, are letting the air out of the balloon slowly now. Instead of a tidal wave of failures the United States government is simply allowing a slowly rising tide of financial insolvency to flood the U S economy.
It's going to continue, one way or another, until every single unacknowledged insolvency is worked through. We knew that when the dimensions of the problem became clear, last October or thereabout, so this isn't really news, just confirmation. The inside of President Obama's head must be an unhappy place, each day waiting for the next one to appear.

Posted by: g(r)omgoru 2009-09-26
http://www.rantburg.com/poparticle.php?ID=279785