Market Currents
Friday, November 13, 2009
9:55 PM
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The FDIC's failure Friday claims a smaller California bank (at a cost to the Deposit Insurance Fund of $27.4M) and - via a purchase-and-assumption agreement with IBERIABANK of Louisiana - two bigger ones, in Sarasota and Naples, Fla., at a combined cost of $959M.
This news story has 3 comments:
The stock market is playing a nice tune, but the funeral dirge is marching it's way from Main Street to Wall Street, slowly, but with a steady beat.
People lose jobs, people can't pay bills, banks don't get money, banks can't pay depositors, banks fail.
Talk about the big banks all you want; they are like the wealthy and upper class - they can be really big but they will never be as big as the median wage multitudes or the community banks and credit unions.
Tsunamis and tidal waves build on the tiniest of waves, inches high, slowly combining and growing over time and distance until they crash into the shore.
Last year's crisis was the earthquake, or the wind on the water, the precursor to the tsunami.
Move to high ground.
Your comment sounded to me similar to Noah crying to the sinful multitude before the Great Flood coming.
But yeah, behold ye all, I see the stock market boys are still stooped down around that sand-box playing a game of marble balls, without heeding.
TK
Oh, and as for "less bad", why do I picture a real worn out door mat whenever I hear or see that phrase now?