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Friday, November 13, 2009
9:55 PM TweetThis
  • 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.
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This news story has 3 comments:

     
  • The band marches on.

    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.
    2009 Nov 13 11:48 PM Reply
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  • ebworthen -

    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
    2009 Nov 14 12:00 AM Reply
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  • wow, only $1B in FDIC losses this week. Why, that's...well, "less bad". Bulls will spin this some way into a chart or CNBC appearance with triumphant horns in the background.
    Oh, and as for "less bad", why do I picture a real worn out door mat whenever I hear or see that phrase now?
    2009 Nov 14 08:06 AM Reply
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