Unfortunately correct and vindicated

Well, ladies and gentlemen, I was correct.

Do you remember last week I said there was a good possibility that we might see a bank--or two--failing each Friday night for a while?

Let me repeat: I was right.

I wish I weren't, truth be told.

According to the news this morning, a small bank in Florida failed last night. It was taken over by the FDIC, of course, and will be quickly sold. See the full story here: http://www.reuters.com/article/ousiv/idUSN0136691620080802

It was the 8th bank to fail so far this year. (Wouldn't you think Keith Olbermann--or some news junkie--would set up a weekly "bank watch"? Maybe they don't want to give the public reason to panic, since the American public doesn't want to pay attention, by and large).

The good news? It was a relatively small bank. First Priority Bank had "only" $259 million in assets and $227 million in deposits.

The bad news? Its failure will cost the federal fund that insures deposits--read: you and I, the taxpayers--an estimated $72 million.

Chalk it up to our account.

As I also said earlier here, in the 1st quarter of this year, the FDIC had 90 banks on its "watch" list. This article recounts that and states that they also won't tell which 90 banks they are. It's understandable--can you imagine the runs on those banks if they told which 90 they were?

Still, wouldn't you like to know if YOUR bank were, maybe, in trouble?

Once more, I'd like to take a moment to personally thank, with dripping sarcasm, the Republicans, for deregulating the banking industry.

Oh, well, for now, it's the weekend. Go out, work, relax, enjoy, keep cool.

Let's hope there either aren't any more banks that fail (I'm not counting on it) or, that, if they do fail, they are small and few in number.

Cross your fingers.