Sure a bank failed last night--the nation's 11th this year--as I predicted but hoped wouldn't happen. But the big news, along with this bank failure, is the government stepping in to "seize" Fannie Mae and Freddie Mac.
That's gonna hurt.
For people in the industry, it was writing on the wall but to the rest of the American public, it's news. And it's gonna cost.
It'll be billions. Literally.
Of all the things that's to be said about all this--and there is a lot--what's ironic is that, if, indeed, we are slipping into more and more Socialism here--and we seem to be--it is the Republicans that have brought it about.
Let there be no doubt.
It was the Republicans who brought us the deregulated banking industry, which took us to all the high profits from bad loans that were handed out like so much candy, which begat this credit crisis and collapse of the banking industry.
So why would anyone put faith and trust back in Republicans, of all groups, at this time, by considering or even voting for that old rich white man, Sen. McCain (or "John Bush" as he was just referred to at the Republican National Convention this week, albeit unintentionally)? He is, as he himself said, unaware of how the financial system works.
Crazy.
Stay tuned, folks. It ain't over and it's gonna get uglier before it gets better.
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