We really don't want to consider what's going on with our economy

Another bank went down last night in Illinois.

That's 37 banks this year.

And it's not even July yet.

Let's see.

There were 25 banks that went down all last year.

25.

Do you know how many banks went down in 2007?

3

Yeah, 3.

And there's still more than 6 months to go before we're through with 2009.

And there's still the whole state of Michigan and GM and all those employees in so much trouble, of course, what with the bankruptcy up there this week. That will cause more financial problems, naturally.

And the whole state of California is about, what? 7 days from insolvency (another word for bankruptcy).

And then there are all the states with severely reduced revenues due to all the cutbacks and reduced values of properties and more company/employee layoffs.

Finally, for this column only, it's a widely-held assumption we haven't even begun to feel the full effects of the credit card defaults that are strongly believed to be on their way. That will be many more millions of dollars lost, presumably.

And that just starts the economic conversation.

So there are a great deal of things to consider, when it comes to our near-future economy.

I don't think the average guy on the streets is taking this all in.

That's probably a good thing.

Links to stoies:
http://www.nytimes.com/2009/06/06/business/06bizbrief-SMALLBANKINI_BRF.html?_r=1&adxnnl=1&adxnnlx=1244318975-veyJLaVthRyc4Y3as1DDZw
http://globaleconomicanalysis.blogspot.com/2009/06/bankruptcy-filings-reach-6000-day.html