1) How many banks has the FDIC had to close, to date, so far this year?
140
2) How much has the closing of these banks cost us, to date?
30 billion dollars
The correct answers to the above questions begs the following question:
Should the US more stringently regulate the banks, the banking system and the bankers, here in the US?
It seems the answer is clear.
And yet, check this out:
"The American Bankers Association issued a "Call to Action" on Wednesday, urging its lobbyists and member banks to make an all-out effort to crush regulatory reform in Senate. As part of that campaign, it lashed out at its community-bank rival, charging it with being too soft on bank reform efforts."
"In an unusually frank memo from ABA Chairman Art Johnson, the lobby group congratulates bankers for sending some 300,000 letters to Congress opposing reform, crediting the effort with killing several significant provisions."
What chutzpah.
Contact your Congressperson---Senators, Representatives, both--and tell them we need this regulation back. We used to have it. We need it to return.
Find answers here:
http://www.huffingtonpost.com/2009/12/19/fdic-shuts-down-seven-mor_n_398071.html
http://www.huffingtonpost.com/2009/12/16/bank-lobbyists-launch-cal_n_394673.html
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2 comments:
I don't know if it was a typo, but the actual number of failed banks is about 10 times what you have in question #1.
thanks for catching that.
Actually it was both a typo and exactly 10 times what I had down. I thought I got the 140 on there but clearly hadn't.
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