It’s just one month into 2010, and the FDIC has already seized 12 banks – the ultimate and embarrassing result of insolvency. Multiply that out by 12 months, and the FDIC is on track to close 144 banks this year.
In 2009, the FDIC closed a total of 140 banks. With the second wave of subprime and Alternative A mortgages to hit in the second half of 2010, and you can expect even more banks will be seized.
How can this be with a +5.7% GDP? Inflation. Inflating the currency makes things look far better than they are. The flip side is prices will rise. Expect Mr Obama to complain about "profit makers putting themselves ahead of public good." Mr Obama knows better. He knows his budget will lead to economic ruin.
Mr Obama plainly seeks unconscionable power over American lives. Not satisfied with economic mayhem, this morning Obama announced a new effort to control health care access. And the weasel whines Mr Bush made him do.
Mr Obama and the sniveling leftists have got to be stopped.