And off we go:
Regulators shut down banks Friday in Florida, Missouri, New Mexico, Oregon and Washington, bringing to nine the number of bank failures so far in 2010, following 140 closures last year in the toughest economic environment since the Great Depression.
I’ll bet we’ll exceed 140 this year. The banks are insolvent – from large to small. Their assets are based upon things done prior to the collapse. The note on my house is listed somewhere, I’m sure, as an asset – that the value of my house has dropped 58% since 2005 isn’t factored in…if I were to die or lose my job, reality would come pouring in. But, meanwhile, my loan is an “asset” which allows a bank to pretend its not insolvent. And so it is around the nation…a lot of smoke and mirrors hiding a stark, hideous financial reality.
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