Six more banks went under this weekend..... the coming crisis.
I hadn't seen it posted here, so I checked the FDIC website. Six more this week! Three in GA, one each in OH, IL and VA.
http://www.fdic.gov/bank/individual/failed/banklist.html
It seems to be such a common event as to not even receive notice anymore. However, to me it is the proverbial 'canary in the coal mine' when it comes to the health of the banking industry and the economy as a whole.
As the mega-banks whittle down the smaller banks and absorb them into a huge banking black hole, what happens to our money? Also, what happens in the event of a monetary change? If the currency is devalued, wouldn't that crush the profits of even the largest bank? And forget about the FDIC! They couldn't cover the loss if they ran every printing press in America full-throttle.
The health of our banks as we head toward a conclusion of a dismal retail Christmas season is in question. The health of the retail establishments who owe those banks money and have suffered this entire year are in jeopardy. The collapse of the commercial retail market cannot be far behind the gutting of the retail businesses. Who will take over the millions of abandoned square feet of retail space that will be available come spring? What entrepreneur will venture out with his capital knowing that no one is buying ANYTHING!?
