A little reading and some more A/V this week because I will not be anywhere near a computer most of the day. Also staying on what wrath this mortgage debacle is still creating.
Good thing FDR was elected president, though I didn't think he ever thought the FDIC would have to flex its muscles this hard.
This isn't a sign of a healthy bank.
And then this makes sense. Small banks are closing at a frightening clip this year.
Although I don't agree with all of this (and also putting aside that anyone can make charts with what look like staggering increases and decreases if you don't really see the raw data), the Greenspan appearance is classic. History is not going to look kindly on him. And you gotta love The Band any chance you get.
Not directly an economic story, but less cars on the road is a good thing for everyone. And I have to give dc credit now and again.
_John
image: "a cardboard house!" from flickr methyl_lives
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Re: Wamu's CD - Welcome to the deposit-taking death-match. First one to the prime rate loses! Hmm. Borrow from the discount window or via CDs that won't get paid out if you fail... Tough one.
Re: failures of small banks. Who cares? Seriously. Banks *should* fail - to weed out the wheat from the chaff. Same thing with fast food chains, clothiers, and tech companies. It's just that the FDIC should get the cash to pony up when they do.
Re: GDP and Financial Meltdowns. Housing bubbles hurt, but apparently, people keep on spending. Is house wealth really wealth? Maybe we're not as interconnected as we think - 3.3% GDP growth in 2Q08.
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