BANK FAILURES GAIN MOMENTUM AS BUSH STAYS IN DENIAL
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Two of Bush’s top economic henchmen, Paulson and Bernanke, are seen here painting rosy pictures for a Congressional hearing ~ while the economy sinks deeper into a severe recession which 75% of Americans already acknowledge with the exception of President George W Bush: Allen L Roland
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The United States budget deficit will reach 490 Billion next year virtually tying the hands of the next President ~ but there is a Republican strategy behind this gift the Bush administration is handing the Democrats. They want to starve the big three entitlement programs which compose over 41% of the budget ~ Medicare, Medicaid and Social Security.
Do remember that the projected 2009 deficit does not include the costs of the ongoing illegal occupation of Iraq and Afghanistan which is running between 10 to 12 billion dollars a month ~ so we are talking of a 2009 deficit of well over a half trillion dollars.
Meanwhile Bank failures continue to gain momentum ~
With the news today that two more US banks have failed, I thought it would be useful to see where we are with the continuing collapse of the global financial system.
Failed Banks So far:
Northern Rock
Bear Stearns
IndyMac
First Integrity Bank
ANB Financial
Hume Bank
Douglas National Bank
First Heritage Bank
First National Bank of Nevada
Forthcoming failures(?):
Barclays (senior execs jumping ship right now!)
Bradford & Bingley
HBOS
Downey Financial
Corus Bankshares
Doral Financial
FirstFed Financial
Oriental Financial
BankUnited Financial
Washington Mutual
… and many more. Keep you posted. http://news.aspects.cc/economy/bank-failures-so-far
If you're not outraged , you're on Life Support.
Allen L Roland http://blogs.salon.com/0002255/2008/07/29.html
Freelance Online columnist and psychotherapist Allen L Roland is available for comments, interviews, speaking engagements and private consultations ( allen@allenroland.com )
