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200 Bank Failures Expected in 2010
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| Contributor | kal |
| Last Edited | kal Jan 19, 2010 05:38pm |
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| Category | General |
| News Date | Tuesday, January 19, 2010 11:00:00 PM UTC0:0 |
| Description | Washington has so thoroughly botched its supervision of the banking industry that 200 banks are likely to fail this year — easily surpassing last year’s 140 bank failures … inevitably involving the greatest bank losses in history … and already costing the FDIC ten times more than the great S&L and banking crisis of the 1980s did.
I am not basing these conclusions on conjecture. They come straight from official sources. Specifically …
In her testimony before the Financial Crisis Inquiry Commission on Thursday, FDIC Chairman Blair attacked the Fed under Greenspan for causing the housing bubble and subsequent debt crisis with its highly stimulative, low interest rate policy of the 2000s.
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