With the news of the first female republican VP on the ticket, closing Beijing ceremony part II with the democratic convention, and sports season starting-
-yeah, I guess we're all comfortably preoccupied. I'd say the bad news is going to be coming in truckloads.
Another bank collapsed yesterday.
Bloomberg.com: WorldwideBanks are being closed at the fastest pace in 14 years as financial companies report more than $505 billion in writedowns and credit losses since 2007. California lender IndyMac Bancorp Inc., which had $32 billion in assets, was closed July 11 in the third-largest bank seizure, contributing to a 14 percent drop in the U.S. deposit insurance fund that had $45.2 billion at the end of the in the second quarter.
It's not just a single bank failure that should worry anyone. It's a systemic problem of multiple small failures that have the possibility of rippling upward into the larger banks that purchase their deposits for pennies on the dollar. The Federal Reserve (and the central banks of other countries in their own financial mess) has been injecting cash into the system for a while now. That leads to higher inflation. The dollar falls. Oil prices go up. Food prices go up. Wages stagnate because there's no capital in the system. But don't worry. You don't have $100k in the bank and it doesn't affect you at all. Americans are ignorant of how their own economy works.
Point blank. Continue raving about the candidates connections to lobbyists and terrorists. Continue to ignore what they aren't saying so that you can continue to be ignorant of what's coming down the pipes. We can always print more money.
Topic: Is everyone comfortably preoccupied? (Read 1853 times)