99 Banks Failed in 2009 so far.

by Jeff Davis

The contention of the Obama regime and liberal media that America is in a recovery of some kind is nothing short of deranged. What gets me is the blatancy of that lie. Anyone can simply look around them and see that America is in a Depression and it’s getting worse.

A recent news article reports: “Regulators shut down San Joaquin Bank in California on Friday, marking the 99th failure this year of a federally insured bank. The Federal Deposit Insurance Corp. was appointed receiver of San Joaquin Bank, based in Bakersfield, Calif. It had $775 million in assets and $631 million in deposits as of Sept. 29… The FDIC said the bank’s deposits will be assumed by Citizens Business Bank, based in Ontario, Calif. Its five branches will reopen Monday as branches of Citizens Business Bank. San Joaquin Bank’s failure is expected to cost the FDIC’s insurance fund $103 million. Depositors’ money is not in danger.”

Sure, there’s no danger other than the danger of their money becoming worthless due to Democrat party policies and trillions of dollars squandered in overspending reminiscent of Mugabe’s Zimbabwe. But what else would you expect from an African Socialist?

The article notes “The most severe financial crisis since the 1930s has hit banks large and small. With unemployment rising, consumer spending slack and businesses shuttered, experts say up to 400 more banks could fail in the next couple of years. The 99 failures may not fully reflect the depth of banks’ travails. Many more banks – perhaps hundreds – are so weak they could have been shut down already, experts say. Many vulnerable banks are in limbo. Regulators have threatened to close them unless they shore up their balance sheets, but the recession has made it difficult to raise capital or sell assets.”

Now, that’s shocking even for me and I’ve been following the growing list of bank failures, which have accelerated since June –about the same time the liberals started claiming we were in a “recovery”. Every bank failure typically means a take over by a bigger bank and laying off a large part of the bank’s work force, thus adding to the growing unemployment of the Obama Depression. Believe it or not, the Feds are still pressuring banks to make more subprime loans to minorities —the very policy that caused a multi-trillion dollar financial fiasco that began last year.

About 7.5 million jobs have been lost from the US economy since January, 2008. Many of these people were considered good quality mortgage borrowers, and as they fail to keep up their mortgage payments, even more banks will fail. So far it’s been a relatively slow domino effect, but most Americans are noticing more shops closed at the local mall, more of their friends out of work and more bad signs that convince them they shouldn’t spend a lot of money, but save as much as possible in case they get laid off too.

The forced acquisition of failed banks by bigger banks must be slowly weakening and poisoning the larger banks. They will no doubt beg for more newly-printed bail out money from the government, further inflating the dollar, causing yet another serious problem. Perhaps the Democrats are hoping to nationalize the big banks if they start to fail too.

One goal of the Democratic Party has always been to seize control of the wealth of the private sector for their own, to make sure that there will be an unlimited Aladdin’s cave of treasure to finance their insane spending, spending, spending. The Democrats have wanted all the marbles, for years. It looks like the Jews who are running Barack Hussein Obama as a sock puppet for themselves and for George Soros may finally be close to achieving this objective.