So far today there have been just two more banks seized by the FDIC bringing the total for the year to 94. These were relatively cheap costing an estimated 850 million tax dollars to insure deposits.
Speaking of failed banks, the Federal Reserve has announced its intention to issue employee pay restrictions to all banks aimed at curtailing the practice of rewarding employees for driving their institutions into the ground. The rules would apply to all banking institutions of all types and sizes and even those who operate without Federal Charter.
This action comes as a bill picks up steam in Congress sponsored by extreme right Republicans and extreme left Democrats to audit the Federal Reserve. Congressman wish to determine where 14 trillion dollars went and to demand answers as to why nothing was done to prevent the current banking collapse. The Fed has sent Congress dire warnings that it has no right to stick its nose into what the Fed has done, is doing or will ever do, for theirs is the righteous power divined by a wrathful god and thou shall avert thine eyes or bring about the end of days for all mankind. They put it into banker speak but that’s what they said and they aren’t kidding.
Meanwhile closer to the real world Congress extended unemployment benefits for another 13 weeks for more than half the states with the worst unemployment numbers. If you live in the rest of the states you can starve. Five states now have unemployment above 12% with Michigan over 15% and if you roughly double these numbers you get more accurate statistics as they would have been reported in FDR’s days and they look like numbers from those days.
The march of jobs out of the country continues unabated with California now having lost 30% of its manufacturing jobs with the departure of Toyota. More than six million jobs have ended in the last two years with no intention on the part of corporate America to bring them back. In fact they are exporting our factories equipment just as fast as they can. They are putting us in a stranglehold of imports that they intend we shall never be able to break free of. In 1776 America was not allowed to make its own manufactured goods of any kind. Not shovel nor shirt. Can you buy anything now that says made in the colonies, I mean made in the USA.