The FDIC broke new ground today with the failure of three large banks in Puerto Rico, the first since the S&L debacle of the elder Bush’s regime. These three banks closing will cost us 5.28 Billion USD. They also closed a bank in Everett WA at a cost of 1.37 Billion USD and another in Port Huron MI for a mere 615 million. A state charted bank in Creve Coeur, Missouri cost just chicken feed of 51 million.
Today’s total of 7.3 billion represents almost exactly what Federal government had in revenue today. The Tea Baggers like to squawk about how many days a year they work for the government. They’ll need to work for an extra day next year to pay for this little bit of Reaganomics.