With Colonial Bank going down for the count today, along with other smaller fry, the FDIC is busily at work arranging mergers. This is beginning to look like a 'Duct-Tape and Chewing-Gum' sort of effort.
But the bigger banks swallowing the little ones need not worry--they get to keep the profitable stuff to themselves, and pass the trash onto the FDIC, who will soon be passing it on to us('cuz they're running out of money!).
So, in honor of the day, this cover from The Economist.
2 comments:
So now the question is... who gets to be on top?
p.s. the FDIC is broke. I hope you're buckled in tight for the ride...
I keep looking for my own little local bank to make the 'endangered' list. I make deposits every week, different days, different hours, and usually, it's just me and three dreadfully bored employees in the building. We gossip and 'visit', as small-town Southerners do. They are looking for things to do to fight the ennui.
It's a ghost town.
BTW, Junior--thanks for sharing that picture!
Nice people, I hope they are able to keep their jobs.
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