9.05.2008

Happy Bank Failure Friday, everyone!!!

It's 4:15 on the West Coast, and lazy Bush appointee Sheila Bair still hasn't seized any banks. I guess she's still busy modifying loans for all the fraudulent borrowers from fraudulent lender IndyMac, after she arbitrarily showered billions of dollars of insurance money on IndyMac's uninsured depositors, leaving the insurance fund so low that she's going to have raid taxpayer money from the U.S. Treasury. Heckuva job, Bairie!

We've had two weeks in a row with bank failures (admittedly tiny banks). Will Sheila get off her ass and make it three? And when will she quit screwing around with these tiny banks and go after some big fish?

The Feds did give Downey Savings and Loan a little bitch-slap today. It won't be too long until DSL is seized.

But the big news is Fannie and Freddie bailout weekend. The stocks jumped today on bailout speculation, then tanked after-hours when people realized that even Wall Street lackey Hank Paulson might not be so crass as to make equity speculators whole at the expense of taxpayers.

As they say on Big Thunder Mountain, "Hang on to them hats and glasses, 'cause this here's the wildest ride in the wilderness!"

UPDATE: Bingo!!! Silver State Bank goes down. This is a personal favorite of mine, one I've been waiting for. It's also the one where John McVain's son just slipped out the back, Jack. No scandal there, unfortunately. He joined the board when SSBX acquired his Arizona bank recently, and he bailed just so he wouldn't become a Neil Bush campaign ad.

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