10% of American Banks Are Close to Failing
118 banks have failed this year and the FDIC has announced that another 829 banks are at risk of failure. The FDIC’s last report listed only 775 banks at risk of failure — that’s an increase of 7% in only three months. This means that more than one in ten of America’s approximately 7,800 banks is at risk of failing.
Congress has already spent taxpayers dollars to bail out 704 banks, but has left other banks to die. It appears that if your bank is failing, the smart business move is to spend your last dollars on buying congressmen. Dollar for dollar, buying politicians appears to be the best investment a business can make in the current political environment.
One hundred and forty banks failed in 2009. How many of those would have survived on taxpayer dollars if they just had just invested wisely in buying a few friends in Congress or at the FDIC?
This is the lesson that Obama and his cronies in Congress are teaching American business. Producing goods and providing services to earn an honest return on shareholder investment is the way business was done in the past. The American people voted for change and this is the change they got. The success of a firm is now dependent solely upon the status of it’s friends in Washington.
This situation can only lead to extremely wealthy and powerful politicians, a massive federal debt, and a failing economy. Unfortunately, it appears that this isn’t some frightening potential future we’re talking about, but the very real present.
