President Bush has declared America's banking system to be "basically sound."
Given Bush's past track record, his reassurances can only mean that we're all doomed to live in cardboard boxes while eating out of garbage cans. Clearly, the time has come to immediately panic and run screaming to our banks, withdraw all our money, and stuff our life savings to our mattresses. Well, at least the rest of you suckers can do that. I long ago entrusted my financial well-being to Obu Okun, the son of a Nigerian king, who will any day be forwarding me my share of his 300 billion fortune.
Seriously.... Bush telling us not to worry is like the captain of the Titanic not to worry about the water covering the bow of the ship.
Fannie Mae and Freddie Mac, the two largest home mortgage providers in the nation, had to turn to the government for a bailout. And in California, customers of IndyMac Bank found themselves temporarily unable to access their money when the bank failed. The FDIC has since seized the bank.
Meanwhile, some financial analysts are asking not if more banks will fail, but rather which one will be the next to go under. They warn that dozens more financial institutions may fail in the next year. Here in the DC area, rumors are swirling that Wachovia, the largest holder of deposits in the nation's capital, is in trouble. Wachovia officials of course deny the rumors, saying that the water pouring over the bow is just a temporary condition, and everything will be just hunky dory once the deck chairs float away and lighten the load on the rest of the ship.
Still, I'm holding on to my life preserver.
Wednesday, July 16, 2008
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