FDIC Called On To Put Bank Of America Into Receivership

Hate to break this to anyone unaware of it, but if anyone thinks that we are going to resolve the banking problem in this country by going after one or more established banks at a time, you've got another think coming.

By all reports and opinions I've heard on the subject by "expert analysts" BOA should have been declared bankrupt and seized and foreclosed upon by the US government rather than included in the taxpayer bail out. So too, JP Morgan and possibly Sachs/Goldman.

They weren't but America was thrown the bones of Lehman and Bear Stearns as sacrificial lambs instead.

BOA came up golden and nothing is going to bring down the same banks that are providing buoyancy to BOA or the industry as it stands (with their hands out) today.

It's lose-lose for the American borrower and taxpayer.

These guys (banks) think nothing of biting the hands that feed it.

We're on our own, no matter how many stories like this come out to make it appear otherwise.
Read the Article at HuffingtonPost

TARP Watchdog's Report: Treasury Misled Public On Bailouts

Uh...we have no "treasury" in the common understanding of the word.
Since 1913 when we embraced the Federal Reserve, our "treasury" has been reduced to an accounting firm that merely tracks the money that we ask the "Fed" to print up for us and the skyrocketing interest vs principle that we ( after 100 years) will never escape from under.
While the term "treasury" provides some illusion to our independant solvency as a nation and a people, it is hardly representative of vaults filled with precious metals and such that provides genuine solid worth to our country's dubious fortunes or the value of our currency.
We're in debt because we bought into more a than questionable financial arrangement with national (and now international) banking systems rather than maintain a "pay as you go with currency spent, for the equal value of currency held, and now the piper must be paid; in much the same fashion as paying off a mortgage on a house or in these times, facing foreclosure.
The banks aren't failing. The banks are the Federal Reserve, collectively.
It's the Federal Reserve that is failing because it's purpose has run it's course. It and we as a nation are over extended beyond any hope of making good on even the interest on our loans, leaving both the lender and the borrower unable to secure either payment or capital on debt(s) outstanding. We are living in an economic structure best portrayed as an open ended spiral moving downward.
But be sure. We unfortunately do not have a "treasury" per se. And that's the real problem.
Read the Article at HuffingtonPost