The banking industry is bracing for continued losses from consumer loans, considering the rising unemployment rate, and an expected wave of commercial real-estate losses. At a Senate Banking Committee hearing in Washington on Thursday, Sen. Jim Bunning, R-Ky., related a comment to him by Federal Deposit Insurance Corp. Chairman Sheila Bair that another 500 banks could fail "unless something dramatic happens."The US is not out of the woods yet. The falling house prices and increasing unemployment is putting huge pressures on the smaller regional bank and they continue to go bankrupt because the Obama admin believes in giving hundreds of billions to Wall Street banks while thumbing their nose at Main Street and the needs to keep credit flowing at the local level. Under Obama, only the big boys get taxpayer money. Everybody else is expected to go belly up and float down the river.
Here's a picture of an economy adrift, belly-up, waiting for that "change you can believe in" to come and rescue it...
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