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Permalink Reply by Ken Troxel on August 6, 2012 at 1:42am

There has been 40 bank failures in 2012, with total assets $9.002 billion, total deposits $8.453 billion, total estimated cost to FDIC $2.023 billion. Guess what, FDIC went broke years ago, so these FDIC bailouts are on the taxpayers dime.

This one bank is not the whole story. Since Feb. 2007, there has been 462 failed banks, with total assets of $407.570 billion, total deposits $366.976 billion, total estimated cost to FDIC $78.961 billion. Once upon a time the FDIC had about $30 billion to cover bank failures, the rest is courtesy of the American taxpayers.

All of these bank failures would not be occurring had congress not ended Glass-Steagall Bank Safety Act of 1933, in 1999 with the passage of the Gram-Leach-Bliley Act. Our Federal government is a bunch of bought out whores to the highest bidder and no one but banks have that kind of dough.

With each successive bank failure, the to big to fail banks get that much bigger.

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