update on word of warning

[Rich Weese]

I know many don't really care about banking situation in our country. A couple sobering thoughts for those paying any attention.
1.http://www.digitaljournal.com/article/283688 FDIC lost money for first time since 1991, and most bank closures this year since 1992. Tip of the iceberg ,imo and heres' why:
2. cnnmoney.com--outstanding "risky" commercial loans
2006-95 billion
2007-114 billion
2008-373 billion
2009-642 billion!!
My prediction for 2010 is over 300 banks will fail and if we get a domino effect, could be the most EVER. 539 in 1984 is the record.
I'm not a financial guru, just a student of money. Last year, I believe it was 26 banks that failed. 5 times as many this year. If same 5 times happens next year, we'll set a record and be in a DEEP tank. Rich

[Account Closed]

I'm glad we fell way short on the bank closures. There are still many banks with bad balance sheets and outstanding commercial loans hasn't improved much.

As much as I want to see the economy grow, there are some serious drags on the economy that need to be fixed. I know some economists are talking about long term high unemployment, but this can't be a good thing for the economy.

More needs to be done to help small businesses succeed and get started.

I'm cautiously optimistic, but I realize that the economy currently rests on very unstable soil and something must be done.