Saturday, August 14, 2010

Former Bank Regulator William Black: U.S. Using "Rally Stupid Strategy" to Hide Bank Losses - Will Produce Japanese Style Lost Decade

Aaron Task has a nice interview with former bank regulator William Black on our "Really Stupid Strategy" to Hide Bank Losses http://tinyurl.com/2br4fal

109 U.S. banks have failed so far this year, 23 in this quarter alone. These failures may not cost depositors, but they do come at a steep cost to the FDIC. As discussed here with ValuEngine’s Richard Suttmeier, the FDIC Deposit Insurance has already spent $18.93 billion this year, “well above the $15.33 billion prepaid assessments for all of 2010.â€