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Kos keeps asking to see the details.  So I dug up a few.

Let’s see:

Lehman Brothers
AIG
Bear Stearns
Goldman Sachs
Fannie Mae
Freddie Mac

- - more after the jump --

Failed Bank List  

[This is a modification of the list at the FDIC website linked above.]

Bank Name.......................................Closing Date
Washington Mutual Bank, Henderson, NV
and Washington Mutual Bank FSB, Park City, UT...September 25, 2008
Ameribank, Northfork, WV........................September 19, 2008
Silver State Bank, Henderson, NVEn Español......September 5, 2008
Integrity Bank, Alpharetta, GA..................August 29, 2008
The Columbian Bank and Trust, Topeka, KS........August 22, 2008
First Priority Bank, Bradenton, FL..............August 1, 2008
First Heritage Bank, NA, Newport Beach, CA......July 25, 2008
First National Bank of Nevada, Reno, NV.........July 25, 2008
IndyMac Bank, Pasadena, CA......................July 11, 2008
First Integrity Bank, NA, Staples, MN...........July 25, 2008
ANB Financial, NA, Bentonville, AR..............July 25, 2008
Hume Bank, Hume, MO.............................July 25, 2008
Douglass National Bank, Kansas City, MO.........July 25, 2008
Miami Valley Bank, Lakeview, OH.................July 25, 2008
NetBank, Alpharetta, GA.........................July 25, 2008
Metropolitan Savings Bank, Pittsburgh, PA.......July 25, 2008
Bank of Ephraim, Ephraim, UT....................April 9, 2008
Reliance Bank, White Plains, NY.................April 9, 2008
Guaranty National Bank of Tallahassee,
Tallahassee, FL.................................July 25, 2008
Dollar Savings Bank, Newark, NJ.................April 9, 2008

Is there a crisis?

Will it hurt people?

What if there is a run on banks?  Who will be hurt?

Probably nobody on this site lived through the Great Depression.  It’s just an abstraction for most of us.  But I was born at the end of it and, believe me, you don’t want to see what it does to the average, everyday guy.

I’m sure you’ve seen pictures like this:

Great Depression Soup Line

or this Great Depression Children's Soup Line

Who are the people in these lines?  Wall Street bigs?  No.

These pictures show what happens to the working men and women when the banks collapse.

And that’s why a solution to the banking crisis in necessary, no matter how disgusting it is to do it.

Originally posted to SamCDC on Fri Sep 26, 2008 at 11:31 AM PDT.

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Comment Preferences

  •  Pls post a tip jar (0+ / 0-)

    Yes, I believe it could happen again.

    No, I do not trust the administration.

    Yes, I do trust:

    Christopher Dodd
    Barney Frank
    Barack Obama
    Paul Krugman

    Numbers are like people . . . Torture them enough and they'll tell you anything.

    by Actuary4Change on Fri Sep 26, 2008 at 11:54:50 AM PDT

  •  Amen! (0+ / 0-)

    You are spot on.  While many of us might not like bailing out "corporate fat cats" - the alternative is too dire.  If we don't get this bailout done - say goodbye to recession and say hello to a full blown depression.  This bailout - while helping large institutional investors and banks - will also help Main Street.  If Wall Street goes down - Main Street will follow in short order.  As much as we might hate these large banks - if they go belly up - our entire economy will be danger.  

  •  the question isn't 'why take action' (0+ / 0-)

    the question is 'why oh why would we entrust the Bush administration with even more power, just so they can give even more money to the same people who caused this mess.

    Further points:

    This is not the 1920s.  Despite the best efforts of Conservatives the New Deal has not been completely dismantled.  Our savings deposits are ensured.  Your bank may fail, but your money is safe.  

    We are heading into a nasty recession, and if you try to cash out a 401k at some point in the next   few years you will get burned.  Basically, many Americans who were planning to retire anytime soon won't be able to.  That sucks, but it's not a trip to the soup kitchen.

    We are headed into a nasty recession.  To get through it we will need to return to basic keynesian economics.  That means jobs programs, government works programs, extended unemployment benefits, increased social spending, and a re-investment in infrastructure.  None of which will be possible if we blow $700 billion dollars at the start of the crisis.

    And yes this is only the beginning

    Given that the $60 trillion credit default market is bound to collapse; $700 billion is going to be just a drop in the bucket for Wall Street, at best it will prop the markets up through the election, which may be the point of the exercise.  But that money could make a lot of difference on Main Street.

    At the end of the day the Paulson/Bush/Pelosi/Frank Wall Street bailout is just bad policy.  What we need is a plan that aims resources at the small businesses on Main Street, the ones that employ %70 of all Americans, not at the big businesses on Wall Street that employ %100 of Hank Paulson's friends

    This country does not have the luxury to entertain idiocy as if it is reasonable. --Digby

    by Thought Crime on Fri Sep 26, 2008 at 12:04:05 PM PDT

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