Regulators on Friday shut down two banks in Florida and one in Oregon, bringing to 72 the number of federally insured banks to fail this year under the weight of the weak economy and rising loan losses.
The Federal Deposit Insurance Corp. was appointed receiver of the banks: First State Bank, of Sarasota, Fla.; Venice, Fla.-based Community National Bank of Sarasota County, and Community First Bank (FRBA) (CFBN), of Prineville, Ore.
First State Bank had total assets of $463 million and deposits totaling $387 million. Community National Bank had $97 million in assets and $93 million in deposits. Community First Bank had $209 million in assets and $182 million in deposits.
Yep, the bailout is working.
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Whew, just think how much worse it would have been if we hadn’t mortgaged our great-grand kids future with a $1,200,000,000,000 debt that is growing by $200,000,000,000 per month!
The federal debt now exceeds $200,000 for every man, woman, and child in the US. In the Bible, debt is equated with slavery. [Prov. 22:7] We are all a nation of slaves now. My unborn child will inherit this debt/slavery. If I work my entire life, I will never be able to pay off the debt of my family.
Year of Jubilee, anyone?