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^^^ fortunately for the FDIC, another 'shotgun wedding' was hastily arranged ... with Citizen's Bank 'taking over' the nine branches and existing accounts of comparatively tiny Columbian Bank and Trust. The 'shotgun wedding' approach reduces the short term payouts that the FDIC must make ... but it also reduces the future tax revenues that Citizen's Bank will generate (since they can claim unrealized 'losses' on former Citizen's Bank activities against their own income). This of course amounts to a de-facto shift in bailout costs from the FDIC to federal / state taxpayers, as well as a de-facto subsidy to Citizen's Bank stockholders / investors.
I heard $42,000,000.00 of depositor's uninsured money went up in smoke too.
I guess that is one way to get money out of the money supply!
Seems to be some deflation going on. Money disappearing out of houses. Money disappearing out of banks. Money disappearing out of stocks. Millions and millions being destroyed.





MANY MEN WANTED TO LAY ME DOWN, BUT FEW WANTED TO LIFT ME UP
-Eartha Kitt





The other reason you don't hear much about this in American news media is that FOREIGN investors ... from the Chinese gov't to Arab oil shieks to Belgian dentists ... have been eating a large share of these losses !You never hear financial commentators on the TV or in the general media comment on this, but this all sounds like the stagflation nightmare is arriving
I think it is more because the American News media is more interested in the latest child killer, missing blonde cheerleader, or who ate their wedding ring. (Actual story.)
Thank God for the internet.





*weighing*
jon benet ramsay v collapse of the US economy?
hmmmm....
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