Bank Failure Friday - Failure 95

You know this is way too routine when few even read the post. It's now so common we barely blink an eye at another bank failure.

Atlanta-based Georgian Bank was closed by regulators on Friday, marking the 95th U.S. bank failure of the year as the credit crunch continues claiming victims.

Georgian Bank had $2 billion in assets and $2 billion in deposits as of July 24, according to the Federal Deposit Insurance Corp.

Columbia, S.C.-based First Citizens Bank and Trust Company Inc. has agreed to assume the failed bank's deposits, the FDIC said in a statement.

The FDIC estimated that the cost of the bank's failure to the federal deposit insurance fund will be $892 million.

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I think it's time to investigate some state bank regulators

particularly when it starts affecting the rest of us. Many of these failed banks 26 out of 95 were based in Georgia. Now, that doesn't mean all of them were state chartered banks - I am investigating that.

But we need to figure out what was the problem.

Here is the FDIC list of failed banks: Link - Financial Information for the Rest of Us.

gotta another one for ya Rebel

While I believe the real financial reforms are with the derivatives, the shadow banking system, the credit rating agencies....

You might consider putting together a very nice Populist rant on the attempts to block the CFPA. It's pretty outrageous, yet another example of corporate lobbyists trying to block any damn thing, regardless, through Congress.

rants-r-us on EP, so this would be a good one.

I'll take a crack at it later today.

I hit a wall with a story on asset bubbles forming again - remember our current economic growth model depends on bubbles instead of stuff like real wage growth. - Financial Information for the Rest of Us.

real wage growth

very good point. I need to do a long historical analysis on wages.

currently they are seen almost everywhere as just some "sign of inflation" and "oops, hurts productivity and costs" and just as "something to cut" on corporation's bottom lines.

I think this is pure bullshit, but I have to prove it.