Economy Saved? What About Colonial BancGroup?
By John W. Lillpop
Despite nearly 10 percent unemployment, trillions of dollars added to the exploding national debt, a new and more bloody round of foreclosures on its way, and a stock market more jittery than a woman of the night in church, President Obama insists that he "saved" the American economy.
Apparently, not all bureaucrats received the "I Saved the Economy" message from the hallowed one, leading some pompous scalawags in green eye shades and bearing red ink pens to assault another major bank.
As reported at Mywaynews, in part:
"WASHINGTON (AP) - Regulators on Friday shut down Colonial BancGroup Inc., a big lender in real estate development that marked the biggest U.S. bank failure this year, and a small bank in Pennsylvania.
"The closures boosted to 74 the number of federally insured banks that have failed in 2009.
"The Federal Deposit Insurance Corp. was appointed receiver of Montgomery, Ala.-based Colonial, with about $25 billion in assets, and Dwelling House Savings and Loan Association, located in Pittsburgh. The agency approved the sale of Colonial's $20 billion in deposits and about $22 billion of its assets to BB&T Corp., which is based in Winston-Salem, N.C. The failed bank's 346 branches in Alabama, Florida, Georgia, Nevada and Texas will reopen at the normal times starting on Saturday as offices of BB&T, the FDIC said."
The multi-trillion dollar question: Who is going to save America and her economy from our Marxist President and cohorts in Congress?
Posted by John W Lillpop at 2:54 PM