5 banks closed in FL on Friday. Is this proof the economy is "improving" Mr.President?

Whoa..........this is proof that the government is taking over banks and this is also the reason why many banks are not lending to small business. This is what we were told when they cut our business line of credit in half. (perfect credit and we have had it for 10 years) They are afraid of the government taking them over so they have to keep their percentage of assets well above the government requirements. This is frightening.

** Will you people WAKE UP!! What part of "The Federal Deposit Insurance Corp. says it took over AmericanFirst Bank in Clermont, Fla.; First Federal Bank of North Florida in Palatka, Fla.; Riverside National Bank of Florida in Fort Pierce, Fla.; Butler Bank in Lowell, Mass.; and Lakeside Community Bank in Sterling Heights, Mich."...... did you not understand!

Well the FDIC does a pretty good job of reorganizing these banks and has for a long time. They usually come in on Friday as they close, reorganize them, sell them to a buy and the only difference come Monday is a new name on the bank. Happens all the time.

This is standard for the government, they don't want to have 5 small banks fail, create the illusion that banks are unsafe and start a run on all banks.

After the stock market crash in 1929 and the closure of so many banks that followed, Congress passed the Glass-Steagall Act in 1933. This regulated banks by keeping them from putting their depositors money in the stock market. Commercial banks and Investment banks were not permitted to do business with one another.

In 1999, Congress repealed this law. And President Clinton signed the repeal.

Clinton's Treasury Secretary said this:

“The banking industry is fundamentally different from what it was two decades ago, let alone in 1933.” He said the industry has been transformed into a global business of facilitating capital formation through diverse new products, services and markets. “U.S. banks generally engage in a broader range of securities activities abroad than is permitted domestically,” said the Treasury secretary. “Even domestically, the separation of investment banking and commercial banking envisioned by Glass-Steagall has eroded significantly.”

Until the Glass-Steagall Act is reinstated, banks will continue to close.

The economy is not improving as advertised, but it is better than it was. There are predicted to be more bank closings this year.

i hate when people expect something to happen overnight....OBAMA IS NOT A SUPERBEING yyour rtard and that news article was about local privately owned banks collapsing well no dipp shiz they have been giving out loans to people they should not have and when they went under the government cant baill them out because they are small and they dont effect the economy as much
SO GO BACK TO SCHOOL TAKE A BUSNESS CLASS AND YOU WOUENT ASK THESE RANDOM BULLSHIT QUESTIONS
p.s Bush and the republican congress got is in to a crator not a hole and its hard to climb out

I think Obama is living in his "Washington" bubble. AFter all, if you go by the fact that governmental unemployment is only 3%, that the President is gaining more and new powers every day and has been making grabs at free money from the treasure......the economy is getting better........
For the Government.
As for me and you, I guess we only have the option of circling the bowl for 3 years or until one of the secret service feels overly patriotic some day and takes obama out =)

It is proof that five banks closed in Florida on Friday.

The Canadian Dollar is also stronger than the American dollar at the moment. The two times in my life I remember that happening (1970's, 2008) bad times followed.

I like the part where you only pay attention to evidence that supports your view of reality, and ignore everything that makes it clear that you're wrong.

I also like how you fail to connect these bank failures to the need for banking sector reform.

It sure is proof that we need financial reform which the Republicans are trying to block because they are in the banks' back pocket.