So Five Banks Failed on Friday

but I'm sure that's nothing to worry about. We've only had 69 failures so far this year and it's not like the rate of failure is increasing or anything.

Oh, wait.

Well, at least we have an administration that understands the problems and is looking to overhaul the system.

Oh, wait.

(chart link - Calculated Risk)

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On peak finance...

Corrente is, AKAIK, the only poliblog to be hammering on this point:

The economic adjustment will not be easy for the U.S. but it will be much more painful for smaller countries that have specialized in finance. The U.S., however, will likely struggle with the political adjustment – the financiers will not easily give up their licence to extract resources from citizens, either directly or through newly found rents channeled through the state (and coming ultimately out of your pocket, of course).

From this perspective, health care insurance reform is all about allocating rents to the insurnance companies, when health insurance care reform would be about taking their rents away from them entirely.

"First they ignore you, then they ridicule you, then they fight you, then you win." -- Mahatma Gandhi