Bank Failures and Increasing Spending is a major concern

The nation’s banks are still in a terrible financial meltdown. Despite the government TARP bailouts we still have lost eight-four banks this year and counting.I would guess we will lose another 100 banks compared to twenty-five last year. The main reason is increased unemployment and folks cannot refinance due to home prices decline.

The FDIC said last week their reserves are in good shape for now but they might need a bailout later this year. WOW, bail out the FDIC? I thought they insured our deposit. Whoops, they do!!

Now the taxpayers will bailout the FDIC who bailed out the failed bank. What is next? Do we all need to cash out our accounts and put the monies under the mattress or bury cash in my back yard?

Who knows, all I do realize and majority of American see the increased DEBT will be a major hurdle for us to overcome for many years to come.The media says we are out of a recession. Are they joking? I thought it took two quarters of gains to end a recession. I think the media conveniently forgot that point.

The government recently released a report showing for every dollar brought into the GDP (gross domestic product) it takes $6.49 of new debt. The govt keep spending money on programs hoping we spend it back into the economy. All I know we have to stop SPENDING and start SAVING. Imagine that old mindset.

SAVE DON'T SPEND IF YOU CAN !!