Friday, February 20, 2009

How Many Banks Will We Nationalize Today?

Once again, it's bank failure Friday, which provides us with an opportunity to restate the somewhat obvious point that the FDIC has been, one way or another, seizing banks and selling them off or taking control quite a bit lately. They aren't doing that because they're commies, they're doing it because they have determined that the banks are insolvent and having a special system to deal with such things makes sense.