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Saturday, August 2

It's a good thing they wait until Friday...

FDIC takes control of Fla. bank, fourth to fail since July 11

FDIC warns four US banks over liquidity:
MetroPacific Bank in Irvine, California
Bank Haven in Haven, Kansas
Clarkston State Bank in Clarkston, Michigan
Hastings State Bank in Hastings, Nebraska

Yeah, if the MSM posted stuff like this early during the work week, the semensmackers might begin to ask themselves, "Where are we going, and why are we in these handbaskets?"

RELATED UPDATE: Michael Panzer has a post up at Financial Armageddon wherein he reprints an interview by Barron's with economist Nouriel Roubini. The Barron's link is subscription only, but is covered at Panzer's link. The interview begins (bold emph. - me):

Barron's: Unfortunately for the rest of us, you have a pretty good track record. How much more misery lies ahead?

Roubini: We are in the second inning of a severe, protracted recession, which started in the first quarter of this year and is going to last at least 18 months, through the middle of next year. A systemic banking crisis will go on for awhile, with hundreds of banks going belly up.

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