First Georgia Community Bank Closed, Boosting 2008 Toll to 23
First Georgia Community Bank of Jackson, with four offices southeast of Atlanta, was closed by regulators, becoming the 23rd U.S. bank failure this year amid losses tied to record mortgage delinquencies and foreclosures.
First Georgia, with $237.5 million in assets and $197.4 million in deposits, was shut by the Georgia Department of Banking and Finance yesterday and the Federal Deposit Insurance Corp. was named receiver. United Bank of Zebulon, Georgia, will assume First Georgia’s deposits and open the failed bank’s offices today as United branches, the FDIC said.
Yup, too chickenshit they are; people seeing stuff like this might think there's a depression goin' on. There is of course, at least according to some folks like Helen Thomas over at the Seattle Post-Intelligencer, who back in November wrote, "Few prominent economists will say it, but to me it looks and feels like we are in another Great Depression or a reasonable facsimile.
"The current meltdown is dubbed a "financial crisis." But a rose by any other name would still inflict the same hardship and suffering on most people and businesses.
"Clearly, the lessons have not been learned from the Herbert Hoover era. Nobel Prize-winning economist Paul Krugman, a columnist for The New York Times, says the current banking crisis is "functionally similar to that of the Great Depression."
Actually, I think ol' Helen's right on the money, 'cept I mighta said, "A pile o' shit by any other name still stinks." The big boys were too chickenshit to tell us we were in a recession back in November of '07. Why should things now be any different--'cept now they're worse. I hope to have more on the economic catastrophes facing America and the world in the coming months and years but right now I have to start gathering the important information such as who's goin' to which Holiday Bowls and which team is likely to capture the BCS championship.
"We're the only country that ever went to the poorhouse in an automobile." -- Will Rogers