Paul Revere by Cyrus Dallin, North End, Boston



Wednesday, March 15, 2023

There were 16 bank failures between 2017 and 2020.

SVB Bank is the first to collapse since Biden took office. 

"...[S]ourced data from the Federal Deposit Insurance Corporation (FDIC), which reports that eight banks failed in 2017, four in 2019 and four in 2020. 

 The eight banks that failed in 2017 were: the Washington Federal Bank for Savings, Chicago, Illinois; The Farmers and Merchants State Bank of Argonia, Argonia, Kansas; Fayette County Bank, Saint Elmo, Illinois; Guaranty Bank, Milwaukee, Wisconsin; First NBC Bank, New Orleans, Louisiana; Proficio Bank, Cottonwood Heights, Utah; Seaway Bank and Trust Company, Chicago, Illinois; and Harvest Community Bank, Pennsville, New Jersey. 

 In 2019, the four banks that collapsed were: City National Bank of New Jersey, Newark, New Jersey; Resolute Bank, Maumee, Ohio; Louisa Community Bank, Louisa, Kentucky; and the Enloe State Bank, Cooper, Texas. 

 The quartet of banks that failed in 2020 were: Almena State Bank, Almena, Kansas; First City Bank of Florida, Fort Walton Beach, Florida; The First State Bank, Barboursville, West Virginia; and Ericson State Bank, Ericson, Nebraska.



Dave Dubya said...

Greed eventually insinuated itself into Barney Frank, co-sponsor of Dodd-Frank. That was fine until he served on the board of Signature Bank and pushed deregulation.

The fact so many Democrats joined with Trump on deregulation tells us how we have the "best congress money can buy".

It never ends well.

Dave Miller said...

Trump signed the paper.

So he's got some exposure and for some, a level of culpability. But many Dems were also in support of this. The deregulation of the banking industry in 2018, which stopped a CPFB rule to put the customer first was supported by many Dems in both the House and the Senate.

What's to be learned from all of this?

When it comes to money, darn few in our Congressional leadership, be they Dems o0r Republicans, care about folks like you and me. When they had a chance to stand with Main Street over Wall Street, and make banks primarily beholden to consumers, instead of investors, they whiffed.

Our president. Both parties. And the chattering classes.

As Ducky might say... follow the money to know why.

Because money flows just as easily into GOP pockets as it does Dem pockets.

Shaw Kenawe said...

Dave D. and Dave M.

Our Congresscritter serve those with the deepest pockets. Dems and Repubs.

We do have the best government money can buy.

This sickens me.

Mike said...

Did you see the Frontline show "Age of Easy Money"? It's online now.

Dervish Sanders said...

Unfortunately, we'll be having more bank failures coming very soon. You can bet they're the result of what went on between 2017 to 2021. Consequences of whom you voted or not voted for are going to cost us bigly.

On a side note, you probably heard about the train derailment in Arizona turning out to being not as bad as they feared. The tankers had corn syrup. But I'm starting to think the tRumpers are getting dirtier by the second with all these train derailments happening around the same time. I said a while back I saw stuff on the dark web.