News. Nov. 10 (Bloomberg) -- At least three U.S. banks failed in the past year after the Federal Deposit Insurance Corp. deemed them healthy enough to qualify for a program that reduced the time examiners spent on reviews by at least 20 percent.
The three lenders -- FirstCity Bank in Stockbridge, Georgia, Security Pacific Bank in Los Angeles and 1st Centennial Bank in Redlands, California -- were among the banks included in the agency’s Merit program, designed to increase efficiency by focusing examiners’ attention on weaker firms. The program, launched in 2002, was terminated in March 2008 after examiners complained that the guidelines usurped their judgment.
My point. This is another example of how the government protects us. The bigger the government, the more numerous the regulations, the more complex the task of enforcing them becomes. Unfortunately command economies do not last, cannot exist in real life. They are bound to collapse. The outcome is bubbles. But we will never learn.
To find out more about my in depth views of the markets and my strategy just visit our website https://www.peterdag.com/ where you can review The Peter Dag Portfolio. You can also call me at 1-800-833-2782 to discuss your specific money management needs.
I will be happy to speak to your investment group on how the business cycle impacts investment strategies and the choice of asset classes.
George Dagnino, PhD
Editor, since 1977
Ranked in the Top 10 for 12, 6, and 3 months for market timing by Timer Digest
Disclaimer. No material here constitutes "investment advice" nor is it a recommendation to buy or sell any financial instrument. Actions you undertake as a consequence of any analysis, opinion or advertisement on this site are your sole responsibility.
No comments:
Post a Comment