Pure Defect

First there was Bear Sterns and their collapse, followed by Fannie Mae and Freddie Mac. Now I bring you First National Bank of Nevada and First National Bank of Arizona which as of this FDIC notice are now government property. Granted both of these newest failures are anywhere near as large as the previously mentioned financial collapses it seems to indicate that things are tumbling down hill in a very unpleasant fashion. If I were a moneyed person I would certainly be looking to move away conventional ways of eschewing away money and perhaps shift to things that are more independent of the overall economy, which is a overly verbose way to say now would be a good time to invest in a good hunting rifle, some ammunition, a reloading kit, and perhaps 50 acres of undeveloped and un-hunted wilderness. If you want to read a much more knowledgeable take on the whole thing have a look at Credit Writedowns to get a much better understanding of what is going on.

Labels: banks, collapse, financial