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FDIC Expects More Bank Failures But Foreign Governments Are Bailing Us Out

by Flexo

This doesn’t sound like good news. [FDIC] is planning to beef up its staff — including temporarily hiring up to 25 retired FDIC employees who worked in the agency’s more than 200-person division that handles failed banks — to handle an anticipated increase in bank failures. If you keep funds in some of the smaller ... Continue reading this article…

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Weekly Blog Roundup, Standing On Line Edition

by Flexo

I accompanied A. to a Scholastic Book Fair at one of their warehouses yesterday to find books for her fourth-grade class. Scholastic relies on volunteers to make these warehouse sales successful, and it looked like they were having a hard time this weekend. Once she found everything she needed, we stood on line for two ... Continue reading this article…

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Countrywide to Bail Out Overextended Borrowers

by Flexo

Countrywide, the country’s largest mortgage lender, is stepping in to “rework” 82,000 loans totaling about $16 billion. I believe that the lenders and the borrowers are both partly to blame for the mess. Lenders offer risky loans, and customers, happy to hear they can afford more than they anticipated, sign up without realizing they can’t ... Continue reading this article…

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