Remember "too big to fail"? Remember how those gigantic banks almost destroyed the world economy? Well, thanks to our wonderful legislators and their inability to represent WE THE PEOPLE, no meaningful Wall Street reforms were enacted to prevent it from happening again.
As behemoths like Washington Mutual and Countrywide were taking their last breaths, the government allowed them to be absorbed into the surviving monsters. Meanwhile, the small banks have been going under at an alarming rate over the past few years as they face the consequences of the housing mess.
Yeah... believe it or not, the "too big to fail-ures" are even bigger, now.
We'd all better pray that "forclosuregate" doesn't turn into a landfill full of put-backs for the likes of Bank of America, JP Morgan and Wells Fargo because if it does (and it's looking more and more likely, folks), we will NOT be okay.
U.S. Banks Failing At Fastest Pace In 2 Decades
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