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Theory and practice

I used to believe the bankruptcy of the Federal Deposit Insurance Corporation would have substantial implications. The FDIC officially ran out of money last Friday when they shuttered the usual handful of banks. When they close another handful this Friday — conveniently out of the media’s not-so-watchful eye — they’ll have exactly nothing with which to back up the deposits. Since backing up deposits in failed banks is the FDIC’s entire mission, this should cause the financial system to fail overnight. The FDIC claims to be working magic to solve this problem, but they’re simply trying to gloss over a monumental problem, as even the Wall Street Journal seems to notice.

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U.S. economy locked in spiral of death

The U.S. economy is moving in ever-tighter, ever-accelerating spirals. This, mind you, despite ongoing attempts to prop up the economy in the name of staving off a recession by Ben Bernanke and the ghouls at the Fed, Hank Paulson and his gangsters at Treasury Department, and Dubya and his cabal of criminals.

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The Great Awakening has Begun

Seems my entry from last week was premature. Specifically, I wrote: “The federal government’s complete unwillingness to deal with the tsunami of economic news, from home foreclosures to runaway inflation and supply disruptions in gasoline, is truly pathetic.” The federal government and its primary media outlet suddenly leaped into action.

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