Last year there were, I think, 25 bank failures. To date this year, there have been 27. Two today. Heritage Bank in Michigan and American Southern in Kennesaw, GA. The pace is apparently picking up.
With the news about GM shedding Pontiac, numerous plant closings, the economy remains troubled. There has been here and there a piece of encouraging news, but I do not think the turn has been made yet.
We are coming into a new economy. More centralized? Less American? More government? Less debt? More socialized? Less entrepreneurial?
A congressman has recently asked if capitalism is the same as survival of the fittest. I wonder what his view of capitalism is. I wonder what he thinks should be the fundament economic principle.
When we do make the turn, what will the road be like and where will it go?
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Thank you for visiting. This is the professional blog for
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Richard Smith
NMLS# 184479 TN# 40161 GA# 28928
Conventional, FHA, FHA 203k, HUD $100 down purchases, VA, Jumbo VA, Rural Development, Jumbo, FannieMae Homepath, Home Equity Line of Credit (HELOC).
Lending in Chattanooga, Tennessee and Georgia for over 20 years.
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Stearns Lending, Inc
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Cell phone: 423-280-0345 Email: Richard@HomeLoansChattanooga.com
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This blog represents the opinions of Richard Smith. The posts and comments written on the blog do not represent the opinions or positions of Stearns Lending, Inc.
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Just wait for the results of the bank stress tests! Unfortunately, it seems we are on a path to more debt, socialization, and nationalization. There will be more centralization. There will always be entrepreneurs but their ideas may be restricted by availability of capital. In my opinion, it is going to be a bumpy road. We will see some stabilization later this year and next but beware it is not the bottom. The next bull market should start around 2023.