When All Else Is Out of Bounds, Zap Labor
From Nixon’s wage controls to today’s interest rate hikes, the fight against inflation has targeted labor.
Seven banks were taken over by the FDIC on Thursday, six of them based in Illinois. A total of 52 banks have failed so far in 2009, an average of 2 each week.
Today's bank failures cost the FDIC over $300 million.
According to a report in February, up to 1,000 banks may fail in the next 3-5 years.
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