Friday, July 3, 2009

Which is Worse: 467,000 Jobs Lost, or 7 Failed Banks?

In case anyone was too busy to notice, the Labor Department announced yesterday that US non farm payrolls shrunk by 467,000 in the month of June. Needless to say, these numbers, which will likely be revised further downwards next month, are a direct blow to the Economic Cheerleaders we are fond of mocking on this site. We bid farewell, at least until next month, to all "second derivative" arguments.

In other news, the FDIC apparently decided that, due to the 4th of July holiday, it would would shift it's customary bank seizure day from Friday to Thursday. Likely, when the mobile bank seizure squad learned that it's docket would consist of seven financial institutions this week alone, it's member cringed at the thought that such activity might interfere with whatever plans they had made. Below is the list of those financial institutions that did not live to see the 233rd anniversary of US independence:

Founders Bank, Worth, IL
Millennium State Bank of Texas, Dallas, TX
The First National Bank of Danville, Danville, IL
The Elizabeth State Bank, Elizabeth, IL
Rock River Bank, Oregon, IL
The First State Bank of Winchester, Winchester, IL
The John Warner Bank, Clinton, IL

If the question above were put to a vote, we suspect that the jobs number would win; 467,000 would undoubtedly cast a vote the way of the jobs, plus, each of the 467,000 has adversely affected at least two other individuals, whose fear of losing their own job has just been amplified. Ultimately though, we will admit the irrelevancy of the question we just posed. What is relevant though, is the fact the underlying logic behind the claim that "Prosperity is just around the corner" has been dealt a severe blow, and will likely test the imaginations of those people who stand to benefit from the propagation of this false theory. It shall be interesting, we think. Sphere: Related Content

No comments:

Post a Comment