- 16 year high of 702 banks at risk, according to the FDIC
--highest level of loans at least three months past due ever recorded
So far the government response has been less than forceful when it comes to the underlying frauds---no serious Pecora type investigation accompanied by some talk of beefing up white collar crime task forces but with few prosecutions so far. President Obama has mentioned this but not yet made it an issue. It seems to have become a "ho-hummer.'
Our fearless media is also downplaying this disaster because they don't have a first class, high profile villain like Bernie Madoff to use to personalize the problem.
In other words, it's shady business as usual with more businesses going out of business. And alongside this failure is a growing meltdown for what used to be the middle class and working class.
Quite reasonably, the public is becoming angrier because jobs are not coming back. And quiet as it is kept, they may not be coming back.
Writes Mark Zandi, "The job losses over the past three years have been across a wide range of industries and from coast to coast. And if you've lost your job, in all likelihood you will remain unemployed for longer than in any period since the Great Depression."
Explains Eric Janzen of iTulip.com, "The cumulative and lasting damage caused by two consecutive, predictable and thus preventable asset bubbles is starting to dawn on their victims. Some call it the "new normal." Millions of Americans have not recovered the income or job status they enjoyed a decade ago.'