Five banks have failed in the worst banking news since April
2011. Palm Desert National Bank,
Plantation Federal Bank, InterBank, HarVest Bank, and Bank of the Eastern Shore
have gone under, bringing the total number of bank failures under Obama to
411.
COMMENTS:
This is another in a growing and ominous pile of indicators
that add up to a painfully bad economy lurking just around the corner. Everyone
needs to pull in their spending horns.
TODAY’S QUERIES & ANSWERS:
Q. I read over the weekend that orders for durable goods are
down, but that the Fed may be printing more money. Won’t that just fuel inflation on top of all
of this bad economic news? (Gary ~
Phoenix, AZ)
A. Yes it will, and most economists are saying that is the worst
thing that could possibly happen right now.
We have continued high unemployment, under-employment and lowered
incomes; inflating prices will worsen the crisis. By the way, Goldman Sachs is now forecasting
more layoffs and less hiring. Someone in
Washington is not doing a good job of managing our way out of this
situation.
Q. Another environmental expert has come forward to say he
misled the world on global warming and wants to apologize. He says Al Gore has it wrong, too. What’s your opinion? (Zula ~ San Jose, CA)
A. We don’t understand the climate and what makes it tick,
so how can we forecast global warming or cooling? Al Gore is the only global warming advocate
left, land he’s full of hot air.
Q. The Obama Administration has again defied Congress and is
releasing $147 million in Palestinian aid.
Obama is also doing everything he can to prevent Israel from attacking Iran,
including caving in and allowing Iran to proceed with its nuclear program. How much more of this is Israel going to
take? (Don ~ Palm Desert, CA)
A. Look for an Israeli strike before the November elections,
contrary to Obama’s demands. This is very dangerous diplomacy built solely on a foundation of unprincipled politics.
TODAY’S QUOTE:
“Climate
is what we expect, weather is what we get.” ~ Mark
Twain
TODAY’S VIDEO:
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