The recession, we are told, is over! So singeth the chorus line of Obama munchkins. We’re out of the woods, we’re out of the dark!
State and federal bank regulators late Friday closed Bank USA NA of Phoenix and appointed the Federal Deposit Insurance Corp. as receiver.
This latest closure — along with eight other banks owned by parent company FBOP Corp. of Oak Park, Ill. — brings the nation’s total number of bank failures this year to 115.
U.S. Bank NA of Minneapolis, a subsidiary of U.S. Bancorp, has assumed all the deposits and essentially all of the assets of the nine banks, including Bank USA, which had two Valley branches in Scottsdale and Phoenix.
Put on a happy face. One with a tight elastic band and no eye holes. The administration is busily inventing or imagining gobs of jobs “created or saved” by government glad handing of huge sums of money it actually doesn’t have. We’re running the largest deficits in all of recorded history. Federal and state tax revenues are plummeting. Unemployment is increasing.
If we’re out of the woods now, what, exactly are we into?