FAILING BANKS
IndyMac Bancorp failed. It's said that more will fail. It must be that those banks bought subprime mortgage packages that were based on adjustable rate mortgages. One question I have is "why do folks put more in their bank accounts than the FDIC insures? Isn't that more risky than the stock market? What are they thinking?
But the real reason for this blog entry is the media hype. Everybody's crying about the possibility that 150 banks failing over the next year and a half. Anybody else do the math? One hundred and fifty banks is exactly 2.5% of the 7500 banks in the United States. Hype is driving most of the panic out there.
Come to East Texas, where real estate is reasonable, foreclosures are minimal, and the economy is stable. Risky isn't reasonable; stability is reasonable. www.johncmartin.com is ready when you are!
But the real reason for this blog entry is the media hype. Everybody's crying about the possibility that 150 banks failing over the next year and a half. Anybody else do the math? One hundred and fifty banks is exactly 2.5% of the 7500 banks in the United States. Hype is driving most of the panic out there.
Come to East Texas, where real estate is reasonable, foreclosures are minimal, and the economy is stable. Risky isn't reasonable; stability is reasonable. www.johncmartin.com is ready when you are!
posted by John and Flo Martin at 4:30 AM
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