... From me. Sharon.
My bank, WaMu, folded last year, and was bought out by Chase. Now my aunt's
bank, a little family-owned bank in Washington state, just folded on
Friday. I also heard that something like 15 banks have failed in the last
18 days.
But. WHY? What is the "real" reason behind these bank failures??? Is it
because the economy is so bad that the loans they have given out aren't
being paid by their borrowers? Hypothetically, we are told that once we
sign a promissory note, they convert it into cash and do not lose any money
out of pocket to begin with. Then WHY are they all failing? Something is
not adding up here...
Somebody, please enlighten me!
Thanks,
-- Sharon
--
"NOT RACIST.
NOT VIOLENT.
NO LONGER SILENT."
-- Compliments of Glenn Beck, 4/23/10
>From Sharon Lee, without prejudice (UCC 1-308)
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