So many people don't understand what happens when these companies sink. This is a biggee; they won't be the last. The number of "healthy banks" available to buy up the toxic paper of every one of these lenders and banks going under will continue to shrink. The list of 'zombie banks' grows.
Never mind the affect on the local economies. That down turn continues to affect state and local tax revenues and the band keeps playing on. But, we got change this morning! Obama/Soetoro nominates the failure to a second term as head of the Fed. Old Helicopter Ben and his confetti addiction.
I think the usurper forgot to mention in his press conference that we are now paying communist China $800 MILLION bux a week in interest on our debt to them. That doesn't include the Japanese and Saudi's. $800,000,000.00 a week just in interest to communists.
This reminds me of the famous black and white poster for the movie, Dr. Strangelove or: How I Learned to Stop Worrying and Love the Bomb. I forget which actor, maybe Slim Pickins, but he's riding the bomb with a big smile on his face as it shoots into the sky.
U.S. home lender Taylor Bean files for bankruptcy