Another One Three Bite the Dust
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“Run the government like a business” has been the theme of those who fail to realize that government is not a business.
Well, for the last eight years, that bunch has been in charge.
And they have, indeed, run the government the same way they run their own businesses.
Into the ground.
The glories of Republicanism.
Utah’s MagnetBank became the fourth bank failure of the year, and the Federal Deposit Insurance Corp. was forced to directly refund depositors after being unable to find another institution willing to take over its operations.
That marked the first time the FDIC has been unable to find an acquirer for a failed bank in nearly five years, according to FDIC spokesman David Barr.
(snip)
The FDIC later said it has also closed Maryland-based Suburban Federal Savings Bank, and Florida’s Ocala National Bank.
