"So Far, So [Bad]"

Here's a nice, little statistic. The FDIC has taken over a Nevada bank, the 83rd that has failed so far this year. As I said sometime ago, left to its own devices, businesses of all kinds self-destruct, given their insatiable greed. Capitalistic logic compels them to expand beyond their means, seeking ever-increasing profits. Risky investments or, as in the case of banks, irresponsible lending practices take them to the brink of disaster.

The Nevada bank failure will cost the FDIC $80 million in deposit protection, in what has been called the "socialism of losses", in contrast with the "privatization of profits."

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