Three more banks fail

If we are to take something from FDR's struggle to bring back the banking industry it is that we are lucky to have the FDIC backing us up at this time. Even though the cost is going to be significant for the government to cover the insurable amount of deposits in each of the failed banks, it is nice to know that we are protected during tough times like these. For a large bank like the Silverton Bank in Georgia to be closing indicates that we still have to work on the economy despite some of the progress that has been made in the last month. It is unfortunate to see banks falling apart right now given the need for security and growth, but on the bright side we are working on getting their customers adequate care from other banks within the regional areas. The government is taking the right position in sticking by and helping transfer assets and deposits to other banks because ultimately we need banks to survive if we are going to store and spend money in the future. With the increase number of bank closures from last year already, we need President Obama, Congress and Timothy Geithner to move towards a comprehensive plan that will restore total trust and optimism in banks like FDR did back in his heyday.