Silver State Bank of Henderson, Nevada has failed this afternoon, slipping under the radar of George W. Bush's bailout failure for Fannie Mae and Freddie Mac. Until July 26th, John McCain's son was one of the Directors of this bank. From the FDIC press release:
The transaction is the least costly resolution option, and the FDIC estimates that the cost to its Deposit Insurance Fund is between $450 and $550 million.
Once again, the GOP unleashes another Neil Bush on the American taxpayers, and with the takeover of Fannie Mae and Freddie Mac, we have an S&L Bailout II to go with it.
How much more of Republican management of the economy can we take? The entire focus of the 2008 campaign will now shift to the economy out of necessity. I'd like to say this is good news some how since it's a disaster for the Republicans. But it's not good news, because it's a disaster for the US taxpayer.