My morning with Leslie Appleton-Young

Yesterday morning I had breakfast with the California Association of Realtors Chief Economist, Leslie Appleton Young (you should google her for updated forecasts). She had an interesting presentation, and started by telling us that we were in the "middle of economic history", and what's going on right now will be studied by our children decades from now, it will change monetary policy, international decisions, the political landscape, pretty much change the world as we know it, and we're right in the middle of it all right now. How sobering.

Bank failures and the FDIC

Something I found interesting in the LA Times (I'm about to cancel my subscription, the Sports page is the only worthwhile part of this paper): "Thanks largely to the housing bubble, not a single U.S. bank or thrift failed from June 2004 through February 2007, the longest collapse-free stretch in the FDIC's 75-year history. But three banks went under this year, 15 have folded this year, and the FDIC has warned of more failures in the coming years." Mike's note: at year end 2008 25 total banks wound up failing.