Five more banks collapsed recently, bringing the total to an astonishing 120 for the year. The numbers amaze even a hardened bank veteran such as myself. Now that unemployment has topped 10% for the first time in a quarter-century, I thought a politically incorrect quote from one of America's all-time greats would be in order:
"History fails to record a single precedent in which nations subject to moral decay have not passed into political and economic decline. There has been either a spiritual awakening to overcome the moral lapse, or a progressive deterioration leading to ultimate national disaster."
-- General Douglas MacArthur, Supreme Commander of Allied Forces during World War II
No diatribe is necessary. That says it all.
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