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Originally Posted by filtherton
Why did you post the graphic? It essentially supported what Tully Mars said. Or were you trying to point out that large bank failures tend to occur every forty years, instead of 70-80? Even by that measure, the present unpleasantness is happening a bit too soon and might be more significant given the recent trends toward consolidation (not sure if that's true, it's just a guess).
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Some have made the point (not here) that our current economic condition is the worst since the depression. The graphic puts the issue of bank failures in perspective. That is why I posted it, and graphics are worth a 1,000 words.
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Facts? You consistently misappropriate facts and then when they are exposed as such you pretend that you were misunderstood. Perhaps you have trouble with facts Re: liberals because you use "facts" in questionable ways (see your plot of yearly bank failures).
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I consistently "cherry pick" facts when they support my point or when they make a counter-point seem silly. I often look for little challenges to break-up my day. Occationally, I will "cherry pick" a fact and hope it leads to a discussion of contradictory facts, methodology, or interpretation. Usually, people simply respond to me personally.
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Weren't you in the "the fundamentals of the economy are strong" camp?
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Yes. I still think our economy is fundamental strong. Want another little "factoid" to support my claim? Well here is one any way:
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Instead of shunning the U.S., where losses on subprime mortgages in 2007 triggered a global seizure in credit markets that led to the downfall of securities firms Bear Stearns Cos. and Lehman Brothers Holdings Inc., investors can’t get enough Treasuries. Even as estimates of Obama’s stimulus package and the budget deficit rise to a record $1 trillion, demand continues to increase as investors flee risky assets around the world and put their cash into U.S. bonds paying, in some cases, nothing in yield just to ensure the return of their principal.
“You still have a massive paranoia in the marketplace and you’ve got that safety-at-any-cost mentality,” said Jay Mueller, who manages about $3 billion of bonds at Wells Fargo Capital Management in Milwaukee. “People are not buying Treasury bills because they think the yields are attractive. They are buying them because they are afraid to put money anywhere else.”
Foreign Demand
Foreign central banks and other institutions are accumulating Treasuries at the fastest pace since 1988, boosting their holdings 12 percent since September, compared with a 7.7 percent increase last quarter, according to the Federal Reserve.
Purchases accelerated even as the yield on the benchmark two-year Treasury note tumbled to 0.76 percent last week from this year’s peak of 3.11 percent on June 13. Rates on three- month bills turned negative on Dec. 9 for the first time. The same day, the U.S. sold $30 billion of four-week bills at a zero percent rate. Yields on two-, 10- and 30-year Treasuries last week all fell to lowest since the U.S. began regular sales of those securities.
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Bloomberg.com: Economy
Seems that smart money sees something fundamentally strong in the US, don't you agree after reading this?