Who Is My BFF?
Hint: It's probably not Sheila Bair

Actually, Bloomberg, the FDIC says we're up to 106 bank failures for the year but whatever.

Bloomberg. This doesn't look good:

U.S. regulators closed more than 100 banks in a single year for the first time since 1992, signaling the financial crisis hasn’t abated for lenders struggling with mounting losses tied to commercial real estate.

Seven banks -- three in Florida and one each in Georgia, Wisconsin, Minnesota and Illinois -- were shut today, according to the Federal Deposit Insurance Corp., pushing this year’s total to 105. That’s the most since the savings-and-loan crisis led regulators to shutter 179 institutions in 1992.

Poor Sheila Bair, she thinks she's a jinx for markets. Personally I number her up there among favorites like Richmond Fed's Jeffrey Lacker and Skeptical CPA. The reality remains that some people know what they are talking about and some are absolutely f*%^ing clueless. It's pretty obvious who is who (just read a Janet Yellen speech if you are still confused on this point, it should become fairly clear after you've gotten through just a few paragraphs of that drivel) and Sheila sort of kicks a$$ despite her really, really sh*tty job right now.

Anyway, Reuters gave Bair a lovely write-up earlier this week:

Sheila Bair, widely lauded for her cool regulatory head amid crumbling financial markets and a rising tide of bank failures, says she should stay out of government jobs. She said she's jinxed.

"I joke that I should stay out of government service because everything I do, something bad happens," Bair, the chairman of the Federal Deposit Insurance Corp, told the Reuters Washington Summit.

If you want to read the whole thing, you can head over to Jr Deputy Accountant.

Happy Bank Fail Friday, kids.

Adrienne Gonzalez
Chief Incendiary Officer
Jr Deputy Accountant
http://www.jrdeputyaccountant.com