Shiela Bair announces today that FDIC will likely not borrow from the FED to cover bank losses this year. RIGHT! With CORS failing in next 2 weeks along with other likely candidates, FDIC will go broke within a month!
Unemployment claims increased "slightly" from expected 565,000 to 570,000. And, little noticed, last week's figures were ratcheted upward. But, continuing claims for unemployment benefits declined significantly as though that was positive news. (Not reported: The decline was due primarily to significant number of unemployed using up all their benefits and now must head toward a nearby tent city).
Shiela Bair recognized the increase of targeted stressed (failing) banks rise from 305 to 416 but reports that failing banks are a "trailing indicator" and the economy is actually improving. RIGHT.
It goes on ad nauseum..... So pathetic and the financial press eats it up!