Interesting updates from the FDIC. Looks like they might be drawing on that Treasury Dept line of credit before too long. Or further tax the responsible institutions out there so that GMAC Ally Bank and others can continue to offer outsized yields and gamble.
The lowest tax burdens are not surprising – Alaska (6.4) and Nevada (6.6), but the next lowest, Wyoming (7) and Florida (7.4), may be a surprise. The highest tax burdens, as may be expected, are megalapolitan New Jersey, New York (11.7), Connecticut (11.1) and Maryland (10.8), but Hawaii (10.6) in this group may be a surprise. The states in the middle, besides Massachusetts, include a contiguous set centered in Chicago – Illinois, Indiana, Iowa, Michigan, Kentucky and West Virginia (all 9.3 to 9.5).
Another good one from publisher of the Gloom, Boom, and Doom report. Though I have to disagree with his assessment that war will result from an American debt collapse. War between major powers is impossible with the nukes we have today. Mutually assured destruction.
There were some good gems here though, especially (paraphrased), “Buy bank stocks. It’s easy to make money when the government gives it to you”. He also has some choice words on Bernanke’s reappointment, and like many of us laments Volcker’s lack of involvement.