With five more American banks going out of business last week, the total number of collapses this year has risen to 120 or an average of over ten entities every month.

The total bank failures this year is the highest since 1992, when a whopping 181 entities folded up due to savings and loan crisis.

“Before we celebrate the new health care legislation, keep in mind that the American people will be required by law to buy private insurance and that they will pay a penalty if they don’t.
“That insurance companies will be subsidized by the government.
“That insurance companies have had double digit increases in premiums in the past four years.
“That we are locking in a for profit structure.
“This is the result of a health care debate of which the flawed premise is that health care reform can not happen without the cooperation of the insurance companies, which make money by not providing health care.
“The truth is that reform can not happen with them. The insurance companies are the problem not the solution. This legislation, no matter how well intended, will likely not be able to deliver, cost too much and be another bail out for big business at the expense of the American people.”

As Mayor Michael Bloomberg approached the end of his first term in 2004 with his eye toward re-election in 2005, the administration was able to momentarily turn away from the city’s economic turmoil. Bloomberg began re-examining some of New York’s social service policies, putting fighting poverty and homelessness at the top of his list.