Should we be surprised that we are witnessing so many failures all around us? After all, the mainstream media claims that the U.S. economy is doing just great. Of course the truth is that the economy is not in good shape at all. Those in positions of power have been desperately trying to prop up the system, but it continues to steadily fall apart. Earlier this year, we witnessed the second largest bank failure in U.S. history, the third largest bank failure in U.S. history, and the fourth largest bank failure in U.S. history. The Federal Reserve implemented extreme measures in an attempt to keep more banks from failing, but now another one has failed. On Friday, Heartland Tri-State Bank collapsed and the FDIC took control and arranged a sale…
Heartland Tri-State Bank of Elkhart, Kansas, failed on Friday, with the Federal Deposit Insurance Corporation taking control.
The FDIC agreed to assume all the deposits of Heartland Tri-State Bank to protect customers, entering a purchase and assumption agreement with Dream First Bank of Syracuse, Kansas.
That means the four branches of Heartland Tri-State Bank will reopen as branches of Dream First Bank on Monday.
This is the pattern that has emerged.
When a bank fails, the government is going to arrange for it to be absorbed by a bigger bank if possible.
Over time, this will lead to an unprecedented wave of consolidation in the banking industry.
The trucking industry has also fallen on very hard times.
Already this year we have seen a number of trucking company failures including Flagship Transport in Florida and FreightWorks Transport in North Carolina.
Now Yellow Corp. has gone belly up, and every single one of their 30,000 workers will be searching for new jobs…
Yellow Corp., a 99-year-old trucking company that was once a dominant player in its field, halted operations Sunday and will lay off all 30,000 of its workers.
The unionized company has been in a battle with the Teamsters union, which represents about 22,000 drivers and dock workers at the company. Just a week ago the union canceled a threatened strike that had been prompted by the company failing to contribute to its pension and health insurance plans. The union granted the company an extra month to make the required payments.
But by midweek last week, the company had stopped picking up freight from its customers and was making deliveries only of freight already in its system, according to both the union and Satish Jindel, a trucking industry consultant.