Forecast, news vs. NOT news.....from Rico

I might be jaundiced, just having read Dr. Doom's forecast that the US will have HYPERINFLATION in 5 to 10 years, and that it will happen 'fast' because the Gov't is fibbing shamelessly about the actual inflation numbers we already have...but this does put me in a Zimbabwe state of mind.

Todays (reported) news is that three more US banks have been seized/closed, bringing the number to 40 this year. I note the journalists are taking great pains NOT to compare this mid-year number to the last couple years totals. These three seizures will "cost" the FDIC $363 million.

How about the "real" news (unreported)?
- The FDIC currently insures 8,246 banks (but won't tell us who/how many are in trouble).
* The FDIC estimates US Bank failures through 2013 to "cost" $70 billion! THIS is the real story. Do the math and guesstimate for yourself the number of 'coming' bank closings!

Move along folks. Nothing to see here.