Money on America
cooled oil prices, which dipped below resignation of a disgraced president.
$70 a barrel at one point. The drop Yet the Dow rose from 66 to 11,497.”
BANK
meant lower fuel and heating bills for As Buffett’s endorsement sug-
FAILURES
U.S. consumers and looming eco- gested, reports of America’s demise
nomic trouble for America’s biggest as a superpower appear to be greatly 2008
oil-producing antagonists: Russia, exaggerated. BANKERS USED TO LIVE ON EASY STREET: ONLY
Iran, and Venezuela. For example, when U.S. Defense
three U.S. banks failed from 2005 to 2007. Now, however,
the subprime bill is coming due: 15 banks went under in
Secretary Robert Gates returned
2008, affecting more than $315 billion in assets.
A
ll this helps explain Buffett’s from a tour of allied countries in INSTITUTION DATE CLOSED/SOLD ASSETS
statement: “I’ve been buying mid-October, a reporter asked wheth-
Washington Mutual* Sept. 25 $307 billion
American stocks.” er he had seen signs that U.S. power
IndyMac Bank July 11 $32 billion
First Nat’l Bank of Nevada July 25 $3.4 billion
“In the 20th century,” he wrote in was on the wane.
ANB Financial May 9 $2.1 billion
the Times, “the United States endured “No,” Gates answered fl atly, as Silver State Bank Sept. 5 $2 billion
two world wars and other traumatic quoted in The New York Times. “Every
Integrity Bank Aug. 29 $1.1 billion
aand expensive military conflnd expensive military confl icts; icts; ththee one of the countries wants to haveone of the countries wants to hav
Columbian Bank & Trust Aug. 22 $752 million
First Priority Bank Aug. 1 $259 million
Depression; a dozenDepression; a dozen better relations with the United better relations with the Unite
First Heritage Bank July 25 $254 million
or so recessionsor so recessions States. They still see the country asStates. They still see the country a
Ameribank Sept. 18 $115 million
and fiand fi nancial nancial the last, best hope.”the last, best hope.” Main Street Bank Oct. 10 $98 million
panics; oil panics; oil After a while, even the media gotAfter a while, even the media go
Douglass National Bank Jan. 25 $58 million
shocks; a shocks; a into the act.into the act.
First Integrity Bank May 30 $55 million
Meridian Bank Oct. 10 $39 million
fl u epiepi-- “The U.S. economy is the only“The U.S. economy is the onl
Hume Bank March 7 $19 million
ddemic;emic; one in the world strong enough toone in the world strong enough t *Largest bank failure in U.S. history. Federal regulators brokered
an emergency sale to JPMorgan Chase for $1.9 billion.
aand the nd the weather this downturn,” CNBC busi-weather this downturn,” CNBC busi
SOURCES: Federal Deposit Insurance Corp., The New York Times
ness-news anchor Erin Burnett saidness-news anchor Erin Burnett sai
PLANNING PLANNING
on CNBC’s on CNBC’s Morning JoeMorning Joe. “And that’s. “And that’ serious problems in the future. But
OON PROFITSN PROFITS
something to be proud of.”something to be proud of.” having said that, I reject the notion
“The Oracle”“The Oracle”
Yet critics already had written theYet critics already had written th the United States is in some sort of
is targeting
companies companies
obituary of American might. terminal decline, whether in terms of
“suffering “suffering
Robert Lieber, government pro-Robert Lieber, government pro our own strength and resources, or in
hiccups.”hiccups.”
fessor at Georgetown University infessor at Georgetown University in terms of our international position.”
Washington, D.C., and author ofWashington, D.C., and author o History is strewn with examples
The American EraThe American Era, tells Newsmax, tells Newsma in which America’s ability to pre-
that the pessimism is far fromthat the pessimism is far from vail has been sorely underestimated,
accidental.accidental. Lieber says: fi rst by “condescend-
“Clearly for some peo-“Clearly for some peo ing” French and British statesmen
ple it is agenda-driven,ple it is agenda-driven in the 19th century; then by German,
used as a weapon orused as a weapon o Japanese, and Soviet militarists in
tool in domestic poli-tool in domestic poli the 20th; and today by “the home-
tics, there’s no doubttics, there’s no doub grown prophets of doom.”
about that,” he says.about that,” he says Lieber credits America’s endur-
“The U.S. has“The U.S. ha ance to its democratic traditions, its
serious problemsserious problem size, military strength, competitive-
nnow,” Lieberow,” Liebe ness, and the country’s remarkable
concedes, “and concedes, “an “capacity for reinvention.”
has had serioushas had seriou And he observes that while
problems in theproblems in th America’s critics come and go, “The
past. And no past. And n object of their contempt never
doubt will havedoubt will hav does.”
DECEMBER 2008 / NEWSMAX 23
0022_AM_AmericanStrength.indd 2322_AM_AmericanStrength.indd 23 111/7/08 3:20:30 PM1/7/08 3:20:30 PM
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