I agree with your assessment, Thatcher would have not done anything in regards to Detroit. I think Thatcher and Reagan would have sat there and stated their ideological positions, which were apt for that time. T and R were faced with an Oil crisis, income tax rates at 70%, the Unions had too much power, and money was not moving through the economy. By contrast this recession, which is on the brink of depression, would have gone over the cliff. They would have made a firm decision based on principle, just like Hoover.
The theories of T and R and H are the same. In the '20s the banks failed, people lost confidence and snatched their money out of the banks. Banks failed every where. Businesses could not get credit, didn't loan funds and the death spiral began; businesses did not have credit, did not hire or pay wages and jobs were lost - none were created. With bread lines and shanty towns popping up in the U.S. in the '30s (see below), something had to be done. Now the replacement for the lack of food lines is a USDA program called Food Stamps, with a current recipient population of 31 million,greater than the population of Australia by 10 million.
What we have learned from history in the '80s is that at times of recession we must spend more, the citizens must spend and the government must spend. The credit industry was motivated by the Reagan administration to be more relaxed with credit, more Americans spent for supplies (see Supply-side Economics). Additionally, there was more government spending for Defense (see Star Wars) and overall government, our National Debt climbed from 2.1 trillion dollars to 5.1 trillion dollars in 10 years.
Thursday, Jan. 18, 2007 Makeshift structures have been erected as shelter for homeless people on a vacant lot in Liberty City, a neighborhood in Miami.
Failed Bank List
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The FDIC is often appointed as receiver for failed banks. This page contains useful information for the customers and vendors of these banks. This includes information on the acquiring bank (if applicable), how your accounts and loans are affected, and how vendors can file claims against the receivership.
This list includes banks which have failed since 2008.
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| Bank Name | Closing Date | Updated Date |
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Sanderson State Bank, Sanderson, TX
En Español | December 12, 2008 | December 12, 2008 |
| Haven Trust Bank, Duluth, GA | December 12, 2008 | December 12, 2008 |
| First Georgia Community Bank, Jackson, GA | December 5, 2008 | December 5, 2008 |
| PFF Bank and Trust, Pomona, CA | November 21, 2008 | November 21, 2008 |
| Downey Savings and Loan, Newport Beach, CA | November 21, 2008 | November 21, 2008 |
| The Community Bank, Loganville, GA | November 21, 2008 | November 21, 2008 |
| Security Pacific Bank, Los Angeles, CA | November 7, 2008 | November 7, 2008 |
| Franklin Bank, SSB, Houston, TX | November 7, 2008 | November 7, 2008 |
| Freedom Bank, Bradenton, FL | October 31, 2008 | October 31, 2008 |
| Alpha Bank & Trust, Alpharetta, GA | October 24, 2008 | October 24, 2008 |
| Meridian Bank, Eldred, IL | October 10, 2008 | October 10, 2008 |
| Main Street Bank, Northville, MI | October 10, 2008 | October 10, 2008 |
| Washington Mutual Bank, Henderson, NV and Washington Mutual Bank FSB, Park City, UT | September 25, 2008 | October 20, 2008 |
| Ameribank, Northfork, WV | September 19, 2008 | October 20, 2008 |
Silver State Bank, Henderson, NV
En Español | September 5, 2008 | October 20, 2008 |
| Integrity Bank, Alpharetta, GA | August 29, 2008 | October 20, 2008 |
| The Columbian Bank and Trust, Topeka, KS | August 22, 2008 | October 20, 2008 |
| First Priority Bank, Bradenton, FL | August 1, 2008 | October 27, 2008 |
| First Heritage Bank, NA, Newport Beach, CA | July 25, 2008 | October 20, 2008 |
| First National Bank of Nevada, Reno, NV | July 25, 2008 | December 9, 2008 |
| IndyMac Bank, Pasadena, CA | July 11, 2008 | October 27, 2008 |
| First Integrity Bank, NA, Staples, MN | May 30, 2008 | October 20, 2008 |
| ANB Financial, NA, Bentonville, AR | May 9, 2008 | October 27, 2008 |
| Hume Bank, Hume, MO | March 7, 2008 | October 27, 2008 |
| Douglass National Bank, Kansas City, MO | January 25, 2008 | October 20, 2008 |
| Miami Valley Bank, Lakeview, OH | October 4, 2007 | October 20, 2008 |
| NetBank, Alpharetta, GA | September 28, 2007 | October 20, 2008 |
| Metropolitan Savings Bank, Pittsburgh, PA | February 2, 2007 | October 20, 2008 |
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