The good news is that the East Bridgewater (Mass.) Savings Bank is on good financial ground, mainly because they avoided drawing risky mortgages earlier this decade. The bad news is that they’re on good financial ground mainly because they avoided giving out affirmative action welfare mortgages to favored minorities earlier this decade. Guess whether the FDIC gravitates toward the good news or the bad news.
And guess which Federal agency charged with insuring bank deposits is running out of money, because many banks are going bust because of the affirmative action welfare mortgages that the East Bridgewater Savings Bank was wise enough not to draw. Oh the irony of it all.
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