I've posted this elsewhere, but the MW article above is missing the point about the two credit unions that were taken over today.

The two Credit unions taken over today are CORPORATE credit unions. Corporate credit unions are sort of like the commercial banks of the credit union world. They let retail credit unions (the one's ordinary people use) stay liquid, make loans, clear checks and ATM transactions, and generally stay afloat.

The REAL story here isn't the deposit sizes of these two credit unions, but rather the NUMBER of retail credit unions they served. Wescorp alone services more than a third of all retail credit unions in the U.S., and nearly ALL of the CU's in California. Don't buy the NCUA line that corporate credit unions don't serve retail customers --- without corporate credit unions retail credit unions can't exist. And, the fact that the NCUA found two of the largest CORPORATE credit unions insolvent means that retail credit unions are likely having just as many problems as the banks with mortgages and other loans.

This is a MUCH bigger story than the bank closings today, and also MUCH bigger than MW apparently realizes.

A ce stade, LEAP/E2020 est donc en mesure de confirmer que la prochaine étape de la crise sera bien la « Très Grande Panne du système économique, financier et monétaire mondial » ; et que cette panne historique surviendra à l'Automne 2011. Les conséquences monétaires, financières, économiques et géopolitiques de cette « Très Grande Panne » seront d'une ampleur historique et feront paraître la crise de l'Automne 2008 comme ce qu'elle était réellement : un simple détonateur