It is not over until it's over - bank failures

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We are not out of the woods quite yet -- true unemployment figures are around 20% and banks are having a hard time. From ABC News:
FDIC Says 702 Banks Now in Danger of Collapse
In the wake of the worst financial crisis since the Great Depression, the government agency that insures bank deposits announced today that 702 banks are on the brink of failure, the most in the last 17 years.

The Federal Deposit Insurance Corporation, in its report for the fourth quarter of 2009, said 702 banks are on their so-called "Problem List" as of the end of last year, a 27 percent increase from the end of the third quarter. Both the 702 banks and their combined $402 billion in assets are the highest since the second quarter of 1993.

In the first two months of this year, 20 institutions have already collapsed. In 2009, 140 banks were taken over by federal regulators as the economic downturn took its toll on banks nationwide.
The writing on the wall was there back in 2006. We have moved our accounts over to a local Credit Union and are very happy. Bubbles in markets will always happen but Banks should operate under a different set of rules that disallow risk.

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About this Entry

This page contains a single entry by DaveH published on February 23, 2010 6:50 PM.

Heh -- a bit of a hard time for Homeopathy was the previous entry in this blog.

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