4 More Banks Close as Banking System Collapse Continues
The feds closed four more banks today (in Maryland, Illinois, Florida and Utah) bringing the number of failures to 26 for the year.
Lenders are collapsing at the fastest pace in 17 years amid losses on residential and commercial real estate loans made at the height of the market. U.S. “problem” banks climbed to the highest level since 1992 in the fourth quarter and FDIC Chairman Sheila Bair warned Feb. 23 that the pace of failures will “pick up” and exceed last year’s total of 140.
26 failures in 64 days. Never mind “picking up” — if the current pace keeps up there will be 148 failures for the year.
Do you think we got our money’s worth? $356 billion TARP financial investment, $1.5 trillion in Federal Reserve rescue efforts, and so on.
More importantly, what will our grandchildren think of us when we hand over a shattered economy and huge debt to them?
Technorati Tags: Bank Failures, FDIC, Fed Closing Banks, Banking Industry Collapse, Financial Bailout and Other Bad Ideas, Barack Hussein Obama the Dangerous Choice
