Every Friday evening, I see this same story on Yahoo:
http://finance.yahoo.com/news/FDIC-shuts-down-7-banks-in-apf-3746090585.html?x=0
According to the article:
"There were 140 bank failures in the U.S. last year, the highest annual tally since 1992 at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008 and only three succumbed in 2007.
The number of bank failures likely will peak this year and will be slightly higher than in 2009, FDIC Chairman Sheila Bair said recently.
As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, hitting a $20.9 billion deficit as of Dec. 31.
The number of banks on the FDIC's confidential "problem" list jumped to 702 in the fourth quarter from 552 three months earlier, even as the industry squeezed out a small profit. Still, nearly one in every three banks reported a net loss for the latest quarter.
The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years."
The number of bank failures is increasing every year, yet this fact gets hidden every week in the weekend news and rarely if ever is reported on the evening news. The Fed said that the number of failures will likely peak this year and everyone just accepts that statement as fact. With the potential for a worsening commercial real estate crisis, I could easily see a continued increase in the number of failing banks into next year.
With more banks failing, the national debt continuing to grow exponentially, unemployment remaining high, etc.-- it simply amazes me that so many people think that our economy has recovered from the economic crisis. The real crisis is yet to come and will present amazing profit opportunities for those who are ready.
http://finance.yahoo.com/news/FDIC-shuts-down-7-banks-in-apf-3746090585.html?x=0
According to the article:
"There were 140 bank failures in the U.S. last year, the highest annual tally since 1992 at the height of the savings and loan crisis. They cost the insurance fund more than $30 billion. Twenty-five banks failed in 2008 and only three succumbed in 2007.
The number of bank failures likely will peak this year and will be slightly higher than in 2009, FDIC Chairman Sheila Bair said recently.
As losses have mounted on loans made for commercial property and development, the growing bank failures have sapped billions of dollars out of the deposit insurance fund. It fell into the red last year, hitting a $20.9 billion deficit as of Dec. 31.
The number of banks on the FDIC's confidential "problem" list jumped to 702 in the fourth quarter from 552 three months earlier, even as the industry squeezed out a small profit. Still, nearly one in every three banks reported a net loss for the latest quarter.
The FDIC expects the cost of resolving failed banks to grow to about $100 billion over the next four years."
The number of bank failures is increasing every year, yet this fact gets hidden every week in the weekend news and rarely if ever is reported on the evening news. The Fed said that the number of failures will likely peak this year and everyone just accepts that statement as fact. With the potential for a worsening commercial real estate crisis, I could easily see a continued increase in the number of failing banks into next year.
With more banks failing, the national debt continuing to grow exponentially, unemployment remaining high, etc.-- it simply amazes me that so many people think that our economy has recovered from the economic crisis. The real crisis is yet to come and will present amazing profit opportunities for those who are ready.
