Yep, we are in a recovery, only 5 banks shut down this week!

peilthetraveler · Jan 31, 2010

http://finance.yahoo.com/news/Regulators-shut-down-banks-in-apf-1868747589.html?x=0

So, there has been 15 bank failures in January (5 this week) and there was 140 failures last year. Looks like we are on track to have more bank failures this year than last year, especially if we keep snowballing like we have with these bank failures every month.

makloda · Jan 31, 2010

Hundreds of banks were closed in 1992 and 1993, yet the US economy was healing. Doesn't mean it is on the path to sustainable riches now, but the closure of banks is not a sure-fire indicator of coming problems. It can be part of the healing process.

owusu · Jan 31, 2010

Some guys are desperately hoping for this country to fail because of their hatred of Obama. Just look at the editorial of the WSJ and Fox News.

bearice · Jan 31, 2010

Quote from peilthetraveler:

Yep, we are in a recovery, only 5 banks shut down this week!

USA is heading towards bankless recovery. USA without banks.

dumb_mother · Jan 31, 2010

Quote from bearice:

USA is heading towards bankless recovery. USA without banks.

that's no recovery- it is our last industry once the government destroys healthcare--

i guess it really will be back to the farm

sumfuka · Jan 31, 2010

Quote from makloda:

Hundreds of banks were closed in 1992 and 1993, yet the US economy was healing. Doesn't mean it is on the path to sustainable riches now, but the closure of banks is not a sure-fire indicator of coming problems. It can be part of the healing process.

Look at it this way, within 2 years the banking system was somewhat cleansed of their bad debts, there was capital formation/ new investors came in and restarting to rebuild the banks. Clearheaded Regulations were passed to prevent future malaise.
Right now, we are having a 100 or so bank fail each year, who knows how long it will take to clean out all the bad debts. Until it gets 80-90% cleaned out, no serious investor would want to invest in a bank. Mean while we get half assed regulation passed left and right for the sole purpose of pointing fingers.

I highly doubt we are in a healing process, and if we are; when will we stop the bleeding and see normal growth again?

Jack Nestle · Jan 31, 2010

Quote from owusu:

Some guys are desperately hoping for this country to fail because of their hatred of Obama. Just look at the editorial of the WSJ and Fox News.

If by fail you really mean the stupid policies of this administration, then yes, I think a lot of Americans want this to fail. If you mean hoping America fails, no true American wants that.

Stop drinking the kool-aid, to Disagree with Obama does not equal hating Obama.

MohdSalleh · Jan 31, 2010

if u didnt already know, banks fail almost every week across the country in every year regardless of the econ environment

Trexticle · Jan 31, 2010

The suburb that I live in had five or six banks 17 years ago. Now we have 35. We don't need 35 banks. Yes there are more people than before, but we don't need 35 banks. There are going to be banks shutting down for years to come. 5, 6, 10, maybe 20 a week should not be uncommon. It's a pretty big country.

peilthetraveler · Feb 1, 2010

Quote from makloda:

Hundreds of banks were closed in 1992 and 1993, yet the US economy was healing. Doesn't mean it is on the path to sustainable riches now, but the closure of banks is not a sure-fire indicator of coming problems. It can be part of the healing process.

Yeah...the that was about the same year we started entering into the information age and more and more people were buying computers and getting "online" which led to internet stocks....What do we have today to pull us out? We have nothing in the works.