Bank Failures Surging in 2008
Filed under: Bailout Bill, George W. Bush, U.S. Economy, U.S. Financial Crisis
The last couple of times I’ve noticed that banks are failing it’s always on Saturday, as the FDIC quietly swoops in and takes over on a Friday afternoon. It seems like it’s happening more and more often so I took a look at the FDIC’s website. There is a spike this year, we’ve had 19 FDIC insured banks fail this year. The record I found only went back to 2000, there is a chart below. 41% of the bank failures in the last eight years have occurred this year. 33% of U.S. bank failures since 2000 have happened since July of this year.
Security Pacific Bank of Los Angeles and Franklin Bank of Houston, Texas became casulties on Friday. I’m looking at these numbers, the jobless rate, the housing bubble, Ford’s and GM’s woes - the list goes on - and I’m thinking that all Barney Frank, George Bush and Henry Paulson have done is throw $700 billion at Wall Street.
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2 Comments on Bank Failures Surging in 2008
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NYSmike on
Sun, 9th Nov 2008 10:44 am
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Carol Peck on
Wed, 12th Nov 2008 10:23 pm
What about Chris Dodd as well?
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