6 more banks; 15 so far this year.

[Atash Hagmahani]

http://www.reuters.com/article/idUSTRE60T01F20100130

The Federal Deposit Insurance Corp (FDIC) said First Regional Bank in Los Angeles, Florida Community Bank, First National Bank of Georgia, American Marine Bank in Washington, Marshall Bank in Minnesota and Community Bank and Trust in Georgia had failed -- pushing the tally to 15 banks that have failed this year.

The FDIC expects 2010 to be a peak for bank failures as a result of the financial crisis. Last year, 140 banks failed, compared to 25 in 2008 and three in 2007.

2010 might be the peak, but the FDIC'S "insurance" pool has been negative for a while now. If bank failures continue at the current pace, it would make for approximately 180 for the year--but it appears the failure rate is still accelerating, therefor I would put 180 at the low end.

[Beeherder]

and where did eye see that list of most likely to fail banks??

[Mike]

Well, one of my banks is not on the list of "most likely to fail"  Columbia River Bank failed a week ago.

So far, everything's under control and the take-over was seamless.  But what happens when the FDIC is out of money?  The FDIC will go to congress and get some more money.  The deficit will increase even more because we taxpayers aren't going to be taxed.

It sure looks like congress is going to have a crisis on their hands; a real crisis; one that can't be bailed out because it is a bail out crisis.

[Beeherder]

Time for the Bernanke helicopters!! gee what affect will that have on prices?? gee what should i do with those CDs?? gee whiz what should i do with my savings account??

oh yeah, debt is money. and its better to owe a milliion dollars than have a million dollars, ... and the wheels keep turning,

these sure do look like interesting times, you know in that ancient Chinese curse sorta way.