Sunday, October 25, 2009
US bank failures top 100 for year
U.S. bank failures have reached 100 this year. Because of the bad economy there has been an increase in loans that may lead more banks to suffer. Fortunately savers' money is not in danger because it is backed by the US government. Banks are buying other banks to save them from collapsing.
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It is insane that we have reached 100 failed banks in this year! In a time of economic turmoil these bank failures have cost the FDIC an estimated $25 billion. We really need a major overdue of our banking system in the United States and have more strict banking guidelines. I would rather see a small number of banks that are financially and structurally strong than a lot of banks that are weak.
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