The news story:
U.S. bank regulators closed seven institutions on Thursday, including six banks in Illinois controlled by one family and a small bank in Dallas, bringing the total number of U.S. bank failures to 52 so far this year…
…The FDIC has faced a sharp uptick in failed banks as loan portfolios continue to deteriorate following the bursting of the housing bubble. In 2008 there were 25 bank failures, and just three in 2007.
That is a 201% increase from 2008 – and the year is only half over. Someone says there are “green shoots” in the economy? They are mistaken – what we’re really seeing is green mold on the body of a dead economy.
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