And worse is to come for 2010:
Seven U.S. banks were seized by regulators, bringing this year’s total of failed lenders to 140 as financial companies are tested by the recession and the Federal Deposit Insurance Corp. anticipates more shutdowns…
…Earlier this week, the FDIC boosted its 2010 budget by 56 percent to $4 billion to manage further shutdowns. The total budget will increase from $2.6 billion and the set-aside for bank failures doubles to $2.5 billion over this year, according to a proposal approved by the FDIC board. The agency staff will increase to 8,653 next year from 7,010 this year.
They’re setting aside money and beefing up staff because they know what is coming – regardless of all the happy talk from the Banksters and Bureaucrats, the economy remains deeply recessed and there is no indicating that we’ll genuinely climb out of it in 2010 (yes, liberals, I know GDP numbers say we’re out, already – but I’m dealing in reality, not government happy-talk).
I’m hunkering down – don’t know what, exactly, is going to happen but I’m not expecting it to be pretty.
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