Since our last post about failed banks 2010 has seen another 15 banks fail in January. They just keep on failing!
With the DOW turning and falling again, things have a long way down to go.
So far there is no let up for banks in 2010. If you have significant equity in a bank, put it in a safe bank. Check out Elliott Wave International for lists of safe banks.
Since our last post about failed banks an additional 13 banks failed during the month of December. Total bank failures for 2009: 139.
What will 2010 be like for banks?
As credit-card delinquencies continue to rise banks, like Bank of America, need cash as credit card losses continue to build. But not to worry because H.R. 4173, a House bill introduced by Barney Frank, will support the biggest banks with $4 Trillion gift, from the taxpayer.
Who saved the economy? Ben Bernanke or the taxpayer? More importantly, was the economy saved?
A few days ago Time Magazine put Bernanke on its cover and announced that he was the person of the year for 2009. But what about the taxpayer? Should not the taxpayer be the person of the year? Because, after all, it is the taxpayer who will pay for Bernanke's trillion 'bailout' dollars.
The sad part about this is that another larger, deeper economic contraction is coming. What will Bernanke do then?
Visualizing Bank Failures ( 2008-2009 ) from Computational Legal Studies on Vimeo.
Courtesy of Computational Legal Studies: "The movie [above] shows the location of bank failures, beginning in 2008 and concluding with the three failed banks from Friday, December 11, 2009. Each green circle corresponds to a bank failure, and the size of each circle corresponds logarithmically to the FDIC’s estimated cost for the Depository Insurance Fund, as stated in the FDIC press releases. For failures with joint press releases, such as the 9 banks that failed on October 30th, the circles are sized in proportion to their relative total deposits."
