Seven More Bank Failures This Week

bank_07According to the FDIC’s Failed Bank List, seven more banks failed this week bringing the total for this year to an astounding sixty-four.

That makes more than twice as many as last year (26) and more than 21 times as many as in 2007 when just three banks failed.

And just think – it’s only July. We still have just over five months left to go in 2009. It is entirely within the realm of possibility that 100 or more banks could fail this year. Doesn’t look like green shoots from here.

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