Eight Bank Failures in 2009 Already!

Not only does this bring the total to 33 since the credit crisis began, the scary thing is this, 8 banks in the first 5 weeks averages out to be 1.6 banks per week in 2009. At this rate there will not be any banks left in the US. Here is a good recap of the goings on re bank closures so far.

Now is probably a good time to point out that so far, no Australian bank has gone out the door backwards nor have any needed big fat bailout (welfare for rich people) cheques to keep them afloat.