Off-again, on-again bank failures

Time ran out for seven banks on Friday, bringing the number of bank failures to 106 for 2009.  This is the highest since the 122 recorded in 1992, but still deceptively low.  A lack of funding and difficulty finding willing buyers has dictated a go-slow approach at the FDIC, and led to confusing signals from to the off-again, on-again nature of the bank closures.  The FDIC also hopes its pool of problem banks will dwindle if a recovery can take hold.

Of course, there is no economic recovery, and the next wave of crises from commercial loan losses will make clear that the subprime fiasco was just the beginning of a much broader and deeper banking problem.

This is from MARKETWATCH (Oct. 23).

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NEW YORK (MarketWatch) -- Seven more banks failed Friday, pushing the 2009 total to 106 and marking the first year since 1992 that at least 100 have gone under.

Experts suggest we could be no more than 10% of the way through this cycle of bank collapses, which is sure to be the worst run of closures since the Great Depression.

LINK: http://www.marketwatch.com/story/bank-failures-hit-100-for-year-2009-10-23