ALERT! Banks Failing at Double the Pace of Last Year

Conservative Examiner ^ | 6/19/2010 | Anthony G. Martin

[Welshman007]

Citing what he believes are clear signs the economy is bouncing back from recession, Vice-President Joe Biden yesterday touted Barack Obama's 'stimulus package' and bailout of Wall Street.

Time for yet another fact-check on the pathological liars of the Obama Administration.

Banks are failing at double the rate of last year. During 2009, which the government claims was the peak of the recession, the total number of bank failures at this point in the year was 40. It is already 83 for this year.

Yet the FDIC is running ads on radio stations across the country attempting to scare people away from keeping their savings at home and making the wildly erroneous and reckless assertion that as long as he FDIC insures bank accounts they can never fail, no matter what.

The statement is a bare-faced lie.

[yefragetuwrabrumuy]

http://www.fdic.gov/bank/individual/failed/banklist.html

FDIC Failed Banks List

[Hoodat]

Bush’s fault. Obviously, this sudden acceleration of bank failures under the current President is the fault of the previous Administration.

[mamelukesabre]

t minus 6 years to utter collapse and destruction...at current rate of decline. That’s my prediction. However, current rate of decline should slow and thus the collapse should be much farther away. Possibly averted alltogether depending on november elections and how many rinos get elected.

[spokeshave]

Banks are failing at double the rate of last year. During 2009, which the government claims was the peak of the recession, the total number of bank failures at this point in the year was 40. It is already 83 for this year.

Some "new maths here"

Last year in 12 months was 40 bank failures....

So far this year is 83 bank failures....(in 6 months no less).

My estimate is another 77 in the next six months .

total for year is estimated at 160 bank and FOUR TIMES that of last year.

good work obambi /s

[spokeshave]

...if it was double the pace would be 80 bank failures this year.,...

we estimate 160 ...or QUADRUPLE last year rate.

[Kevmo]

Anyone who’s certain of the failure rate and puts their money where their mouth is, can profit from that certainty if they’re right — by trading contracts at Intrade.

Contract Bid Ask Last Vol Chge
VOLCKER.RULE.DEC10
The Volcker Rule regulating bank activity to become law before midnight ET 31 Dec 2010 M Trade 32.0 48.0 40.0 225 0

Number of US Bank Failures in 2010 (see contract rules)
Contract Bid Ask Last Vol Chge
US.BANKFAILURES.2010.>75
75 or more US banks to fail during 2010 M Trade 51.0 - - 0 0
US.BANKFAILURES.2010.>100
100 or more US banks to fail during 2010 M Trade 31.0 - - 0 0
US.BANKFAILURES.2010.>125
125 or more US banks to fail during 2010 M Trade - - - 0 0
US.BANKFAILURES.2010.>150
150 or more US banks to fail during 2010 M Trade 60.0 - - 0 0
US.BANKFAILURES.2010.>175
175 or more US banks to fail during 2010 M Trade 19.2 - - 0 0
US.BANKFAILURES.2010.>200
200 or more US banks to fail during 2010 M Trade - - - 0 0
US.BANKFAILURES.2010.>225
225 or more US banks to fail during 2010 M Trade - - - 0 0
US.BANKFAILURES.2010.>250
250 or more US banks to fail during 2010 M Trade - - - 0 0