99.65% didn't fail in 2008
Here is your stat of the day:
According to FDIC data, 25 commercial banks failed in 2008, out of 7,146 banks in the U.S. The failed banks represent about 1/3 of 1% of all banks, meaning that 99.65% of banks survived the 2008 recession. The chart above displays annual bank failures back to 1970 (data here), showing the S&L crisis (shaded) when almost 3,000 U.S. banks failed.Maybe, just maybe, politicians jumped to conclusions and rushed a bailout without putting the problems in perspective.Before we make comparisons to the Great Depression, we might want to first compare today's financial troubles to the S&L crisis of the 1980s and 1990s, when almost 3,000 banks failed.
Comments
Of course, when the "too big to fail" ones fail disproportionately, action will be taken.
Posted by: steveegg | January 6, 2009 07:59 AM
It isn't about banks failing it is about the politicians repaying massive campaign contributions with our tax dollar to those who provided the funds for the thieves and morons in Washington to buy their elections.
Much as is done in local politics with zoning and pork projects that are the local currency.
According to the Doc all you have to do is follow the money
Madoff is a prime example of how political favor is bought .... even though he broke the agreement of his probation which would result in you or I being incarcerated,the judge in his case sent him back home while he, the judge, decided what he should do about this infraction.
Probably trying to find the rip chord on his platinum parachute.
I repeat folks we are in deep trouble and rapidly becoming the serfs of the kingdom of the "elected elite" who expect us to serve them.
Don Henderson
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Posted by: Don | January 6, 2009 12:54 PM
That is so true my friend.
We are the servants and they are the task masters.
All anyone has to do is look around and take a good look at what is happening in our society. That trai of money is like the yellow brick road in Oz.
Posted by: The Doctor | January 6, 2009 01:04 PM