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Tuesday, February 23, 2010

Problem banks on rise

Back in 2008 I predicted that in 2009 over 100 banks would fall on money woes. The actual number was 140 that failed last year. This year things are even worse. Unless gov comes in. Well, we could see a major collapse of our financial infrastructure. Back in 2007 only three banks failed but as more people lose jobs that cannot pay their mortgage and put a drag on the economy. This means more banks close draining even more money. Number of problem banks is rising.