Number of problem US banks soars

Number of problem US banks soars

news.bbc.co.uk

The number of problem US banks jumped 40% to a 15-year high in the first three months of the year, a government watchdog has warned.

A total of 305 banks had financial woes in January-March, up from 252 in October-December, said the Federal Deposit Insurance Corporation (FDIC).

The increase came as banks continued to grapple with bad mortgage and credit card debt amid the recession.

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But but...i thought just a few days ago they were telling us there was light at the end of the tunnel? 15 year record of banks in trouble doesn't seem like signs of a recovery to me.And i still don't think we have been hit the credit card debt or what about derivatives? what will happen with the trillions of dollars in those? im not well versed in finance so i dont know the ins and outs but for j.p Morgan to have 80 trillion dollars of them can't be good.The bilderberg reports just out (although in all honesty i dont believe the reports at all) state that we are going to have a quick hard recession rather than a long strung out one.

news.bbc.co.uk
(visit the link for the full news article)



[edit on 27-5-2009 by Solomons]