Just a quick heads up, the banking situation here in the US is not getting any better. In fact, the FDIC just closed it’s eighth bank for the year. Now, that may not seem like many, but consider the banks that have closed:
Bank::FDIC Payout::Uninsured desposits
First Priority::$200 million::$13 million
IndyMac::$4 billion
Hume Bank::$12.5 million::$1.1 million
In all, eleven banks have failed between Feb 2007 and August 2008. To put things in perspective, before Feb 2007 the FDIC hadn’t closed a bank since 2004 (see sources). We’re gonna have big problems here.
Sources
Bank Failures, Should You Be Worried?
Coming Bank Failures
FDIC Bracing for Bank Failures
