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Economy - Economics USA

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1,562 banks will be gone in the next few years. I heard this startlingly precise number from one of the panel members at the Wall Street Journal Future of Finance Initiative conference -- a meeting which featured a keynote by Treasury Secretary Tim Geithner, as well as participation such heavy hitters as George Soros, Meredith Whitney, Robert Shiller, and Paul Volcker. Let's put that prediction in perspective. Since the fall of Bear Stearns, only 61 banks have been taken over by the FDIC. If you believe this presenter, we've only seen 1/25 of the likely banking deaths. Yikes!

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