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IPFS News Link • Economy - Economics USA

Banking Crisis Dwarfs Depression

• The Street
Four more banks went into Federal Deposit Insurance Corp. receivership on Friday, bringing to 81 the total of FDIC actions in 2009. Including FDIC bank closings in 2008, the total for the current financial crisis is now 104. Assets of these 104 banks totaled $146.7 billion. How does this compare with other crises in recent history? The worst banking crisis since the Great Depressionwas, until 2008, the savings and loan crisis that spanned 10 years from the 1980s into the 1990s. Total assets involved in that crisis were $519 billion. Adjusting for inflation, using the consumer price index, that is $923 billion in 2009 dollars. That dwarfs the current size of bank failures under the FDIC program in this crisis.

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Comment by Anonymous
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Related http://www.marketwatch.com/story/the-fed-makes-an-early-withdrawal-2009-08-25 http://bluelori.blogspot.com/2009/08/proof-fdic-is-broke-check-out-your-bank.html



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