Wednesday, July 23, 2008

Bank Failures

I just found out that the FDIC (federal deposit insurance corporation [of America]) maintains an official list of failed banks. Here it is.

By my count, the credit crunch - August 2007 to present, almost a full year - has caused one more bank failure (8) than the first quarter of 2002 (7), a period of only three months.

I have no idea what happened in the first quarter of 2002. Does anyone remember? I don't. My priors expected more failures; colour me underwhelmed. Guess I don't have to worry too much in choosing a financial institution two weeks from now.

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