US Banks Are Getting Worse – Not Better

By Michael Pennington © Copyright 2010 Pennco Coins

Media reports continue to talk about the great rally in bank stocks. They mention everything positive they can think of, but the reality is our banking system is insolvent and so is the FDIC that insures your deposits. Look at a chart of banks that have officially gone bankrupt during this “crisis”.

Many more banks will be added to the list. The problem now is that the FDIC doesn’t have the manpower to move as quickly as they should. They take over 3-7 banks every weekend. Every month the broke FDIC has to go to Congress and ask for more funds. Thus far, concentration has been on the smaller banks while the FED continues to prop up those banks “too big to fail”. You should definitely check out your bank and if you feel uneasy about the management or it’s financial statements, I suggest looking at a local Credit Union. Typically they are better managed with risk exposure usually limited your local area.


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