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I suspect that hundreds of banks will fail in the coming months and years. The FDIC’s troubled bank list has doubled since last year. This is inevitable as local economies collapse like domino’s and their loans go bad.
The signs of a coming depression are all around us. Yet the media and Washington claim that our economy is stabilizing. I truly feel that the US is heading into dark days and an inevitable depression will take over our nation from 2010-2015.
I urge you to prepare for the coming difficult times.
Why do I think this? JOBS! There are no jobs being created and job losses continue to sky rocket. It doesn’t take Ben Bernanke to tell me that this one issue (if not solved) will cause Main Street to suffer for years to come. Sure, Wall Street and the men that live in glass houses will have jobs and money, but for 25% of the normal population, they will be jobless, hungry and in their own depression.
The banking industry continues to deteriorate, with federal regulators adding 111 lenders to their list of endangered banks in the latest quarter, even as the economy shows signs of stabilizing.
Data released Thursday painted a gloomy picture of the state of banking.
“It’s a continuation of the deterioration across the industry,” said Gerard Cassidy, a bank analyst with RBC Capital Markets. “We think there are hundreds of failures to come.”
