FDIC Numbers Show Bank Crisis Gaining Steam

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Federal Deposit Insurance Corp data released this afternoon show 117 banks and thrifts were considered to be in trouble in the second quarter, up from 90 in the prior quarter. That's being headlined as the worst number since 2003 but it's even worse than that. At the end of 2007, there were 76 banks on the list. In the first quarter we added 14. In the second quarter, we added twenty-seven to the total. (Actually, its worse than that since the actual failed banks are taken off the list, meaning we've added more than the total indicates). In short, the deterioration of banks is accelerating.

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