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The FDIC are telling the world they're currently expecting around 200 banks to fail this year. I think Ms Bair even mentioned that on the 'stay calm everybody' puff-piece on 60 minutes a few weeks ago... I think it's up to 19 so far this year? Nothing of real significance yet, even though the big 19 are all worth less than $0 in reality, because they haven't been allowed to fail as yet... If they were allowed or forced to fail, that'd be somewhere around 70% of the US's banks (by market share) gone overnight.
The FDIC is asking for a $500bn line of credit from congress as we type...
Sleep tight.
Oh, and just for some context on bear market rallies:
November 1929 - April 1930: +48%
June 1930 - September 1930: +12%
December 1930 - February 1931: +21%
May 1931 - June 1931: +27%
October 1932 - November 1931: +35%
July 1932 - September 1932: +72%
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"I do not agree that the dog in a manger has the final right to the manger even though he may have lain there for a very long time. I do not admit that right. I do not admit for instance, that a great wrong has been done to the Red Indians of America or the black people of Australia. I do not admit that a wrong has been done to these people by the fact that a stronger race, a higher-grade race, a more worldly wise race to put it that way, has come in and taken their place." - Winston Churchill, 1937 --{ORLY?}--
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