29 bank failures in four months, surpassing 25 in all of 2008

Contraction slowing? Glimmers of recovery? Market hit bottom? I wonder what are these people thinking if facts like this continue to appear.

www.bloomberg.com...

Regulators Shut Banks in Georgia, Michigan, California, Idaho

By Margaret Chadbourn and Ari Levy

April 24 (Bloomberg) -- Regulators seized banks in Georgia, Michigan, California and Idaho with total assets of $2.3 billion, bringing the tally of failures in the U.S. this year to 29, exceeding the total for all of 2008.
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Surpassing 2008

The seizures pushed the tally of failed banks past the 25 reached last year. Foreclosure filings for March totaled 341,180, a record high, according to RealtyTrac, the California- based seller of default data. The economy has lost 5.1 million jobs since December 2007, and unemployment rose to 8.5 percent in March, the highest since 1983.
...

The banking industry lost $32.1 billion from October through December, the first aggregate quarterly loss since 1990. The agency classified 252 banks as “problem” in the fourth quarter, a 47 percent jump from the third quarter. The FDIC doesn’t identify problem banks by name.

The FDIC insures deposits of up to $250,000 per customer at 8,305 institutions with $13.9 trillion in assets.

Recently I'm seeing that the market is only reacting to good news, and ignoring the bad altogether. Yesterday for example Ford posted huge losses, and their stock went up! I know lots of people think the bottom was last month, but it seems like everyone is in dreamland.

reply to post by oneinthesame


It is kindof, It hears the bad news and goes down but just a little, then Obama or someone else says, hey guys It's getting better, we have no proof, but we suspect this will end this year, then it goes back up, Rinse Lather Repeat.