Toxic Loans Topping 5% May Push 150 Banks to Point of No Return

Missed payments by consumers, builders and small businesses pushed 72 lenders into failure this year, the most since 1992. More collapses may lie ahead as the recession causes increased defaults and swells the confidential U.S. list of “problem banks,” which stood at 305 in the first quarter.


My Comments: When I hear banks going broke I can only think of two things...One, they paid taxes on past earnings that were used to bailout C, JPM, WFC, BAC, GS, GE, GM, ect...Is this socialism for big business or fascism? And second, when is FDIC going to run out of money?

Full article here...