Christmas was on Friday this year. The Scrooges at the FDIC, however, didn't close any banks on Christmas Eve. Perhaps they were visited by the Ghost of Bernanke Yet To Come. There's still time for the Feds to up the tally this afternoon.
This year's tally of bank failures stands at 140, ahead of the Depression statistics but well below the peak of the 1980s. A blogger following the housing market wrote in July 2008, "It's interesting how the 1980s dwarfed even the Great Depression [for bank failures]. And today? Barely a blip." What a difference a year makes! This spate of bank failures is expected to cost the FDIC north of $100 billion, a number usually heard only in connection with the Defense Department.