On September 1, 2009
Analyst: Banking Industry Risks “Implosion”
Chris Whalen says at least 1,000 banks are in danger of failing this year, a far gloomier assessment than the FDIC’s forecast earlier this week. Predicting an “impending implosion” in the banking sector in 2010, the noted financial industry analyst says in a post that the government is running out of options. “Despite all of the talk and expenditure in Washington, the US banking industry is still sinking steadily and neither the Obama Administration nor the Federal Reserve seem to have any more bullets to fire at the deflation monster.” That’s largely because the Treasury Department has spent its ammo bailing out big banks, Whalen adds. Smaller institutions, along with the companies and investors who depend on them, are out…
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