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Friday Bank Closures and a FDIC NY Times Article

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I've been monitoring the FDIC press release page this afternoon, and so far it has been quiet. Hopefully, we'll get through this week without another bank failure.

There's an interesting New York Times article today on FDIC retirees being hired back to help out with the increasing number of bank failures. There haven't been too many retirees brought back: only 80 to supplement a staff of 4,600.

The number of people working at the FDIC is still small compared to the height of the Savings and Loan Crisis when the FDIC employed around 23,000. The peak year during the crisis was 1989 when there were 534 closures. So far there have been 8 bank failures in 2008. The last one was two weeks ago. I'm glad I wasn't blogging back in 1989.


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