FDIC Closes FIVE Banks This Weekend

The Federal Deposit Insurance Corporation closed five banks this weekend, bringing to 22 the total banks it closed in the first four months of 2012. For context, the FDIC closed 25 banks for all of 2008, bush’s last year in office. This time last year, the FDIC had already closed 39 banks; less than the 64 closed in the first four months of 2010, and above the 29 closed in the first four months of 2009. Only two banks were closed in the first four months of 2008, since the economy, despite the light recession and housing bust was relatively stable at the time. In total, the FDIC closed 411 (four hundred and eleven) banks in Obama’s first three-plus years in office, versus only fifty banks for all of Bush’s eight year’s in office.

(RELATED: Study: Workers Were Better Off in Bush’s 2008 Than in the Last Twelve Months)

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