Bank Failures

We have officially passed the 100 mark. Usually, that's a good thing but in this case, 106 banks have failed. This number is the most in almost two decades, when it was 181 in 1992. Even though this number is high, there could be many more and the Federal Deposit Insurance Corporation (FDIC) expects to spend nearly $100 billion from their fund. Towards the end of June, the FDIC flagged 416 banks being at the risk of failure. Although so many banks have been flagged for failure, the rate at which they are being closed at is very slow. One reason the banks are closing slowly is because of the public. The FDIC wants to keep the public confidence in the banking system. If they close the banks too quickly, the public will go into a panic and it will also go against the FDIC's mission statement. Their mission statement is to "set up to create confidence and prevent bank runs." If you want to read more, in detail, the link is http://news.yahoo.com/s/ap/20091024/ap_on_bi_ge/us_bank_failures. The article was very detailed, giving figures and reasons for what the FDIC was doing. I felt as though there wasn't really any important information missing, because the main question I had was answered at the end of the article. I wanted to ask how many banks would survive in the end of this crisis, and they stated that "ultimately, it's all about employment." Another question that I has was what was the plan for the next couple of years. Is the FDIC going to keep the slow pace mentality for the bank closures? What is Obama's plan? Will there be another stimulus plan? I feel this is an important issue that everyone should know and be fully aware of.