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Thursday, August 27, 2009

1,000 banks to fail across America?

That's what John Kanas of BankUnited is now saying. Kanas believes that a thousand banks - mostly small, privately-run institutions - will go belly-up during the next two years.

Ordinarily I'm automatically inclined to disregard this kind of statement as extreme alarmism (like how I never take any "climate experts" from the United Nations seriously). But given the number of banks and more than a few of those being larger ones that have gone down in just the past year, I do have to think this is something that merits serious credence.

But hey: if worse comes to worst, I guess the Federal Reserve only has to inject another five trillion dollars or so into the economy and thinks will be fixed. Right? Right?!?