"Our government provides deposit insurance and other safeguards and guarantees to firms that operate banks. We do so because a stable and reliable banking system promotes sustained growth, and because we learned how dangerous the failure of that system can be during the Great Depression." President Obama, January 2010.
Hoven's Index for September 2, 2010
Number of banks on the FDIC's Failed Bank list (and rate per month):
Failed in 2010 (through Aug. 30): 118 (14.74/mo)
In all of 2009: 140 (11.67/mo)
In 2008: 25 (2.08/mo)
In 2007: 3 (0.25/mo)
In 2005 and 2006: 0
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