Here’s another grim statistic converted into a glimmer of economic hope: 39 banks have failed so far this year, but that’s not so bad because last year at this time there were 64 failed banks.
This week’s Failure Friday claimed five more banks in Florida, Georgia and Michigan, a headline that hardly gets noticed among the hundreds of banks that have failed since Lehaman Brothers failed in the fall of 2008. Click here to read more about those failed banks from the Associated Press. Geez, they held on this long. Why now when everything is so rosy and there’s so much free money from the Federal Reserve sloshing around.
The economic news is almost always leavened with hope. Bad numbers are portrayed as “better than expected” or improving by some large percentage over the following year, without always acknowledging that the following year was really, really, really bad and that the improvement just brings it to really, really bad.
But take heart. For what it’s worth bank failures are down 39% this year.