An excerpt from Bob Chapman's weekly publication.
October 27 2010: Financial follies continue, more bank closures this year than last, pension liabilities exceed revenues, continued troubles in the economy, no real interventions in currency market, PIMCO predictions.
As the Friday Night Financial Follies continues regulators on Friday shut down two small banks in Florida and two in Georgia, lifting to 136 the number of U.S. banks that have fallen this year as soured loans have mounted and the economy has sputtered.
With 136 closures nationwide so far this year, the pace of bank failures exceeds that of 2009, which was already a brisk year for shutdowns with 140. By this time last year, regulators had closed 106 banks.
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