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Today's Banking Crises is Comparable to the Great Depression of 1930's

By Implode-Explode Heavy Industries

"Like many financial crises of the past, this one has been plagued with high unemployment, increasing poverty, greater numbers of personal and business bankruptcies, endless foreclosures, failing businesses, and lastly an ever increasing number of bank failures. This article will focus on only one byproduct of this recession: number of bank failures. What the author has found is that a real apple to apple comparison between the two events has been obscured by misleading and incomplete information. The official total of today?s bank failures compared to the Great Depression is pegged at 5% when in reality it closer to 74%."

Full post as published by Mortgage Lender Implode-o-Meter on September 10, 2010 (boomark / email).