Three years ago today, I shared news about the skyrocketing number of bank failures during President Barack Obama’s time in office. Today, I share an unbelievable update.
On July 12, 2012, I not only recalled details from a July 13, 2008, piece in which I highlighted the Federal Deposit Insurance Corporation‘s list of 33 banks in the United States that had failed since 2000, but I also showed readers how many banks had failed between July 2008 and July 12, 2012. Specifically, I wrote:
The list of U.S. banks that have failed since 2000 has grown from only 33 in July 2008 to nearly 500 today, and the vast majority failed AFTER President Barack Obama took office.
What has happened since publishing that post three years ago? According to this FDIC list, another 67 banks — or almost two per month — have gone under. Included among them was the Feb. 27 failure of Doral Bank in San Juan, Puerto Rico, with more than $1.3 billion in assets at the time of its closure — and the Sept. 13, 2013, failure of The National Bank of El Paso, with $3.1 billion in assets at the time of its closure, a figure listed atop Wikipedia’s “List of largest U.S. bank failures.”
In total, approximately 600 banks have failed since I began keeping score, and the vast majority — more than 80 percent of them — failed during Obama’s watch. And that’s a problem, because the United States of America can do better and must do better!
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