10/08/09 Stockholm, Sweden – Managing Director at FBR Capital Markets Paul Miller was recently interviewed by The Wall Street Transcript and issued a disconcerting warning… he sees 1,000 bank failures on the eminent horizon.
He cites specific regions and figures to support his perspective. He stated, “Illinois didn’t have a big run-up in its housing market, but yet it’s leading – one of the leading states – in bank failures because so many of its banks are just not big enough to overcome the crisis. I think every region is unique. There are 8,000 banks out there, of which probably close to 1,000 will fail over the next couple of years.”
Miller expects that the banking system will support the casualties fairly well, because he anticipates that most of the bank failures will be smaller, regional players. We’re more concerned about the bigger institutions that may get caught up in the disarray. Not to mention the ever dwindling FDIC deposit insurance fund…
More of the interview can be found in The Pragmatic Capitalist’s post on “mind-boggling” bank failures.
Rocky Vega
Rocky Vega is publisher of Agora Financial International, where he advances the growth of Agora Financial publishing enterprises outside of the US. Previously, he was publisher of The Daily Reckoning, and founding publisher of both UrbanTurf and RFID Update -- which he ran from Brazil, Chile, and Puerto Rico -- as well as associate publisher of FierceFinance. Rocky has an honors MS from the Stockholm School of Economics and an honors BA from Harvard University, where he served on the board of directors for Let’s Go Publications, Harvard Student Agencies, and The Harvard Advocate.
The Daily Reckoning is your premier source for making sense of the news Washington and Wall Street generate. Each business day, The Daily Reckoning calls on its stable of world-class writers and thinkers to show you how to get ahead.
Start your 100% FREE subscription to The Daily Reckoning today and you’ll get a free research report, “How to Survive the Fall of Social Security.” Simply enter your email address below to get your free report and join over 495,000 worldwide Daily Reckoning subscribers!
We Respect Your Privacy and We will
Never Share or Sell Your Email Address
