In US most of banks are becoming unsafe for processing any transactions especially depositing. A lot of bank will not survive in next year despites of Government’s $ 700 billion rescue plan.
The big question for government and bank authorities is how they plan to come out of this misery. Due to huge looses on home loans banking industry is shaking. More than 800 federally insured institutions have failed in 3 years, which was during the clean up phase of long savings and loan meltdown to wound up costing of tax payers from $170 billion to $205 billion, for adjusting according to the inflation.
Government committed to spend $700 billion to save the institutions by buying bad debts. The investors have already raised question, why to pour money in these institutions. With more super-sized banks in business, fewer failures could still dump a big bill on federal deposit Insurance Corporation.
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