"The number of failed banks is growing rather slowly, don't you think? "

Rebecca Wilder on News N Economics with an interesting post:

"The Fed's been busy: Net-Failed Bank List is 20!

The Fed continues to beef up the size of the commercial banking system. The most recent additions are:

• GMAC and parent IB Financial Holding Company, LLC. are now U.S. commercial banks.
• CIT Group, Inc. is now a U.S. commercial bank.

By my calculations, that brings the Net-Bank Failure list to 20 rather than the FDIC's-reported 25.

Calc: The FDIC reports 25 failed banks since Dec. 2007 (the start of the recession) PLUS the Fed's approval of 5 financial firms to the U.S. Banking system:

Equals 20 Net-Failed Banks!

The number of failed banks is growing rather slowly, don't you think? There is relatively little consolidation going on here amid the shrinking financial system (global bank losses total $1 trillion and counting)."

I agree. It's fascinating. I would have expected more.