Up until a couple years ago, if you heard that seven banks were taken over by the FDIC, you would think the world was coming to an end, or at least heading into a major depression. Now, the American public doesn't even pay much attention. For example, 45 banks collapsed during the summer. Where was the news?
Now, just today, government closed two California banks, First Federal Bank of California, based in Santa Monica, and Imperial Capital Bank of La Jolla. In addition, the FDIC shut banks in Alabama, Florida, Georgia, Michigan and Illinois. This is a total of 140 banks so far this year.