In a sure sign the Obama Recession is far from over, eight more U.S. were forced to shut their doors by federal regulators in the past week, bringing the total number of bank failures for 2010 to 50.During Barack Obama's first full year in office last year, 140 banks failed - the highest number of failures in 28 years. You'll recall that the savings and loan crisis was in full swing in 1992.
During George W. Bush's last two years in office, a total of just 28 banks failed.
The failures last year cost the FDIC's insurance fund more than $30 billion, according to The Associated Press.
For the record, 25 banks failed in 2008 and just three in 2007.
FDIC Chairman Sheila Bair told the wire service that the number of bank failures will peak in 2010 and be slightly more than in 2009.
Originally posted at TONY PHYRILLAS
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