As of yesterday, so far this year, one hundred twenty four banks in this country have failed and their assets taken over and sold off by the FDIC. It will probably get to one hundred and fifty by the end of the year. The rate at which banks fail has been increasing. Sometimes it's as many as four or five a week. Several of the banks that I do business with have gone under this year. It's becoming quite a consolidation.
It's not good.