Regulators shut banks in Utah, Ohio, Georgia

Spreading out the problem over time does not reduce the severity of it. The management of perceptions, however, suggest that it does. Expect this endless parade to continue until it finally hits your bank. Don't worry, the FDIC backs your account, and the Treasury backs the FDIC. The Treasury, in turn, is backed by you and the power of the printing press. This defines the win-win, or is that lose-lose cycle. Of course, those dollars in the bank won't buy retain their purchasing power over time, but that doesn't matter either because we all need FDIC protection from excessive risk, right? As long as profit for some are backstopped by risk shared by all, reduction in purchasing power of unsound money is guaranteed over time.

Regulators on Friday shut down banks in Utah, Ohio and Georgia, boosting to 33 the number of bank failures in the U.S. so far this year following the 140 that succumbed in 2009 to mounting loan defaults and the recession.

The Federal Deposit Insurance Corp. took over the banks: Advanta Bank Corp., based in Draper, Utah; American National Bank of Parma, Ohio; and Century Security Bank of Duluth, Ga.

Source: finance.yahoo.com