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Unemployment and FDIC report kill the rally

But as bad as the unemployment number was, the FDIC report was much worst. Over 410 banks are currently in the danger zone of being closed down. FDIC estimates 2/3 of the banks are insolvent. More than half of the banks reported revenues. The FDIC’s revenue fell by 20% from 1 year ago. Great, this report will surely fuel the rumors of the world wide bank holiday. […]