Stocks crater — more banks WILL fail

As the European Union fails to reach a membership-wide approach to its own countries’ financial problems, the Dow is below 10,000. Many banks, both domestic and foreign, realize the bailout plan by our MBA President, Secretary for Conflicts of Interest Henry Paulson and Worst Fed Head since Greenspan Ben Bernanke will take time to “work,” if it does at all.

“This is a psychologically important moment that we passed below the 10,000 level,” said Ryan Detrick, senior technical strategist at Schaeffer’s Investment Research. “But, the issues are worldwide. The fact is people are scared and the only thing they're doing is selling.”

Hell, bankers knew that a week ago. So much for the alleged brilliance of American capitalism.

As for 2009? Bank failures could increase to more than $100 failed banks and more than $1 trillion in capital. Click the link to see which states are most in trouble.