December 30, 2008

The banking crisis has reached the Kingdom of Id. “I think the bank might be in financial trouble,” warns The Duke in a recent The Wizard of Id comic strip. “What makes you think that?” asks The King. “Its new calendar only goes to February,” The Duke replies.

A bit of gallows humor may be one of the few ways to cope with the accelerating pace of U.S. bank failures.Twenty-five banks had collapsed as of Dec. 18, the most since 50 went under in 1993. Banking regulators shuttered 12 in the fourth quarter, an average of one per week and nearly half of 2008’s total. Most experts predict 2009 will be even worse.