Banks suffer worst quarter since 1991

Banks suffer worst quarter since 1991 I
if you still aren't convinced of the pain the credit crunch has caused, here's another proof point: The Federal Deposit Insurance Corp. late Tuesday said banks' earnings for the second quarter were $5 billion, a whopping 86% plunge from the $36.8 billion banks earned in the same quarter of 2007.
"Quite frankly, the results were pretty dismal, and we don't see a return to the high earnings levels of previous years anytime soon," FDIC Chairman Sheila Bair said at a news conference.
The FDIC also said that that the number of banks on its "problem list" rose about 30%, from 90 to 117, in the first quarter of the year.