Congratulations to the National Bank of Commerce of Berkeley, Illinois. They are the first bank to fail in 2009, shuttered by the FDIC on Friday, January 16.

Apparently we’ve had a real ‘bank holiday’ since the beginning of the year. The Federal Deposit Insurance Company took a vacation from shuttering banks for the first two Fridays of the month. You see, that is their day to close banks. Friday. So far they have put the final touches on 26 banks since the start of the current crisis.

That’s right. 26 banks have failed. That is not widely reported, is it? The headlines are full of the bank bailouts to the glamorous stars like Bank of America, which is currently in need of, and receiving, more billions just to keep their doors open. And pretty much everyone agrees it will take more bailout money in the future. It is like the gambler at the blackjack table, losing one bet and then doubling down to get their money back. Except they keep losing. That’s us, or rather that is our government acting for us.

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