The US banking industry has got into a tailspin in 2009 beginning, and there were no loans available in the market even for inter-bank deals. That forced the US FED to come out with unprecedented measures including pumping in nearly a trillion dollars of new funds and guaranteeing of all inter-bank deals for some time.
Even after all this, the US banking industry is still going through tough times, with over 130 banks closed down during the year 2009. And the year 2010 has started on a still worse note, with over 75 bank closures happening in the first 20 weeks of the year. At the current rate, the year 2010 could well see record number of bank closures since world war II.
That is not a record which any American would love to see or hear, but fat has it that way only.