Colonial bank fails - 6th largest failure in history

US banks seems to still be having trouble. Colonial bank failed on August 14th - the 6th largest bank failure in hsitory.

http://money.cnn.com/2009/08/14/news/companies/colonial_bancgroup/?postversion=2009081500

My sense is we are just at the tip of the iceberg as far as US is concerned. US is in a very bad hsape and there will be many more bank failures in the coming months. The charts are extremely bearish and the current rally seems to have got the fundamentalists bullish again. They might cry very loudly...again!

In Asia, China seems to have an intermediate top in place. The next few weeks could see a sharp correction. China govt has pumped in so much credit in the system that a crash is imminent.