Besides registering their biggest full-year decline in total loans outstanding in 67 years, U.S. banks set a number of grim milestones. According to the FDIC, the number of U.S. banks at risk of failing hit a 16-year high at 702. More than 5% of all loans were at least three months past due, the highest level recorded in the 26 years the data have been collected. —Michael R. Crittenden and Marshall Eckblad reporting in "Lending falls at epic pace"

Nothing to see here, folks. Economists have declared the U.S. out of recession. Just move along now.

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Tags: Great Recession, economic depression, credit crisis, banking, FDIC