CNNMoney.com is reporting that five more banks failed on Friday bringing the total to 69 for 2009. According to the article it is estimated that the failures will cost the FDIC $912 million.
As recently as July 10th there were "only" 53 bank failures, meaning that the pace of bank failures has escalated in recent weeks.
There was a total of 25 bank failures in 2008.
The solution is found in repealing or reforming an obscure tax code that dates back to 1986.