The previous recession was clearly associated with substantial problems in the financial sectors. As the graph shows, there has been a significant number of bank failures, as recorded by the Federal Deposit Insurance Corporation (FDIC), which is responsible for managing the closure process and insuring depositors. The number of failures, however, is nowhere near the peak around 1989, the time of the savings and loan crisis. The recession around that time involved different financial problems and thankfully was much less deep than the previous recession.
How this graph was created: Search for “bank failures” and then change the graph type to “Area” under graph settings in the graph tab.
Suggested by Christian Zimmermann
View on FRED, series used in this post: