FDIC Is Broke And Will Be For Years
FDIC bank fund in the red until 2012
"NEW YORK (CNNMoney.com) -- The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
Testifying before members of the Senate Banking Committee, the nation's top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But she said those efforts would not put the rescue fund in the black until a little more than two years from now at the earliest.
The fund has come under severe strain in recent months amid the recent surge in bank failures. Ninety-eight banks have failed so far this year, which has reduced the fund's value to $10 billion from $45 billion a year ago."
Make that ninety nine. Our psycho oppressors are desperately worried people will want to remove their money from dead in the water financial institutions, AKA bank runs, so they're gabbling about all sorts of robbing-Peter-to-pay-Paul schemes to dupe the dopes.
Watch FDIC chairwaoman Sheila Bair, who seems preoccupied with a steaming mass of bullshit on her lap, go through the nodding and droning routine of trying to lull you back to sleep.
"NEW YORK (CNNMoney.com) -- The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
Testifying before members of the Senate Banking Committee, the nation's top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But she said those efforts would not put the rescue fund in the black until a little more than two years from now at the earliest.
The fund has come under severe strain in recent months amid the recent surge in bank failures. Ninety-eight banks have failed so far this year, which has reduced the fund's value to $10 billion from $45 billion a year ago."
Make that ninety nine. Our psycho oppressors are desperately worried people will want to remove their money from dead in the water financial institutions, AKA bank runs, so they're gabbling about all sorts of robbing-Peter-to-pay-Paul schemes to dupe the dopes.
Watch FDIC chairwaoman Sheila Bair, who seems preoccupied with a steaming mass of bullshit on her lap, go through the nodding and droning routine of trying to lull you back to sleep.
posted by nolocontendere at 6:59 PM
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