03-05-2009, 17:23
|
#1
|
|
Area Commander
Join Date: Jan 2004
Location: VA
Posts: 1,149
|
FDIC is supposed to back my money....
So should I start hiding money in my mattress at home? It's bad enough that everyone wanted the push for Direct Deposit, now what happpens when I can't get to my money in the bank?
FDIC warns US bank deposit insurance fund could tank
Thu Mar 5, 1:20 pm ET
WASHINGTON (AFP) – The US government is warning banks that its deposit insurance fund could go broke this year as bank failures mount.
The head of the Federal Deposit Insurance Corporation, Sheila Bair, in a letter to bank chief executives dated March 2, defended the FDIC's plan to raise fees on banks and assess an emergency fee to shore up the fund and maintain investor confidence.
Bair acknowledged the new fees, announced Friday, would put additional pressure on banks at time of financial crisis and a deepening recession, but insisted they were critical to keep the insurance fund solvent and protect.
"Without these assessments, the deposit insurance fund could become insolvent this year," Bair wrote.
The FDIC chief said in the letter that the rapidly deteriorating economic conditions raised the prospects of "a large number" of bank failures through 2010.
"Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative," she wrote.
The FDIC last Friday announced it would impose a temporary emergency fee on lenders and raise its regular assessments to shore up the rapidly depleting deposit insurance fund that insures individual customer deposits up to 250,000 dollars.
A week ago the FDIC reported a sharp depletion of the deposit insurance fund in the fourth quarter due to actual and anticipated bank failures, to 19 billion dollars from 34.6 billion in the third quarter.
The FDIC said it had set aside an additional 22 billion dollars for estimated losses on failures anticipated in 2009.
__________________
The question is never simply IF someone is lying, it's WHY. - Lie To Me
We must always fear the wicked. But there is another kind of evil that we must fear the most, and that is the indifference of good men - Boondock Saints
Iraq was never lost and Afghanistan was never quite the easy good war. Those in the media too often pile on and follow the polls rather than offer independent analysis. Campaign rhetoric and politics are one thing - the responsibility of governance is quite another.
- Victor Davis Hanson
|
|
AngelsSix is offline
|
|
|
03-05-2009, 17:41
|
#2
|
|
Quiet Professional
Join Date: Aug 2004
Location: NorCal
Posts: 15,370
|
A VDH silly thought on that one:
If one were, say, to have $400,000 in cash in a passbook account at either Citibank or Bank of America (both about broke), and also separately owed them $150,000 on a home mortgage; and if they went under, or had to recapitalize and then informed one that only the first $250,000 of the passbook was covered under FDIC (you laugh? But why have such deposit insurance limits, if all money in all savings accounts were really to be covered?), and thus admitted that they had lost one’s balance of $150,000 that exceeded federal insurance, could one then just say, “No problem, you canceled what you owed me, so likewise I just cancelled what I owe you on the house and we will call it even?”
Richard's $.02 
__________________
“Sometimes the Bible in the hand of one man is worse than a whisky bottle in the hand of (another)… There are just some kind of men who – who’re so busy worrying about the next world they’ve never learned to live in this one, and you can look down the street and see the results.” - To Kill A Mockingbird (Atticus Finch)
“Almost any sect, cult, or religion will legislate its creed into law if it acquires the political power to do so.” - Robert Heinlein
|
|
Richard is offline
|
|
|
03-05-2009, 17:58
|
#3
|
|
Area Commander
Join Date: Jan 2004
Location: VA
Posts: 1,149
|
I like the way you think, Rich!! 
__________________
The question is never simply IF someone is lying, it's WHY. - Lie To Me
We must always fear the wicked. But there is another kind of evil that we must fear the most, and that is the indifference of good men - Boondock Saints
Iraq was never lost and Afghanistan was never quite the easy good war. Those in the media too often pile on and follow the polls rather than offer independent analysis. Campaign rhetoric and politics are one thing - the responsibility of governance is quite another.
- Victor Davis Hanson
|
|
AngelsSix is offline
|
|
|
08-16-2009, 09:16
|
#5
|
|
Quiet Professional
Join Date: Mar 2009
Location: 11 miles from Dove Creek, Colorady
Posts: 3,924
|
Quote:
Originally Posted by Penn
|
No. You just need to be gullible. 
__________________
"...But if it be a sin to covet honour,
I am the most offending soul alive."
Shakespeare - Henry V
Lazy Bob Ranch
Last edited by Utah Bob; 08-16-2009 at 13:48.
|
|
Utah Bob is offline
|
|
|
08-16-2009, 10:43
|
#6
|
|
Quiet Professional
Join Date: Jan 2004
Location: Phoenix, AZ
Posts: 20,929
|
I think it's time to purchase some gold. (Gold doesn't rot away when you bury it..... )
As I've said, this train wreck has not even begun.....
TS
__________________
"The Spartans do not ask how many are the enemy, but where they are."
|
|
Team Sergeant is offline
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
All times are GMT -6. The time now is 16:01.
|
|
|
Linear Mode
