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Old 08-27-2008, 06:45 AM
 
Location: Backwoods of Maine
6,941 posts, read 7,683,573 times
Reputation: 17852

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The FDIC is expecting hundreds of bank failures nationally over the next few years. They have hired new employees and brought more out of retirement. BTW, their funds are now down to $38b from $53b.

FDIC gets ready for bank failures (http://www.statesman.com/business/content/shared/money/stories/2008/08/fdic_0824_1.html - broken link)
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Old 08-27-2008, 08:23 AM
 
67 posts, read 242,139 times
Reputation: 39
Quote:
Originally Posted by Nor'Eastah View Post
The FDIC is expecting hundreds of bank failures nationally over the next few years. They have hired new employees and brought more out of retirement. BTW, their funds are now down to $38b from $53b.

FDIC gets ready for bank failures (http://www.statesman.com/business/content/shared/money/stories/2008/08/fdic_0824_1.html - broken link)

I opened a Washington Mutual CD yesterday paying 5% for 13-months. (Pretty good these days for just 1 year.) Yes, I knew the bank is in bad shape. Yes, I knew the FDIC is in bad shape, as well. -But I couldn't help myself.

If the bank fails and if the FDIC can't meet its obligations, I promise to take my medicine like a man.
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Old 08-27-2008, 07:27 PM
 
Location: Great State of Texas
86,093 posts, read 69,996,344 times
Reputation: 27520
Don't worry..the FDIC made arrangements with the Fed to borrow money.

So the guy who does the bailouts is lined up for a bailout himself

FDIC may borrow money from Treasury: report - Yahoo! News (broken link)

What happens when the Fed has no more money..who bails out the bank of last resort ?
We all know these bailouts can't go on indefinitely.
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Old 08-27-2008, 09:58 PM
 
1,567 posts, read 2,696,483 times
Reputation: 1262
read the creature from jekyll island
these clowns are robbing us all blind
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Old 08-27-2008, 10:44 PM
 
Location: Heartland Florida
9,324 posts, read 23,266,876 times
Reputation: 4895
Quote:
Originally Posted by HappyTexan View Post
Don't worry..the FDIC made arrangements with the Fed to borrow money.

So the guy who does the bailouts is lined up for a bailout himself

FDIC may borrow money from Treasury: report - Yahoo! News (broken link)

What happens when the Fed has no more money..who bails out the bank of last resort ?
We all know these bailouts can't go on indefinitely.
They always have money, the printing press is going full speed!
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Old 08-28-2008, 08:07 AM
 
Location: Backwoods of Maine
6,941 posts, read 7,683,573 times
Reputation: 17852
Quote:
Originally Posted by tallrick View Post
They always have money, the printing press is going full speed!
As Alex Wallenwein would say, "Got gold?"
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