1000 banks may go down, will the FDIC go belly up - bank 'holiday' coming? (healthcare, insurance)

[southward bound]

September is supposed to see a few bank holidays of a week or two. Make sure you have some cash on hand in case your bank closes for a couple of weeks.

[cleoT]

Originally Posted by HappyTexan

NewsFlash..the Chinese are NOT buying the Treasuries in great quantity anymore..Ben Bernake and the Fed are now the main purchasers.

7-year - The Fed Buys Last Week's Treasury Notes - Aug. 6, 2009 | Blogs at Chris Martenson - 7-year, Auction, Chris Martenson's Blog, Fed, Shell Game, treasury

I saw this last week and got the chills.

So, what happens when Asia hits the bottom of the tank, China calls in our debt, and we can't pay? Do you think this will happen before or after a UHC bills passes?

[InformedConsent]

Originally Posted by HappyTexan

I have go to dig this up but I believe there was an amendment attached to a passed bill (maybe the defense bill) that allows the FDIC to get more infusion of cash without having to get Congress' approval. I remember reading that amendment and thought..nice stealthy move on their part.

Tax cheat Timmy still had to ask Congress to lift the $12 trillion national debt ceiling in order for the FDIC to access the additional cash they are going to need. Treasury sells more securities to the Fed (as previously noted, other countries are no longer buying our debt), the FDIC gets their cash, the national debt tops the previous $12 trillion ceiling.

[pommysmommy]

Originally Posted by InformedConsent

Tax cheat Timmy still had to ask Congress to lift the $12 trillion national debt ceiling in order for the FDIC to access the additional cash they are going to need. Treasury sells more securities to the Fed (as previously noted, other countries are no longer buying our debt), the FDIC gets their cash, the national debt tops the previous $12 trillion ceiling.

Obama is well aware of the situation and he goes to Town Hall forums and assures people that he can fund his health care reform. He is a bald faced liar.

[HappyTexan]

Originally Posted by InformedConsent

Tax cheat Timmy still had to ask Congress to lift the $12 trillion national debt ceiling in order for the FDIC to access the additional cash they are going to need. Treasury sells more securities to the Fed (as previously noted, other countries are no longer buying our debt), the FDIC gets their cash, the national debt tops the previous $12 trillion ceiling.

I modified my original post with this article link. Still digging for the amendment though. If they don't have to go to Congress to ask for more money then it would not make the MSM. Confidence game people, confidence game.

Bill Seeks to Let FDIC Borrow up to $500 Billion - WSJ.com
"The FDIC would be able to borrow as much as $500 billion until the end of 2010 if the FDIC, Fed, Treasury secretary and White House agree such money is warranted. The bill would allow it to borrow $100 billion absent that approval. Currently, its line of credit with the Treasury is $30 billion."

[RobertGibbs]

Originally Posted by cleoT

And we're sitting here debating UHC as if there isn't another foot about to drop. I don't think people realize how screwed we are.

Let me ask you something. Do you hold any truth to the belief that the dollar will not collapse because the US is in better economic shape than most other countries?

You know Cleo, I've been wondering this myself...We're not immune to it..

[cleoT]

Originally Posted by pommysmommy

I am aware that the Chinese are not buying our debt as they had in the past. That didn't stop Hillary from going there to try to persuade them to buy more of our debt.

Do you wonder if she groveled? I mean, I remember reading about her pleading that we were good for it and gave them her We're A Villiage speech (of course I'm paraphrasing for those who might want a link from me) but I can't imagine Hillary begging for anything.

[cleoT]

Originally Posted by southward bound

September is supposed to see a few bank holidays of a week or two. Make sure you have some cash on hand in case your bank closes for a couple of weeks.

I've been reading and researching this for a while. Now, let's say the banks close for a week. Are you guys understanding it that, when they reopen, we could see the value of our money dropping as much as 40%? I'm not well educated in finances and the history of our economy as much as I'd like to be, which is why I'm asking all these questions.

BTW, love the links. They give me a great start to finding this stuff on my own.

[pommysmommy]

This is an interesting link.
Federal Reserve Wants to Debase the U.S. Dollar

[InformedConsent]

Further discussion on this forum:
One Of Three Down; Is The FDIC Still Solvent? [Ticker] - MarketTicker Forums