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People claim that things are getting better when things really arent. All this is going on behind the scenes and people don't realize it. Just tonight we had another 7 banks taken over by the FDIC and Citizens South Bank located in Gastonia agreed to take over one of the banks that was seized by the FDIC. basically speaking this one shut down is going to cost the FDIC 137 million. This is happening all the time and the FDIC is already broke.
The FDIC isn't broke. They are backed by *The Fed* and will always have money.
There is a very interesting story over on the 60 minutes site, if you are interested.
People claim that things are getting better when things really arent. All this is going on behind the scenes and people don't realize it. Just tonight we had another 7 banks taken over by the FDIC and Citizens South Bank located in Gastonia agreed to take over one of the banks that was seized by the FDIC. basically speaking this one shut down is going to cost the FDIC 137 million. This is happening all the time and the FDIC is already broke.
well, peoplepeople also claimed that the system would be crashed by September of last year and then November and then January (after the FDIC failed!!11!juan!!)... and that hasn't happened yet either. forgive me if I don't get in a tizzy just because some peoplepeople would rather shadow box than be involved in something positive.
If you are curious about the state of your bank, and you should be if you have more than $250K on deposit, or stuff in a safe deposit box that you might need in a hurry, then you can look at how well they are doing by going here:
some great sources for economy information are Pat Kiley and Bob Chapman.
They offer a wealth of knowledge. And so far right on the money.......(no pun intended)
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