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August 22, 2009
8/22/2009 12:00:00 AM
IS THE FDIC BANKRUPT!?! IS OUR MONEY SAFE!?!
The FDIC Deposit Insurance Fund started 2008 with $53 billion. By March 31st of this year it had dwindled to approximately $13 billion. But there have been 56 bank and savings and loan failures since then. In fact, there were five bank failures on Friday August 14th.
So, how much is left of the Deposit Insurance Fund? A report published by Saxo Bank Research two days before the Colonial failure, week of the 10th, August 2009, suggested that the DIF was down to $648.1 million. The most recent bank, Colonial Bank, is expected to take a $2.8 billion bite out of the fund. And Community Bank of Nevada, which also failed on that Friday, took a $781 million slice from the pie.
If your doing the math, your coming up with a figure that says the FDIC is bankrupt! No worries though, right!?! Because in May of this year the Congress authorized another $100 billion of our tax money to be put back into the FDIC! Why are we not hearing about this on the mainstream media!?!
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