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Aug. 25: Day of reckoning for the FDIC?

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posted on Aug, 23 2009 @ 08:16 PM
OK, let's just look at 2 special numbers:

FDIC reserve funds in 2008: $52.8 billion
FDIC reserve funds in the 1st Quarter of 2009: $13 billion

Now that's a big ole' drop over a very short period of time, isn't it? Reason? 77 banks went t**s up and had to tap into the FDIC. There have been FIFTY SIX bank failures since MARCH 31 ALONE that have cost the FDIC an estimated $16 billion,

For more info, charts, and fun stuff like that:

Oh, and let's not forget that since this story came out, Guaranty Financial Group, the 11th-biggest bank in America, went down on Friday, which will cost the FDIC another $2.3 billion. Ouch!

They really can't take too many more of those. Problem is, there could be a lot more than a "few" more big failures coming down the pipeline, especially with the coming commercial real estate bust.

So what will the FDIC do if its reserves reach zero? Well, there's always Lil' slugger Timmy Geitner and helicopter commander Bernanke with their magic printing presses who seem to be able to toss money at any problem out there and magically solve everything...right?

And what's so special about "Supah tuesday" the 25th? That's when the FDIC issues iits 2nd Quarter report for 2009 on the state of health of American banks. Can't wait for that one!

A quote from the link above:

Now if just a small portion of American bank depositors hear that the FDIC had to tap into the US Treasury for funds, and these depositors feel their banked money is at risk and want to withdraw some of it, the mother of all bank runs could ensue. This could create the day of reckoning that many have predicted. A short banking holiday would have to be declared and who knows what happens from there – troops in the streets, issuance of new currency, martial law? Don’t think those in the Federal government haven’t made plans for such an occurrence.

I dunno, man. I just dunno.

[edit on 8/23/09 by silent thunder]

posted on Aug, 23 2009 @ 09:09 PM
Ouch, I don't know what to say.

I have so little to say about all this I needed a second line.

posted on Aug, 23 2009 @ 09:16 PM
reply to post by silent thunder

It will be shoved under the rug, not covered by msm so all the dumbos sitting on there arses will never know the plight of america and its banking system. I swear these guys will never stop......reinflate reinflate crash reinflate reinflate crash. We are and have been taken for a ride. But the cycles are becoming smaller and smaller indicating we may be nearing an end game. What that is I am afraid to guess.

posted on Aug, 24 2009 @ 12:11 AM

Originally posted by bryanku
reply to post by silent thunder

It will be shoved under the rug, not covered by msm so all the dumbos sitting on there arses will never know the plight of america and its banking system.

You could be correct..."never underestimate the stupidity of the American People" -P.T. Barnum.

But that rug's getting awful lumpy these days with all this stuff being shoved under it...I think everyone has a breaking point. The media likes to portrey the American male as a kind of brain-dead homer simpson with one hand on a beer and the other on a remote control, and there is some truth to the stereotype, but there are millions of hard-as-rock, strong Americans, as well as aware people ready to question their country. Nixon called these silent, serious, hard-working and committed people "the Silent Majority." It would be a mistake to think they've all disappeared, and they are getting angrier and angrier by the day.

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