FDIC admits they're broke as of 9/30/2009!!, page 1

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Topic started on 30-9-2009 @ 09:34 PM by The Change Weenie

"staff estimates that both the Fund balance and the reserve ratio as of September 30, 2009, will be negative."

Does your money feel safe?

FDIC MEMORANDUM TO: The Board of Directors

reply posted on 30-9-2009 @ 09:36 PM by Doc Tesla

The Federal Deposit Insurance Corporation (FDIC) is an independent agency created by the Congress to maintain stability and public confidence in the nation's financial system

not feeling so confident anymore. Good job Fdic.

reply posted on 30-9-2009 @ 09:42 PM by Paroxysm

FDIC just needs to hit up their friend THE FED, who will simply conjure more reserves out of thin air like they always do.

reply posted on 30-9-2009 @ 10:24 PM by Eurisko2012

reply to post by The Change Weenie

Yeah, sell some more T-Notes and fill up the FDIC.
No problem.
China will buy them.

reply posted on 30-9-2009 @ 10:29 PM by gandhi

This is predicted in a way by Benjamin Fulford. He said U.S will have a large impact on their dollar on september 30th.

[edit on 30-9-2009 by gandhi]

reply posted on 30-9-2009 @ 10:41 PM by Cosmic4life

Say goodbye to the Dollar.
Say hello to the Amero.
Or maybe they will call it the ScrewU?
"That'll be fifty ScrewU's please, have a nice day!"

reply posted on 30-9-2009 @ 10:58 PM by kyred

reply to post by The Change Weenie

Of course they are broke. Our government, (USA). is broke, we are all broke, The fed is broke, buying it's own debt with broke U.S dollars.lol

Everything is broken.

Sing it, Bobby Zimmerman, "everything is broken".

reply posted on 30-9-2009 @ 11:00 PM by bismarcksea

BANK RUN!!!

WOOOOT!!!!

I'm going in the morning and cleaning out the account!

reply posted on 1-10-2009 @ 12:19 AM by RoofMonkey

The Nation is in Debt, we're in debt... and it ain't looking real good...

This is adjusted for 1980 dollars.

reply posted on 1-10-2009 @ 01:28 AM by wycky

It says on the link in the OP

If the Board imposes no further special assessments and leaves existing risk-based assessment rates in place, staff projects that the Fund balance would become significantly negative in 2010 and may remain negative until 2013. According to these projections the reserve ratio would not return to the statutorily mandated minimum reserve ratio of 1.15 percent until late 2018.

They will not be back on their feet until 2018!! how does a business survive 9 years in the red?
obviously the FDIC is going to have to get bail outs.

reply posted on 1-10-2009 @ 07:08 AM by Crakeur

reply to post by The Change Weenie

If the FDIC took no action under its existing authority to increase its liquidity, the FDIC’s projected liquidity needs would exceed its liquid assets on hand beginning in the first quarter of 2010. Through 2010 and 2011, liquidity needs could significantly exceed liquid assets
on hand.

The first sentence says that they must act of by the first quarter of 2010 (January -March 2010) they will no longer have enough cash to fund their projected needs. In other words, broke.

The second sentence is the more frightening one. For one to two years, the FDIC's monetary needs might significantly exceed cash on hand.

Are they expecting a bunch of banking failures? Are these monetary needs ordinary expenses such as payroll or are we talking an expectation of mass failures bringing about an increase in claims?

The FDIC's not broke. Well on their way but not broke.

They've asked the banks for money which is, somewhat ridiculous if you think about it. You pay me to insure your assets and I need money so I borrow from you. You need money so you borrow from another person. And so on.

Nobody has any money and what this sounds like is a typical shell game that we've seen recently in the sub prime failure. Crap like this brough Lehman down. If the banks start failing and the FDIC can't cover, more banks will collapse as people panic and swithc the Bank of Matress.

Wycky's post gives you an indication of how long they expect to be in the hole unless they impose special assessments.

So that's what they'll do. Assess the banks, hitting them up for more money to protect their money.

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