Could it be Time to Get Your Money out of the Bank

[NewGen33]

FDIC warns US bank deposit insurance fund could tank

http://news.yahoo.com/s/afp/20090305...kinggovernment

WASHINGTON (AFP) – The US government is warning banks that its deposit insurance fund could go broke this year as bank failures mount. The head of the Federal Deposit Insurance Corporation, Sheila Bair, in a letter to bank chief executives dated March 2, defended the FDIC's plan to raise fees on banks and assess an emergency fee to shore up the fund and maintain investor confidence. Bair acknowledged the new fees, announced Friday, would put additional pressure on banks at time of financial crisis and a deepening recession, but insisted they were critical to keep the insurance fund solvent and protect. "Without these assessments, the deposit insurance fund could become insolvent this year," Bair wrote. The FDIC chief said in the letter that the rapidly deteriorating economic conditions raised the prospects of "a large number" of bank failures through 2010. "Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative," she wrote. The FDIC last Friday announced it would impose a temporary emergency fee on lenders and raise its regular assessments to shore up the rapidly depleting deposit insurance fund that insures individual customer deposits up to 250,000 dollars. A week ago the FDIC reported a sharp depletion of the deposit insurance fund in the fourth quarter due to actual and anticipated bank failures, to 19 billion dollars from 34.6 billion in the third quarter. The FDIC said it had set aside an additional 22 billion dollars for estimated losses on failures anticipated in 2009.

[Vteckidd]

why would they release that LOL idiots.

IMO it wont matter, if you withdraw your money NOW, and everyone does it its just going to implode that much faster. SO the money you withdrew is now worhtless anyway because our economy will collapse overnight.

IF you leave it in, itll be worthless in a few months when inflation sets in.

IMO use it to buy gold, commodities, DxD

[BanginJimmy]

Obama made sure it would be released to further put the economy at risk. If he drives the market down low enough it will also make it easy to claim sucess if it shows any improvement at all.



As far as the FDIC goes, the govt will "insure" anything that the FDIC doesnt and use it as further evidence that the banking industry needs to be nationalized.

[leobond001]

delta dropped from 100k to 50k

[BanginJimmy]

delta dropped from 100k to 50k

are they not FDIC insured?