Just add another government agency that just doesn't have the ability to do its job. I know most people in America breathed a sigh of relief when they upped the bank deposit insurance up to $250,000 from $100,000, (I wish I had that much to insure lol) but now that's going to have to be covered by the tax payer. The numbers are amazing. $4.5 trillion in bank deposits to insure and the FDIC only has $10.4 billion in its piggy bank. The 416 troubled banks are worth $300 billion in deposits and the FDIC can't even cover that.
Be careful where you keep your money. Just because it is insured by the government doesn't mean that you will get it back, at least in a timely fashion.
The Coming Deposit Insurance Bailout
Another lesson that federal guarantees aren't free.
Americans are about to re-learn that bank deposit insurance isn't free, even as Washington is doing its best to delay the coming bailout. The banking system and the federal fisc would both be better off in the long run if the political class owned up to the reality....
Read the article HERE.
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