Sunday, August 2, 2009
Update: FDIC Continues to Bleed Dry
This week's tally: 5 bank failures, $911.7 million in losses
This year's tally: 69 bank failures, $14.45 billion in losses
According to my estimates (please see post on 7/25/09), the FDIC's fund is well under $8 billion. This amount of money is backing over $4.8 trillion in insured deposits. Would you allow your insurance company to operate that way? Would you agree to bail out your insurance company if they screwed up? Well, then why is the FDIC so special??????