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??????

No comments: