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85Sooner
3/6/2009, 03:53 PM
So the "people" have to pony up 500Billion to bail out the FDIC which was supposed to be insuring the money kept in banks by the "people".

It really boggles the mind.

Anyone got and mason jars?
OUHOMER
3/6/2009, 04:46 PM
UMm, I thought the banks had to buy this insurance?
Frozen Sooner
3/6/2009, 04:49 PM
UMm, I thought the banks had to buy this insurance?

Yes, they do.

The insurance fund is tapped right now, so the FDIC has asked for a loan to stay solvent. Meanwhile, they've increased premiums to build the fund back up.
OUHOMER
3/6/2009, 04:59 PM
umm, How many banks have to fail to break the FDIC?

I heard the other day the the bank in Altus , Ok is going broke, I know I have heard of some banks going under, but i did not think it would have been enough to break the FDIC.

this is scary
Frozen Sooner
3/6/2009, 05:05 PM
Define "broke."

FDIC's claims-paying ability is not compromised right now, they're just short of cash. Since FDIC is backed by the full faith and credit of the US government, appropriations will be made to keep claims payments current.
yermom
3/6/2009, 05:42 PM
i still think buying stock in Mason Jars might be a good idea :D

the thing is that the more there is talk like this the more banks are going to suffer

and since the interest rates are so low, why should i bother leaving money in the bank?
NormanPride
3/6/2009, 05:59 PM
Are you just going to keep it in your mattress?
Chuck Bao
3/6/2009, 06:39 PM
It's Friday evening in the US and another bank goes down. I read these every week and they don't even bother changing the wording: only the names change.

Heh! Read the comments. They are calling it FDIC's Fridays.

http://www.marketwatch.com/news/story/Georgia-bank-closed-17th-failure/story.aspx?guid=%7B13E7305F%2D63CE%2D430E%2DB01F%2 D1A6EA7A4008C%7D#comments


Georgia bank closed in 17th failure of 2009

By John Letzing
Last update: 6:24 p.m. EST March 6, 2009 Comments: 11
SAN FRANCISCO (MarketWatch) -- Commerce, Ga.-based Freedom Bank of Georgia was closed by regulators Friday, marking the 17th bank failure of the year, the Federal Deposit Insurance Corporation said in a statement. Lavonia-based Northeast Georgia Bank has assumed all of the failed bank's deposits, the FDIC said. As of March 4, Freedom Bank of Georgia had roughly $173 million in assets and $161 million in deposits. The FDIC estimated the cost of Freedom Bank's failure to its deposit insurance fund will be $36.2 million.
olevetonahill
3/6/2009, 06:58 PM
I have Liquid Assets in My mason jars :D
http://2.bp.blogspot.com/_HidON146Uf0/SV5xV9PWO6I/AAAAAAAAAXc/94vgp8QexGk/s320/Moonshine3.jpg
salth2o
3/6/2009, 10:32 PM
It is socialism in its purest form. Hugo Chavez is a big fan of the potus.
Dio
3/6/2009, 11:22 PM
Define "broke."

FDIC's claims-paying ability is not compromised right now, they're just short of cash. Since FDIC is backed by the full faith and credit of the US government, appropriations will be made to keep claims payments current.

Yeah, like that's worth anything. ;)
yermom
3/7/2009, 01:43 AM
Yeah, like that's worth anything. ;)

that's what i'm thinking!
yermom
3/7/2009, 01:45 AM
Are you just going to keep it in your mattress?

maybe some of it :O

i'm just saying it would be nice to have an incentive to having money in the bank