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FDIC going to treasury?

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August 27, 2008 – Comments (1)

The financial crisis is still early and already the FDIC is bringing up going to treasury....

Yuck.

1 Comments – Post Your Own

#1) On August 28, 2008 at 8:57 AM, XMFSinchiruna (27.67) wrote:

Hi dwot,

Oh yeah... this is bad!

FDIC has something like $38 billion on the books. It gets worse... the SPIC, which "insures" the assets of investments in brokerage accounts, is capitalized at .... are you ready? ... $1.5 billion.

What a joke! 

I recommend people start preparing themselves mentally for the distinct possibility that their assets, whether in banks or in brokerage accounts, could conceivably disappear overnight if we get a concentrated rush of failures. The 'too big to fail' list can only grow smaller, and the entities that are charged with guaranteeing your assets are woefully underfunded.

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