Article

2009-03-06 Home Front Economy

Bair Says Insurance Fund Could Be Insolvent This Year

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Snaimp Theter6309 2009-03-06 00:00|| || Front Page|| [3 views ] Top

#1 No worry. The One loves you---his administration is already busy preparing for food rationing.

Posted by g(r)omgoru 2009-03-06 04:45|| 2009-03-06 04:45|| Front Page Top

#2 to rebuild a fund to repay customers for deposits of as much as $250,000

Anyone have a reference on a site with the distribution of how much we really do have in our accounts? Given that 250K just in annual salary would put you into the 2 or 3 percent mark, I would doubt many Americans, outside the usual suspects of those with 'special' connections [who got the coverage amount raised from 100K not too long ago], have that much. Stupid to have raised it in the first place and thus creating the situation we have now.

Smaller banks are outraged over the one-time fee, which could wipe out 50 percent to 100 percent of a bank's 2009 earnings,

That appears to be the real damage. The experts and those in charge who brought us to this point are now compounding the problem.

Posted by Procopius2k 2009-03-06 08:10|| 2009-03-06 08:10|| Front Page Top

#3 I'm awaiting a cost sharing 'customer funded FDIC scheme' where one is ~~taxed~~ charged according to the amount deposited. Of course Obamabonds and CD's would be insurance exempt.

Posted by Besoeker 2009-03-06 08:16|| 2009-03-06 08:16|| Front Page Top

#4 The 2 to 3% limit doesn't apply here. We have a very, very large amount of foreign deposits by folks from other countries that trust American banks more than there own. FDIC being one reason.

Posted by Jack is Back!">Jack is Back! 2009-03-06 09:40|| 2009-03-06 09:40|| Front Page Top

#5 There are plenty of Americans with incomes well below the $250,000 annual income level who have been exceedingly frugal. My darling in-laws, for instance, always set aside 25% of my father's salary as a steel worker, using it to buy a little house, put two children through college at nearby state schools, and set aside substantial funds for their old age. This, despite the steel plant closing before my father-in-law hit the half century mark, throwing him into unplanned very early retirement; they have continued to set aside a portion of his pension payments toward their very old age, putting a substantial portion of their savings into CDs. I can easily imagine they had funds above the cut-off.

Posted by trailing wife">trailing wife 2009-03-06 11:10|| 2009-03-06 11:10|| Front Page Top

#6 If you think the crisis is bad now, just imagine the FDIC reneging on its pledge, even to small-potatoes savers like me. It would be March 1933 all over again, as depositors scrambled to convert their account balances into currency. That can't be done in a short period of time.
It seems inevitable that there will be a surge of bank failures, as the awareness of the true scope of bank insolvency spreads. Yup, it is truly time to institute National Health Insurance.

Posted by Anguper Hupomosing9418 2009-03-06 16:38|| 2009-03-06 16:38|| Front Page Top

23:34 Black Charlie Clinegum5078
23:18 trailing wife
23:17 trailing wife
23:14 trailing wife
23:13 Pappy
23:08 trailing wife
23:08 Mike N.
23:04 Mike N.
23:02 trailing wife
23:00 trailing wife
22:58 Mike N.
22:51 trailing wife
22:49 trailing wife
22:46 phil_b
22:45 Annon
22:38 Frank G
22:27 Procopius2k
22:25 Mike N.
22:24 Mike N.
22:21 Frank G
22:21 Skunky Glins 5***
22:19 Annon
22:14 Redneck Jim
22:12 DarthVader