FDIC Officially Goes Bankrupt

WASHINGTON, DC – Today the FDIC released its quarterly report, revealing that the Deposit Insurance Fund is bankrupt and now stands at negative $8.2 billion dollars. (page 13/26) Central planner and FDIC Chairwoman Sheila Bair has confirmed separately that future bank failures will be funded by the bailout fund allotted to the FDIC.

If you are new to the US banking scheme, you might question why banks and the FDIC are going bankrupt — don't they HAVE all the money? The answer is they do not, banks in July 2008 had lent out about 99.4% of all the money they had on deposit. This is despite the rather insane truth that the Federal Reserve can create more money whenever it desires.

The FDIC had predicted its bankruptcy in a September letter. I had been following the FDIC closely for the past 18 months, but I finally threw my hands in the air after seeing how the report was rigged to keep the DIF fund positive in the Q2 2009 report, as I reported in “FDIC: 'We Aren't Bankrupt and Everything is A-OK.'”

However, the best friends of the FED banking cartel, the United States Congress, has a lot more nice surprises in store for America's working class. Politicians like to wave around one hand as they mess around with the other hand behind their backs, out of sight. While all the fury of the concerned is focused on the health care spend-and-tax bill, HR 3996, dubbed by yours truly as the “Automatic Bailout Bill” will grant the FED the ability to bailout any “individual, trust, or corporation” (section 1701) as well as impose a bureaucratic system of unneeded regulations.

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Jake Towne is running for U.S. Congress in Pennsylvania's 15th District in the 2010 election as a citizen unaffiliated with any political parties. Jake also writes atwww.LibertyMaven.com,www.NolanChart.comandwww.CampaignForLiberty.com. A novel campaign website where you can comment on articles and start discussions is available atTowneForCongress.com.[Reach the Author Here!]

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We the Peopleof the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings of this article to your blog or anywhere else in order to promote the Restoration of our Republic.

Veritas numquam perit. Veritas odit moras.Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers.

Tu ne cede malis sed contra audentior ito.Do not give in to evil but proceed ever more boldly against it.

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