From today's FDIC quarterly, there is final confirmation that the Deposit Insurance Fund is negative $8 billion. by Jake Towne, the Champion of the Constitution
(libertarian)
Wednesday, November 25, 2009
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.
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.
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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Posted By: Jake Towne, the Champion of the Constitution
Date: 2009-11-25 20:39:07
David S -
I would have to doublecheck to be absolutely certain but I think its $500 billion per here. Â [link edited for length]
Not to be flippant, but who cares? Â They will continue to patch the holes as quickly as they can -- this is a classic example of how government schemes can never go bankrupt and just go on and on to ruin lives (like Soviet health "care"). Â In the long term, the FDIC will collapse - it's already been a laughingstock for quite some time for any who understand finance
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WASHINGTON, DC - Today the FDIC released its