To all my In Simple Language faithful readers:
I have had some interesting medical issues over the last several weeks so I will not be posting any articles until, probably, next week. All is well and I am headed in the right direction on the road to recovery. Just wanted to let everyone know that In Simple Language is alive and well.
Most Americans are now aware that the Federal Deposit Insurance Corporation is the pseudo federal agency that insures the money you put into your savings accounts and certificates of deposit…those of you that have any money left that is.
Federal Dependent Insurance Corporation
It looks like the old FDIC has been replaced by the new FDIC called the Federal Dependent Insurance Corporation. Why? Not in my wildest expectations would I have believed that the very banks that got us into this unbelievable economic mess, who we bailed out, would now be called on to bailout the FDIC.
What is wrong with this picture? Is there no one in Washington, D.C. left with any competence or sense or has everyone lost it. Couldn’t these idiots see this coming? What are we paying these morons for?
You have this idiot U.S. Treasury Secretary Geithner, who has never had a “real” job outside the government womb, saying that things are now getting better and we are heading in the right direction. At the same time the FDIC is worried about going under, commercial real estate is in shambles, credit card debt and defaults are mounting, and China is trying to decide whether they want to own all of the United States or just most of it.
Have we all lost our minds or are most of the people in Washington, D.C. nuts? The FDIC has approached the very same large banks that they had to bail out less than six months ago to ask them to now bailout the FDIC. The idiot regulators are also considering levying additional fees on the already stressed out bankers, of all size banks, to help make up for the deficits the FDIC is experiencing from all of the bank failures thus far in 2009.
Some of the “big shots” within the FDIC are saying that they are not seriously considering borrowing from the large bailout banks that they just helped. Rather, the FDIC would draw on a $100 billion line of credit that they have with the Treasury Department. The very same U.S. Treasury Department that Tim Geithner runs. How can you say things are improving when the backbone agency that protects your savings deposits is heading for insolvency unless it gets bailed out?
Does everyone in Washington, D.C. think that the American public is that stupid to believe the crap that is coming out of the mouths of these supposed servants of the people? That is an insult to every American’s intelligence.
Washington, D.C.
I am really starting to believe that Washington, D. C. is beginning to stand for Washington, Dumb Congress.
The FDIC has estimated that through 2013, bank failures will cost the FDIC an estimated $70 billion. I think that is probably a very conservative figure. Remember the tsunami wave of commercial real estate and credit card debt that is heading our way.
Also, the FDIC is mandated by congress to keep a minimum of 1.15% in their fund of total insured deposits outstanding. That’s $1.15 in insurance money for every $100 in insured deposits in all the insured financial institutions across the country. Currently they have $.22 for every $100 in insured deposits. Are they in trouble or what? So are we to believe our treasury secretary that things are getting better. No, it’s just the arrogance of the people we elect and the idiots they appoint. What do you think?
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