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Started By
Message
More stupidity - THERE IS NO FDIC INSURANCE FUND.
Posted on 9/14/08 at 6:47 pm
Posted on 9/14/08 at 6:47 pm
LINK
Apparently it's a lie just like the Social Security and Medicare trust funds. Color me shocked.
Apparently it's a lie just like the Social Security and Medicare trust funds. Color me shocked.
3
Posted on 9/14/08 at 6:55 pm to Colonel Hapablap
I suppose you'll be even less happy when you do research on the Pension Guaranty fund.
Posted on 9/14/08 at 6:56 pm to Tiger JJ
I only laugh to keep myself from crying and drinking myself into a coma.
Posted on 9/14/08 at 7:40 pm to Colonel Hapablap
quote:
I only laugh to keep myself from crying and drinking myself into a coma.
I am thinking of moving to all gold and burrying it in the mtns, near our place where we keep all the guns.
Posted on 9/15/08 at 7:53 am to MileHigh
I recommend propane instead of gold.
Posted on 9/15/08 at 8:51 am to Colonel Hapablap
When does all this cause a loss of confidence in Treasuries???
Posted on 9/15/08 at 9:13 am to bovine1
google "treasury credit default swap".
Posted on 9/15/08 at 9:21 am to Colonel Hapablap
quote:
Apparently it's a lie just like the Social Security and Medicare trust funds. Color me shocked.
Hell, I don't know nearly as much about this crap as you, but I always pretty much assumed it was just like this.
Did you really think there was a box set aside full of money somewhere, marked "FDIC Insurance Funds"?
Posted on 9/15/08 at 9:23 am to Colonel Hapablap
quote:
this 40-year banking veteran included, assumed there's an actual FDIC fund in need of bolstering.
We were wrong. As a former FDIC chairman, Bill Isaac, points out here, the FDIC Insurance Fund is an accounting fiction.
I would expect ME not to know that, but to be a 40 year banking veteran and not know that is some scary shiite.
I always assumed there was no true "fund" to cover the losses of more than a few banks... is there no fund at all?
Did this guy really think there was a pile of actual cash somewhere ready to pay off in case all banks failed?
Posted on 9/15/08 at 11:51 am to Colonel Hapablap
quote:
I recommend propane instead of gold.
And canned goods. lots and lots of canned goods.
Oh and bullets.
Posted on 9/15/08 at 1:50 pm to MileHigh
NO!! Not yet anyway, let the people who bought gold at $850 per oz start to panic when it falls below $750 per oz and watch the selling frenzy by idiots trying to recoup some of their losses. Then it will REALLY plunge and just sit and wait. It will hit $250 per oz range and then I will start to buy again.
Posted on 9/15/08 at 1:51 pm to Cash
quote:
And canned goods. lots and lots of canned goods.
Oh and bullets.
I mentioned this very thing about a year ago to a friend:
Bullets, guns, fishing equip, and canned goods.
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