This is a concurrent post from my political blog, leftwingnuts.blogspot.com.
THIS IS SCARY!
Today the Federal Deposit Insurance Corporation (FDIC), the government insurer of bank deposits, called on banks nationwide to pay an emergency premium. This would raise $27 Billion for the FDIC to offset more bad loans.Now let's think about what this means...
Less than a week ago President Obama told the nation that their bank deposits are safe, that they are insured. But here we find that the insurer is desperate for money to cover its obligations. I'm not faulting the president here, he is trying his best to reassure a frightened nation. But it is also misleading.
How many more 'emergency premiums' will the FDIC require to remain solvent?
President Boyd K. Packer, in an unofficial statement made on October 12, 2008, referred to our current situation as the 'collapse of the economy'.
Got your 'seatbelt' on tight? Here we go!