FDIC in woe

During course of this year 99 banks have failed. All of them had their depositors money insure by FDIC up to $250,000. In contrast, only three banks total failed in 2007. Both Citigroup and Bank of America had huge losses this last quarter. They are the number one & two banks in size. FDIC is not in good health. People, our gov says all is fine, but I see a bank holiday in our coming years. The FDIC well is running dry and we are out of money.

Meltdown 101

Instead of an improving economy, it is worsening. Instead of an economic recovery, we face economic ruin. It is called meltdown 101 and although we spent billion on TARP for the bankers. Hey, guess what, bank struggles are worse. In 2007 only three banks went under, but this year near ninety were taken over by the FDIC. Sadly, so many bankrupt banks have gone under that the FDIC that insures our money is now out of money itself. FDIC may need a bailout this year just like the bankers.