The FDIC is officially broke (not much of a surprise) with -8.2 billion dollars. This just after Sheila Bair made this video assuring everyone that their money is safe and sound. To be fair, at the time of that video the FDIC had roughly 10.4 billion in their fund. So, let's assume that the fund rate of decline would continue at 50% of that amount over the next year. The fund would roughly have: -26,800,000,000. So, this should have you wondering: how is my money insured? Any rational person would surmise that they are backed by the full faith and credit of the US Government!
That doesn't sound like an unfair shake, and it's true too! So all is well right? Wrong. What is the full faith and credit of the US Government worth? Treasury Direct has that answer: -12,011,838,881,463.68. That is negative twelve trillion dollars. So if the FDIC is insuring your money but they are out of money, and the US Government is backing the FDIC, but they are out of money, then that begs the question AGAIN: how is MY money being insured? I can't answer that question for you, and I'm sure few others could provide a correct answer.
Showing posts with label Bank. Show all posts
Showing posts with label Bank. Show all posts
AIG profitable?
According to Money.CNN.Com, AIG is Profitable again! I'm glad to hear that happy days are here again, except... wasn't AIG "profitable" just before the credit default swap debacle? So this supposed "great news" lends me to wonder: What parlor tricks could they possibly be using to try and keep the very charitable, big raise giving, drunk on their too big to fail status, throw a party after the tax payers bailed them out AIG going?
From CNN.com (commentary added by us):
"The troubled insurer said it continues to benefit from stabilization in the housing (what housing stabilization?) and credit markets (you mean the ones that are so frozen that small and medium sized businesses still can't get loans?), but future quarters will continue to be volatile (at least a little truth)."
Obama Unemployment Would Not Exceed 8% With His Plan
The stimulus passed and where are we? 10.2% Unemployment! Any who believed in Obama's change I hope has woken up. He is just like all the other politicians. Just watch some of his videos like this one below. To save you the time just skip to 1:10 in it so you can hear him say that without his "stimulus" unemployment would reach double digits. Well the stimulus passed... WE'RE HERE!
We are without jobs, we are without a balanced budget, we've got banks falling left and right, we've got an insolvent FDIC, we've got record foreclosures, we've got the Fed monetizing our debt, we've people dumping the dollar (Most notable recently is Warren Buffett buying the railroad and China buying tons of Gold and Copper.), we can't raise the rates because of all of the ARMs that are resetting. America: WE ARE PAINTED INTO A CORNER.
If we don't raise interest rates we will have inflation, if we raise interest rates we'll have another housing crisis. If you aren't preparing for the worst then you will be sorely dissappointed in the future my friends, because we haven't seen anything yet!
Your Safe Deposit Box, Not Safe
Snipped from ABC News, Link at the bottom of the article:
"The 50 U.S. states are holding more than $32 billion worth of unclaimed property that they're supposed to safeguard for their citizens. But a "Good Morning America" investigation found some states aggressively seize property that isn't really unclaimed and then use the money -- your money -- to balance their budgets. " (continued at link)
http://i.abcnews.com/GMA/story?id=4832471&page=1
