The FDIC fund that insures bank deposits is $8.2 billion in the hole.
The Federal Deposit Insurance Corp. released its latest set of grim banking data moments ago. The FDIC had to set aside $21.7 billion for expected losses on future bank failures as the total number of "problem" banks rose to 552 from 416.
During the 1930s, the United States and the rest of the world experienced a severe economic contraction that has now been named the Great Depression. In the United States, during the height of the Great Depression, the official unemployment rate was 25% and the stock market had declined 75% since 1929. Bank runs were common place because there wasn't any insurance on deposits at banks, citizens ran the risk of losing all of the money that they had deposited if their bank failed.[6]
as the FDIC website says THE FDIC is an independent agency created by the US Congress to maintain stability and public confidence in the Banking System
Now the insurer is running a deficit? How does this happen? So our they going to print more money or borrow more money or are those the same thing? So if we the people pay taxes to support a bankrupt company that is supporting a bankrupt borrowing system. Doesn't it seem like we are on the hook for that?
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