FDIC Broke and Selling Real Estate: How 13T in assets is protected by NO deposit insurance fund

My Budget 360 ^ | 11/22/09 | staff

[Daisyjane69]

If Americans would stop and think of the implication of having an insurance fund with no money backing up $9 trillion in their deposits, they would probably pause for a few minutes. And just because your money is sitting in a bank account doesn’t mean that it is safe. The U.S. Treasury and Federal Reserve is on a war path to devalue the dollar so even though your money is nominally the same, in real terms you have gotten a lot poorer. The dollar has fallen by over 15 percent since March. This is an enormous amount but given the policies we are following, it is no surprise.

[Daisyjane69]

From the Department of We're Screwed

[WKUHilltopper]

Welcome to Mad Max’s world...

[sten]

heya daisy

yup, there is a reason why so many on FR have been bullish on gold for over a year

[Daisyjane69]

Yep, no foolin’ kiddo.

That’s why I was asking you (on the other thread) about silver after election day. I remember telling my boss that TSHTF was coming and he’d better buy some. (But like so many, his bills required every single dime he earned....)

I made my first purchase of ASEs that week, in fact. I liked them so much (they’re beautiful!) that I bought more. LOL

Since then, as time deposits are going to maturity, I’ve been buying more silver, and also some gold (but not as much as silver). I’m sure those gals at the bank think I’m nuts, withdrawing my money.

But given the yield and what the article above tells me, I cannot think of any compelling reason to keep even a dollar in the bank. Even if the whole system takes a shit, sure my bank deposits will be paid back...but with worthless paper!

meh

[familyop]

So the spendthrifts are falling. That’s just awful. There will be stampedes of herds on banks. Note to self: move account from politically correct, big city bank for corporates and government employees to family-oriented, real deposit bank that employs men.

[Daisyjane69]

just a heads up...both the Calculated Risk blog and the Money & Markets (Martin Weiss’) site post FREE bank ratings for the entire country.

I came to find out the hard way that free bank ratings were not easily located. Many wanted membership fees, etc.

If you can’t find those sites, holler, and I’ll try to fish them out for you!

[familyop]

Thank you. I’ve been getting mail from Martin for some time and had corresponded with him on another topic a long time ago. ...good man. Most of the mail from his team is good and true stuff, IMO.

[familyop]

Low dollar or high dollar, we’re heading for some rough and largely unexpected changes. For a quicker and less painful recovery, the wise will become more self-sufficient and avoid buying anything that won’t be needed. As for banks, I’ve found a couple of good, relatively humble and cautious ones with good reports for each quarter.

I do hard, manual labor off and on. ...will be using pickaxes and shovels again at over 9,000 feet in a couple of days (a break from higher elevations). ...doing practice drawings while learning to design buildings now. There are many seeming paradoxes in life, and our real recovery will take all kinds (probably at least a few years away, sadly, and not the kind of recovery expected by most proud folks).

[Son House]

Calculated Risk blog and the Money & Markets (Martin Weiss’) site post FREE bank ratings

^
Any chance you can post the links here?

[RegulatorCountry]

Not aware of those, but there’s a decent one at no charge available at http://www.bankrate.com if you’re interested. Banks and credit unions, entire country.

Been using it myself for over two years, alerted me to a certain Georgia-headquartered bank being in sad shape, moved my accounts from there to a locally owned, small bank that appears quite sound.

[cowtowney]

Www.calculatedriskblog.com

[Landru]

>ping<

Interesting read.

[Liz]

And as the grinning, smirking Ohaha said to a reporter recently----"we're going through 'wrenching' changes." What's he inhaling? What's so funny about poorer Americans, Obama?

So why doesn't the govt use the trillions in unspent stimulus (/sarc)?

CASE IN POINT We kept reading and hearing about Obama's rushing Congress to approve the $787 billion stimulus package early this year. Now uber-Lobbyist Thomas Hale Boggs, Esq, interviewed by ABC nightly news several weeks ago, said, "there's $2 TRILLION federal stimulus waiting to be distributed". Boggs said he was getting unprecedented numbers of calls from all over the US......from those who want a piece of it. (Boggs is the son of former Cong Hale Boggs and brother of former ABC-TV commentator Cokie Roberts).

CASE IN POINT Obama tapped VP Joe Biden to "allocate" the stimulus $$trillions. Biden's family was involved with Texas financier H. Allen Stanford, now charged with an $8 billion offshore fraud, the WSJ said. The Bidens $50 million fund was jointly branded between the Bidens' Paradigm Global Advisors LLC and a Stanford Financial Group entity, and was known as the Paradigm Stanford Capital Management Core Alternative Fund, the paper said. Stanford-related companies marketed the fund to global investors and also invested about $2.7 million of their own money in the fund, the paper said, citing a lawyer for Paradigm.......... Paradigm Global Advisors is owned through a holding company by the VP's son, Hunter, and Joe Biden's brother, James, according to newspapers.

CASE IN POINT How can this be legal? A jaw-dropping policy the White House released late on a May Saturday afternoon........hoping we would not notice. "Following OMB’s review, the Obama Administration has decided to make a number of changes to the rules that we think make them even tougher on special interests and more focused on merits-based decision making. First, we will expand the restriction on oral communications to cover all persons, not just federally registered lobbyists. For the first time, we will reach contacts not only by registered lobbyists but also by unregistered ones, as well as anyone else exerting influence on the process. We concluded this was necessary under the unique circumstances of the stimulus program."

CASE IN POINT On June 9, 2009 Obama called a press conference to announce, "Several financial institutions are set to pay back $68B to taxpayers." Reasonable people (taxpayers) assumed that any money or profit would be returned to the general funds from whence it had come .......in order to pay down the debt. The truth, however, is that the money returned by the banks is finding new life as part of what amounts to a Treasury Dept-controlled slush fund.

CASE IN POINT Obama's obsessive reach for "healthcare reform" confirms reform is another trillion dollar govt slush fund for hand-picked insiders.......ACORN, Soros, SEIU. Keep in mind---COS Rahm Emanuel and his brother Dr Zeke--are in charge of the healthcare trillions.

COULD THE STIMULUS BE BRIBING HOLDOUT LEGISLATORS TO VOTE FOR OBAMCARE (/snic)? A largely overlooked provision in The senate healthcare bill sends $100 million to Louisiana to "help" cover costs for Medicaid "for the poor." PLUS another $200 Million for Katrina costs. Former holdout Mary Landrieu as the 8PM vote loomed Saturday night: "I've decided that there are enough significant reforms and safeguards in this bill to move forward." (Duh)

Hmmmmmmmm.....so where IS THAT darn stimulus? We need audits, WH cell phone records, computer links, wire-transfers, and bank records to get an accurate accounting of our tax dollars.

BTW, Ohah's planning ANOTHER trillion dollar stimulus.

[Landru]

"BTW, Ohah's planning ANOTHER trillion dollar stimulus. "

Guess inflation and/or the total destruction's not happened fast enough for the zerO, huh. LOL
It'll happen alright, soon enough too.

Unfortunately the same assholes who voted for the slimy skunk will never learn the role they themselves played in the destruction of everyone. Finally proving we're a free peoples up to and including the freedom to destroy ourselves. LOL!!

As you like to say steph, "Ya can't make this stuff up.". ;^) LOL

[stephenjohnbanker]

I doubt Odumbo can get away with it. He has barely spent a fraction of this one.

[Landru]

"I doubt Odumbo can get away with it."

Oh?

"He has barely spent a fraction of this one."

Says who, "officially", of course? LOL

My friend.
When[ever] I hear the words, "I doubt" or "never"?
I'm overcome with an uncontrollable *urge* to wager. LOL

[GOPJ]

bump to the top

[FBD]

well stated, good points all.

[familyop]

And there’s the elephant in the room. The following makes fun of gullible China in vulgar terms.

(Video) Saturday Night Live Scorches The Disaster Obama
http://communists4obama.blogspot.com/2009/11/video-saturday-night-live-scorches.html

[Daisyjane69]

I found the one on Calculated Risk blog, from the past week.

http://www.calculatedriskblog.com/2009/11/unofficial-problem-bank-list-increases_20.html

Btw, they normally post that each Friday.

Still hunting down the Money & Markets link. But I’m going to have to dig it up over my Sent email, so be patient with me. It came out a few months ago. I didn’t forget about you!

:)

[Son House]

Thanks, I was in a hurry yesterday and couldn’t find any of them

[Daisyjane69]

I’m going to search for the Money & Market thing again, but it’s taking me a while!