Greetings Toddsterpatriot:
Guess I’m just not very smart. So please, explain why this situation is a LOL matter.
Insurance for high risk investments was a cornerstone of the AIG business model. Now these high risk derivative products are insured by FDIC?
You assert the FDIC charged it’s member banks so much in insurance deposit fees, the FDIC can absorb a 20x the US GDP bank failure? If that is the case, kindly provide a source indicating how much in cash reserves the FDIC does have on hand. After the FDIC covering five years of bank failures.
Recently we purchased a $14K used truck which a credit union held title. The credit union, located in a major financial center, would not accept anything but hard cash for the title.
The major bank brand which our money was deposited did not have enough cash on hand at the main downtown headquarters to cover a $14K cash withdrawal. On a Monday afternoon. After the manager failed to convince the credit union manager to accept anything but cash; the manager directed me to various supermarkets and smaller branches where we could pick up cash, $2-4K at a time.
Again, a major bank brand, in a major financial sector city, on a Monday afternoon. A genuine laughing matter?
Cheers,
OLA
I didn't see anything in your link about "high risk".
You assert the FDIC charged it’s member banks so much in insurance deposit fees, the FDIC can absorb a 20x the US GDP bank failure?
20x US GDP is about $280 trillion. What bank failure would cost $280 trillion? Household net worth is much, much less than that. It's a ridiculous claim.
Again, a major bank brand, in a major financial sector city, on a Monday afternoon. A genuine laughing matter?
Yes, the confusion of your source is a laughing matter.