FDIC bank fund in the red until 2012.. What does this mean..? (bankrupt, loan)
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NEW YORK (CNNMoney.com) -- The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
Testifying before members of the Senate Banking Committee, the nation's top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But she said those efforts would not put the rescue fund in the black until a little more than two years from now at the earliest.
NEW YORK (CNNMoney.com) -- The government insurance fund designed to protect consumer bank deposits will likely stay in the red through 2012, Federal Deposit Insurance Corp. chief Sheila Bair said Wednesday.
Testifying before members of the Senate Banking Committee, the nation's top commercial bank regulator stressed that her agency was taking immediate steps to replenish the dwindling fund. But she said those efforts would not put the rescue fund in the black until a little more than two years from now at the earliest.
Nope, it doesn't since this trick only works with money that has value. The American dollar is what's known as "fiat currency" which simply means that it has no value of it's own!!
Nope, it doesn't since this trick only works with money that has value. The American dollar is what's known as "fiat currency" which simply means that it has no value of it's own!!
Nobody said you had to keep US dollars in your mattress. My little stack of loonies has done a lot better than my MMA lately.
It does not mean much, this is not the first time that the FDIC needed to be "bailed out". The FDIC will be supported in the worst case by the treasury. Out of all the things to be concerned with, this is not one of them.
Originally Posted by (901) It means its time to get a bigger mattress
Quote:
Originally Posted by Tightwad
Nope, it doesn't since this trick only works with money that has value. The American dollar is what's known as "fiat currency" which simply means that it has no value of it's own!!
Tightwad, I think that (901) meant getting a bigger mattress which itself has value. In other words, the mattress is the value item, not the money hidden under it!
If you think about it, no one is dealing in mattress derivatives, mattress default swaps, or collateralised mattress obligations yet. Time to get in before Goldman Sachs does!
Tightwad, I think that (901) meant getting a bigger mattress which itself has value. In other words, the mattress is the value item, not the money hidden under it!
If you think about it, no one is dealing in mattress derivatives, mattress default swaps, or collateralised mattress obligations yet. Time to get in before Goldman Sachs does!
I did not mention the "mattress bank" someone else must have. I agree they are foolish but the savvy still keep a sizable amount of cash on hand these days.
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