The FDIC, which federally insures the bank accounts of all Americans up to $200,000 per account, is going broke.
You know that things are bad in the country when your bank account insurer is on the brink of bankruptcy.
According to the Wall Street Journal this morning, the U.S. Senate moved to allow the FDIC to borrow up to 500 billion dollars.
The problem is the U.S. Government is going broke as well. What does everyone do when the government's money runs out?
Friday, March 06, 2009
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2 comments:
Remember that financial black hole I was talking about?
Yeah.
Gee, I guess it's a bad idea to leave it to the fe'ral gov't to keep money in a pile somewhere. Just like with Medic/are/aid and Social Security, Congress raids those piles of money when they need quick cash.
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