Posted on 08/27/2009 11:33:41 AM PDT by rabscuttle385
WASHINGTON – The government insurance fund that protects more than $4.5 trillion in U.S. bank deposits fell to just $10.4 billion at the end of June, as the banking industry continues to struggle with souring loans.
The Federal Deposit Insurance Corp. fund is at its lowest level since mid-1993, during the savings-and-loan crisis. That makes it likely that the government will have to charge banks another special fee to recapitalize its reserves. Officials could also consider borrowing up to $100 billion from the Treasury Department, but they have avoided this option so far.
(Excerpt) Read more at online.wsj.com ...
There is probably a taxpayer-backed line-of-credit-with-the -Treasury present to save the day....maybe even $500 billion just lying around.
Biden, your Vice President, says “Spend, spend, spend to prosperity!”
Just spend it all and it will come back to you—that’s the way to prosperity per Biden. It’s magical like that.
June? So this was even before Colonial went under.
Before both Colonial *and* Guaranty failed...yes.
Is that Frank Raines?!?!
Big tree slaughter coming.
‘Looter Guy’ sure gets around! ;)
I am beginning to think the “green shoots” I keep hearing about are gangrene.
Taking a page out of the Ronald Reagan against Jimmy Carter playbook, the GOP needs to adopt this slogan.
ARE YOU BETTER OFF THAN YOU WERE
4 TRILLION DOLLARS AGO?
Banks closed since 7/01/2009
Guaranty Bank
Austin TX 32618 August 21, 2009
CapitalSouth Bank
Birmingham AL 22130 August 21, 2009
First Coweta Bank
Newnan GA 57702 August 21, 2009
ebank
Atlanta GA 34682 August 21, 2009
Community Bank of Nevada
Las Vegas NV 34043 August 14, 2009
Community Bank of Arizona
Phoenix AZ 57645 August 14, 2009
Union Bank, National Association
Gilbert AZ 34485 August 14, 2009
Colonial Bank
Montgomery AL 9609 August 14, 2009
Dwelling House Savings and Loan Association
Pittsburgh PA 31559 August 14, 2009
Community First Bank
Prineville OR 23268 August 7, 2009
Community National Bank of Sarasota County
Venice FL 27183 August 7, 2009
First State Bank
Sarasota FL 27364 August 7, 2009
Mutual Bank
Harvey IL 18659 July 31, 2009
First BankAmericano
Elizabeth NJ 34270 July 31, 2009
Peoples Community Bank
West Chester OH 32288 July 31, 2009
Integrity Bank
Jupiter FL 57604 July 31, 2009
First State Bank of Altus
Altus OK 9873 July 31, 2009
Security Bank of Jones County
Gray GA 8486 July 24, 2009
Security Bank of Houston County
Perry GA 27048 July 24, 2009
Security Bank of Bibb County
Macon GA 27367 July 24, 2009
Security Bank of North Metro
Woodstock GA 57105 July 24, 2009
Security Bank of North Fulton
Alpharetta GA 57430 July 24, 2009
Security Bank of Gwinnett County
Suwanee GA 57346 July 24, 2009
Waterford Village Bank
Williamsville NY 58065 July 24, 2009
Temecula Valley Bank
Temecula CA 34341 July 17, 2009
Vineyard Bank
Rancho Cucamonga CA 23556 July 17, 2009
BankFirst
Sioux Falls SD 34103 July 17, 2009
First Piedmont Bank
Winder GA 34594 July 17, 2009
Bank of Wyoming
Thermopolis WY 22754 July 10, 2009
Founders Bank
Worth IL 18390 July 2, 2009
Millennium State Bank of Texas
Dallas TX 57667 July 2, 2009
First National Bank of Danville
Danville IL 3644 July 2, 2009
Elizabeth State Bank
Elizabeth IL 9262 July 2, 2009
Rock River Bank
Oregon IL 15302 July 2, 2009
First State Bank of Winchester
Winchester IL 11710 July 2, 2009
John Warner Bank
Clinton IL 12093 July 2, 2009
“ARE YOU BETTER OFF THAN YOU WERE
4 TRILLION DOLLARS AGO?”
Awesome... I like that alot :)
CRANK UP THE PRESSES! Emergency money needed fast!
Rough numbers from the FDIC press releases show expected cost to the fund:
$7,121,800,000 for August 2009
$3,155,600,000 for July 2009
$10,277,400,000 in estimates since the fund was said to shrink to 10.4B at the end of June. Still one FDIC Friday left in August. Could this be correct that they may have to fall back on the Treasury this soon?
Thanks for the ping.
Before Colonial and State Bank of Sarasota...
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