Well,.. what a way to get my sight back in both eyes..
FDIC Discloses Deposit Insurance Fund Is Now Negative
(excerpt):
In an unprecedented disclosure, the FDIC has highlighted that it expects the DIF reserve ratio to be negative as of September 30. As there are a whopping 48 hours before that deadline, one can safely assume that the DIF is now well into negative territory: as of today depositors have no insurance courtesy of a banking system that has leeched out all the capital of the Federal Deposit Insurance Corporation. Let’s pray there is no run on the bank soon.
link to thread:
http://www.freerepublic.com/focus/f-news/2351218/posts
And Karl Denninger’s latest take...
http://market-ticker.denninger.net/archives/1476-The-Banking-System-Is-Insolvent.html
... things looked better out of one eye
one can safely assume that the DIF is now well into negative territory: as of today depositors have no insurance courtesy of a banking system that has leeched out all the capital of the Federal Deposit Insurance Corporation. Let’s pray there is no run on the bank soon.<<<
And there goes those evil capitalists, they disappear when their working capital is taken from them.
As do those of us who need our social security money to survive.
So we old ones die and the young get a shovel and a room in a cement cube.
This is all so unreal that I feel like a kooke to even look at my own thoughts.
But hey, that change everyone wanted, is this it?
Thanks. Good to hear from you.