Which demonstrates how much confidence we hold in our banks - thanks FDIC. Keep an eye on this aspect in the near future. FDIC is a treasure for one or two bank failures. More than that and the govt must create more debt to meet its obligations... OK...
I saw a big bank in Nashville fail in 1980. The bank closed its doors for a few days, opened on Monday, a desk set up near the front door. Depositors lined up to collect their savings.
'No problem,' said the bank examiner. 'Now let's see... You had four thousand dollars in a savings account; good. And I see you have an outstanding loan for forty thousand dollars. You owe us thirty six thousand dollars. Sorry, no recovery for you.'
...and so forth.
‘No problem,’ said the bank examiner. ‘Now let’s see... You had four thousand dollars in a savings account; good. And I see you have an outstanding loan for forty thousand dollars. You owe us thirty six thousand dollars. Sorry, no recovery for you.’
~~~~~~~~~
erg... so I guess we need to never borrow from our own bank, lol!!
Getting people to believe their money in a bank is not actually theirs is like trying to get water to soak into a Teflon coated pan…