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To: Travis McGee
“The fund held $52.4 billion at the beginning of 2008. One year and 25 bank failures later, the fund held $18.9 billion.

So far this year, 14 banks have failed, draining another $1.7 billion from the insurance fund.”

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Which, is to say it is not currently at 18.9, it is now at 17.2!

If I have done my math correctly the loss is about $2 trillion per month, averaged out over the past 14 months. But that number is not necessarily an accurate representation, as the losses didn't really begin to drain the FDIC funds until about August IIRC.

So...
Averaged over the entire 14 months...$2T/ month drain
Averaged since August ‘08...$5T/ month...that gives the FDIC funds about 3 months, provided that new funds are added and no panic sets in.

And, today is FederalReserveFriday...

8 posted on 02/27/2009 6:21:43 AM PST by woollyone (I believe God created me- you believe you're related to monkeys. Of course I laughed at you!)
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To: woollyone

oops...my numbers should have been in “billions”, not trillions.

sorry


20 posted on 02/28/2009 7:26:22 AM PST by woollyone (I believe God created me- you believe you're related to monkeys. Of course I laughed at you!)
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