FDIC's Bair warns on bank deposit insurance fund

Houston Chronicle ^

[txmissy]

WASHINGTON — The head of the Federal Deposit Insurance Corp. has warned that the fund insuring Americans’ bank deposits could be wiped out this year without the money the agency is seeking in new fees from U.S. banks and thrifts.

FDIC Chairman Sheila Bair acknowledged, in a letter to bank CEOs, that the new increased fees and hefty emergency premium the agency voted to levy last week will bring a “significant expense” to banks, especially amid a recession and financial crisis when their earnings are under pressure.

“We also recognize that assessments reduce the funds that banks can lend in their communities to help revitalize the economy,” Bair wrote.

But given the accelerating bank failures that have been depleting the deposit insurance fund, she said, it “could become insolvent this year.”

“Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative,” Bair wrote in the letter dated Monday to the chief executives of the nation’s 8,305 federally insured banks and thrifts.

[mojitojoe]

What a way to create public panic and a run on the banks! Irresponsible, IMO
_____________
I disagree. MANY people have and are removing their money from banks. Better to be safe than sorry. It’s not like you can’t put it back in. Starve the beast.

[LomanBill]

>>That’s just pathetic IMO.

Duly noted.

But at least I demonstrate a knowledge of which document the words “TO SECURE THESE RIGHTS” were written in.

Which can not be said for all folks... ehem.

http://www.google.com/search?hl=en&q=Limbaugh+constitution+declaration&aq=f&oq=

Apparently the wine of power has no preference for which side of the table it makes drunk.

I was expecting him to start rolling on about how when the Germans bombed Pearl harbor....

>>one person in this nation

One? Have you not been reading the Wall Street Journal?

Logic and Reason trump Ratings mongering.

[mojitojoe]

“The FDIC is as solvent as the US Gov’t”

I rest my case.
________
Exactly!!

[mojitojoe]

Explain this in laymen terms please.

http://www.marketwatch.com/news/story/treasurys-recover-after-weak-employment/story.aspx?guid=%7B718158E7%2D3BAE%2D43B3%2DA3BF%2DC13C83ACD9D8%7D

[LomanBill]

>> it’s not like “save more, spend less”
>>requires any affirmative action.

Problem is the extortion, the threat against savings, implicit in this thread’s subject article.

IMHO, it’s important to keep in mind that part of their game is to inflict stress upon the population - steadily wearing down the ability to resist, both mentaly and pysicaly, like a stag being hunted with hounds.

FWIW, I agree with your tax-deprivation logic. That’s why I’m taking a sabbatical and using the time to write software I intend to release after 2012 when Comrade Chairman & Co. are removed.

Until then... code, compile, FReep.. repeat.

Life is still good.

[mojitojoe]

#227, they did the exact same thing to us. Identical! Only they REFUSED to let us do it unless a cop followed us home. WTF? I don’t want everyone in town, including the police knowing that we took that amount to our home. So we just took it out in smaller increments.

[DoughtyOne]

It would take close to a moron to categorize Limbaugh’s comments as merely ways to pump up his ratings.

When he talks about founding principles, the founding documents, the U.S. Constitution, the Amendments to the Constitution and our individual rights, it must really drive you crazy. Honest to God, what the hell is wrong with you?

He has been talking about Obama’s plans for spending, an amount equal to the nation’s expenses since the founding of our nation. Isnt’ that something you think the citizens of this nation should know about?

Isn’t the fairness doctrine something you care about? Isn’t gun rights something you care about?

And you think Rush just says these things to gain market share?

I can understand the Democrats trying to trash him, they’ve been doing it for twenty years. I cannot understand a person on the right being dumb enough to join them in that effort.

[mojitojoe]

Just try to go to your bank and take out $250k in CASH, see what happens!!
____________
LMAO, they won’t have it. They will have to order it and they will try to talk you out of it. 2 banks, same story.

[LomanBill]

I think he’s an opportunist who has found a niche mirroring the dialectic boils on the other, left, buttock of the Republic.

His arrogance effectively poisons the issues he allegedly supports; in the same way the Wesborough “God Hates Fags” nitwits do so. Thus, IMHO, he’s been of more effective service to the enemies of conservatism than he has to its friends.

Furthermore, he’s a drug abuser and a glutton.

So I simply don’t like him. I don’t think he’s a good role model for my kids, and I don’t listen to him (or any other talk show entertainer for that matter).

[DoughtyOne]

Here’s a clue for you. Any time Barack Obama, Senator Reid, Speaker Pelosi, Barney Frank, Rham Emanuel, James Carville, Lanny Davis, Bill and Hillary Clinton, the majorty of posters on DU, the Daily KOS, MoveOn.Org, and the Huffington Compost, and most of the left are unified in full agreement with your position, it may be cause for concern.

[LomanBill]

You’re a big Rush fan. I’m not. I think the emperor is broadcasting in his underwear.

And as far as the folks you’ve cited - I think he’s of greater service to them than Bill Mahr is.

Why? Because young folks are forming a reflexive negative association with conservative issues based upon the messenger rather than a logical assesment of the message.

They hate Rush, therefore they hate any conservative message that comes out of his mouth - and they give it no more thought than that.

[DoughtyOne]

You’re a big Rush fan.  I listen to Rush sporadically.  Over the last five years I have listened to him a few days per quarter on the average.  I will step in to defend him any time I see someone with their head up their ass.
<>I’m not.  Really?

I think the emperor is broadcasting in his underwear.  Your dismissive tone is childish.  It's not bravado to mention that while others get perhaps 3 million listeners on a good day, Rush is getting 14 to 20 million.  Katie Couric is lucky to get seven or eight million listeners each night.

And as far as the folks you’ve cited - I think he’s of greater service to them than Bill Mahr is.  Well they disagree with you too, or they wouldn't constantly be saying the same things you are here.

Why? Because young folks are forming a reflexive negative association with conservative issues based upon the messenger rather than a logical assesment of the message.  It's obvious you don't listen, because Rush goes to great lengths to explain in great detail why his views are what they are.  The reference to reflexive negative association is baseless.  Please provide the name of anyone who gets more daily listeners than Rush.

They hate Rush, therefore they hate any conservative message that comes out of his mouth - and they give it no more thought than that.  Young people hate Rush?  Since when?  He gets young callers all the time.  I've heard him take young callers, even as little as I listen in.

You sound like a seminar poster.

[reader25]

this is very true.

[LomanBill]

>>Young people hate Rush?

Yes, when trying to explain conservative issues to young folks under the influence of “progressive” public edumacators, the mere mention of his name provokes a kneejerk rejection.

Fairly or not, he’s become a poster child for everything the left hates. I think he’s a significant reason why Comrade Chairman is in the WH - many people simply voted for the Anti-Rush/Bush.

BTW, what did Rush have to say about Penny Pritzker’s Sub-Prime involvement? NADA?

When the surge lost O the anti-war momentum and he refocused on the economy ala “8 years of Bush policy” - the conservative side should have attacked Prizker. She was the key to destroying O’s economic campaign stump.

But McWeevil didn’t... and as far as I can see, neither did Rush.

All Bark, no Hunt - both of em.

[norraad]

...A W E S O M E ! ! !

E V E R Y B O D Y GO BACK And watch that youtube vidi!!

[DoughtyOne]

Your comments destroy you.

There’s nothing more to talk about here.

[LomanBill]

>>Your comments destroy you.

Odd, I don’t feel destroyed.

Have a nice day.