FDIC BANKRUPT?

I was watching Jack Van Impe Presents recently and he said that the FDIC is now technically bankrupt.

You will see the conglomerating of banks from small into larger ones similar to the crashing of the 29 to 31 years with banks. They will absorb the money with everyone keeping their money in the failed banks because the monty shuffle is going on...

I figure they will end in probably 6-10 major holdings (megabanks) of all the capital and money and deposits so that when the time comes they can wipe the slate clean and there is no one who will be able to do anything about it. They will hold all major assests and funds in a few channels.

During the depression they went from 6000 banks to like 600 in short time.. basically pac man eating up the little ones to make big ones with control. Then no one can do a thing. The too big to fail isn't the problem. It has already failed. The too big to go after them is what they are looking for. Watch the banks that are closing it is strategic to the assests they need to control. Not just deposits take a look at the land.. mortgages and tangible assests they own.. That is how you know what is next. They will own the major areas of prime land quickly.

Note how many Iowa banks gone belly up?



I would think that IOWA would be one of the most prime pieces of land in your little scenario. Food production!!!!!!!

I was watching Jack Van Impe Presents recently and he said that the FDIC is now technically bankrupt.

They put out this press release today trying to convince people that they're not bankrupt:

[link to www.fdic.gov]

Some highlights - it's true high comedy now:

* By law, federal deposit insurance is backed by "the full faith and credit of the United States government." It means that the financial resources of the U.S. government protect federally insured depositors. "In short," said Chairman Bair, "we cannot run out of money."

* If needed, the FDIC can quickly borrow money from the U.S. Treasury. However, Chairman Bair has stressed that the FDIC expects to continue to collect premiums from the banking industry to pay for banking industry problems -- without borrowing from U.S. taxpayers.

* Federal law also requires that all insured deposits be paid "as soon as possible." If a bank fails, the FDIC has always paid every penny of insured deposits, up to the insurance limit, including principal and any accrued interest through the date of the closing. In most cases, the FDIC provides access to accounts on the next business day by arranging with a healthy institution to assume the insured deposits