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THE BUSH FINANCIAL BUST OF 2008: "It's All Downhill From Here, Folks"

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02/11/2008 03:03 PM
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THE BUSH FINANCIAL BUST OF 2008: "It's All Downhill From Here, Folks"
The Bush Financial Bust of 2008: “It's All Downhill From Here, Folks”

by Mike Whitney

Global Research, February 8, 2008

"I just saw a picture Bernanke stripped to the waist in the boiler-room shoveling greenbacks into the furnace.” Rob Dawg, Calculated Risk blog-site

On January 14, 2008 the FDIC web site began posting the rules for reimbursing depositors in the event of a bank failure. The Federal Deposit Insurance Corporation (FDIC) is required to “determine the total insured amount for each depositor....as of the day of the failure” and return their money as quickly as possible. The agency is “modernizing its current business processes and procedures for determining deposit insurance coverage in the event of a failure of one of the largest insured depository institutions.”

( [link to www.fdic.gov]

The implication is clear, the FDIC has begun the “death watch” on the many banks which are currently drowning in their own red ink. The problem for the FDIC is that it has never supervised a bank failure which exceeded 175,000 accounts. So the impending financial tsunami is likely to be a crash-course in crisis management. Today some of the larger banks have more than 50 million depositors, which will make the FDIC's job nearly impossible.

[link to www.globalresearch.ca]

Last Edited by Account Deleted by User on 08/21/2011 11:08 PM