Update The FDIC's insurance fund, which guards $6.2 trillion in U.S. deposits, fell to $10.4 billion at the quarter's end, the lowest since mid-1993.
Update Proof The FDIC Is Broke Here.
I am sure by now you have all heard of the "Bank Holiday's" being planned by our foreign embassies. Now comes this very disturbing news (HT The Market Ticker)...
So direct from the horses mouth Warren has said small banks are under capitalized and according to Bloomberg...
How many more banks will the FDIC take over today it is FDIC take over Friday? In addition wow also from Bloomberg today...
Toxic Loans Topping 5% May Push 150 Banks to Point of No Return
I cannot tell you if there will or will not be a run on the banks on Monday I can tell you America is broke and the Banks and our Government is and has been lying to you about the state of our economic affairs. BO wants to make sure the truth does not come out! It is always better to be safe than sorry in case the FDIC is really broke and they decide to take a Bank Holiday if your bank is open this evening or tomorrow take out a little cash to tide you over and think about the disaster that is unfolding when you consider the massive spending and pork being done by this administration and congress.
Colonial BancGroup becomes biggest bank failure of 2009
BB&T takes over after FDIC shuts Alabama lender at cost of $2.8 billion
Regulators also closed four other banks: Community Bank of Arizona, based in Phoenix; Union Bank, based in Gilbert, Ariz.; Community Bank of Nevada, based in Las Vegas; and Dwelling House Savings and Loan Association, located in Pittsburgh.
Check this out posted today (8/15/09) at The Market Ticker
Oh Oh Guaranty Financial!