IPFS News Link • Federal Reserve
Taxpayer Bailout of the FDIC on Deck...
• Truth In Gold "The Federal Deposit Insurance Corp. is considering tapping a Treasury Department line of credit as the agency examines ways to replenish a reserve fund depleted by 92 bank failures this year, Chairman Sheila Bair said." Here's the link: Open Up Your Checkbook, People
Some things to consider: Anyone find it strange that every week only 3 or 4 banks are closed? I know for a fact that the Government has the manpower to shut down only 3 or 4 per week, although hundreds need to be closed down. When a bank is closed, you need manpower FOR EACH BANK BRANCH to clear out all employees, secure the vault, secure the books, secure the cash and guard the door, plus all the beancounters to go over the books.
But it's not only lack of manpower, the FDIC is dragging its feet on closures to conserve cash, presumably praying for some kind of economic miracle. But the fact of the matter is that 100's possibly 1000's of banks need to be closed down or rescued and this going to be a multi-trillion dollar exercise.
Some things to consider: Anyone find it strange that every week only 3 or 4 banks are closed? I know for a fact that the Government has the manpower to shut down only 3 or 4 per week, although hundreds need to be closed down. When a bank is closed, you need manpower FOR EACH BANK BRANCH to clear out all employees, secure the vault, secure the books, secure the cash and guard the door, plus all the beancounters to go over the books.
But it's not only lack of manpower, the FDIC is dragging its feet on closures to conserve cash, presumably praying for some kind of economic miracle. But the fact of the matter is that 100's possibly 1000's of banks need to be closed down or rescued and this going to be a multi-trillion dollar exercise.
Prediction: Wells Fargo will be the next big bank to blow up.
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