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FDIC: $6.5 trillion in insured deposits backed by $3.9 billion

It is amazing how much ill placed faith is thrown into the current banking system when there is plenty of evidence of insatiable malfeasance. The FDIC recently released its quarterly banking report and somehow dismal information was twisted as being positive. Take for example the reality that $6.5 trillion in insured deposits are backed by $3.9 billion. Does this give anyone any comfort? What is even more staggering is you have $1 trillion in deposits above the $250,000 FDIC protection limit riding it out with absolutely no protection. The banking sector is going to face dramatic problems ahead because the past issues of bad loans have yet to be realized. Sure, accounting trickery and fancy financial magic can buy you a few years but ultimately you have to come to terms with the deep issues in the balance sheet. The FDIC is overseeing an industry with $13 trillion in “assets” and only carries a $3.9 billion insurance fund. It appears the wizard behind the curtain is blowing more smoke than ever.

2 Comments in Response to

Comment by Anonymous
Entered on:

 What's written here is offensively crappy. Overseeing a $6.5 trillion industry and insuring a $3.9 billion are not the same -- it is like saying that apples are also oranges. The ignorant disconnect is more real than just apparent.

Comment by Powell Gammill
Entered on:

Half a percent is better than nothing... right?

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