Wednesday, September 17, 2008

FDIC is running out of cash.....but who guarentee's them....why ALL of us of course!

I just read an article that suggests that if WaMu (Washington Mutual) bank goes under today that that FDIC will NOT have the money to cover the losses.

What to do....well, tap into the treasury of course.....which means deficit spending, higher taxes, or simply turning on the printing presses. None of those options are good for us regular tax payers......the last one is really bad for the value of the dollar.

What is WaMu falls, and there are others behind them? There have been 11 banks who have folded so far this year.....I guess it has been OK because they have been smaller institutions.

We certainly are at a very difficult inflection point in our lives right now. Let's pray for calm heads and compassionate hearts for all of us.

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Banks always seem to go bust in the end.

8:34 PM EST  

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