FDIC is dwindling: Federal bank insurance fund dwindling

[god is my protector]

WASHINGTON - Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort.

The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.


http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/bank_deposits_safety

[Lisababy]

WASHINGTON - Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort.

The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.


http://news.yahoo.com/s/ap/20080916/ap_on_bi_ge/bank_deposits_safety

here we go..... all it takes is that one domino to fall (fannie mae & freddie mac) and that gets the whole ball rolling, or domino falling i should say. It seems like something new comes out every day regarding financial difficulties. Already this week we have had 3 bailouts (Fannie Mae, Freddie Mac and AIG) another company file bankruptcy (Leahmann Bros.) and now the FDIC's insurance fund has slipped below the minimum target level. Things seem to be heating up very fast this week, it's not going to be long before something big happens IMO.

[BornAgain123]

here we go..... all it takes is that one domino to fall (fannie mae & freddie mac) and that gets the whole ball rolling, or domino falling i should say. It seems like something new comes out every day regarding financial difficulties. Already this week we have had 3 bailouts (Fannie Mae, Freddie Mac and AIG) another company file bankruptcy (Leahmann Bros.) and now the FDIC's insurance fund has slipped below the minimum target level. Things seem to be heating up very fast this week, it's not going to be long before something big happens IMO.

The fact is that the MOST noise has been made in this month alone.

It started back in late July, however-it's been this month alone when the dominos have really been free-falling.

With all those rumors last March how the economy was expected to collapse this month-not saying it will, but it looks like what sounded like a freak horror show is on the verge of being true.

[Lisababy]

The fact is that the MOST noise has been made in this month alone.

It started back in late July, however-it's been this month alone when the dominos have really been free-falling.

With all those rumors last March how the economy was expected to collapse this month-not saying it will, but it looks like what sounded like a freak horror show is on the verge of being true.

i agree. back when all the speculation was running rampant in march, i had my doubts on whether or not it could all come true. But now that we are in september and we see these things going on, it makes you really think that it's possible. Our country cannot continue the bad financial practices we have been using and not expect the economy to suffer and suffer terribly for it. We are seeing the consequences of our own greed coming to fruition. It's sad and it's scary because we don't know what will happen in the coming weeks and months. we saw this coming but not many really believed it at the time (even me)

[BlessedAssurance]

It's sad and it's scary because we don't know what will happen in the coming weeks and months. we saw this coming but not many really believed it at the time (even me)

Posters on RR are concerned. These posters are mature Christians who have learned to trust in Christ. Imagine how anxious and heart-sick non-believers and baby believers must be about the economy.

This should be prime witnessing time. We need to walk with faith so others can observe our calm. We need to put aside something tangible to help the less fortunate so others can observe our mercy. We need to trust Christ to provide so others can calm their fears.

John 14

1"Do not let your hearts be troubled. Trust in God[a]; trust also in me.

This is not necessarily a preach it from the street corner time. This is a time to set an example. A calm countenance is required at this time of uncertainty. If we, who trust in the Lord cannot be calm, who can?

Job 36:15 But those who suffer he delivers in their suffering;
he speaks to them in their affliction.

God has promised to provide for us. He has given us examples of how to follow His word (Exodus 16:4-36). His provision may not be exactly what we expect, but it will be adequate to our needs. We must follow God's word with confidence. In these tumultuous times the non-believers scrutinize our behavior. They want to see if we are still practicing a Christian demeanor. Let's show them that we who have been sealed by the Holy Spirit do not fear anything on this world; we await God's kingdom.

[ron4jesus]

The Wall street hurricane is coming.

http://i371.photobucket.com/albums/oo157/prtyblueyz7661966/WallSreetPoliticalStorm.gif

[His Bride]

I wondered when this would happen. Years ago we were all relieved that our money was insured, but there's only so much insurance to go around, and if that insurance is tied into bank and investment failure, it all tumbles. Goes to show you, nothing in this world provides safety and security. We all need to put our trust in the only One trustworthy, and that is the Lord Jesus Christ, to see us through tough times. And my guess is that it is going to get much tougher!

[god is my protector]

yesterday i was reading a few posts where a couple people had a sense of relief because of the FDIC insurance and now the very next day i found this article

[SumSam]

I read somewhere Phil Gramm, one of McCain's advisors, was one of the guys who pushed some deregulation of Wall Street banks (particularly the separation between commercial and investment banking) that contributed to the present crisis.

I hope McCain is not totally dependent on this guy for advice.

[SummerSailing81]

So, now the government is bailing out the FDIC. :faint The people in the government making these decisions evidently didn't plan for the possibility of many banks failing at the same time. :thinking And yet, Sen. Obama thinks the government should be more involved in making decisions for us. I don't think so. :tsk

HisBride, you're exactly right. The only place to put our faith is in Jesus because He's proven He's trustworthy. The government has only proven how inept it is and how to make bad things worse by their getting involved.