Quote:
Originally Posted by marketsmart
the indy mac failure ate 10% of the FDIC fund...
the fdic could only handle 1 large bank failure and after that the FDIC fund would be empty..
anyway, the currency markets opened tonight with some huge moves.. the dollar got hit especially hard against the yen.. however, it seems to be bouncing back..
japan is closed because of holliday. when europe comes online tonight we will see what going to happen..
monday morn is going to be wild for sure...
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I actually found this post on a mainstream site good points.:
The FDIC doesn't have any "money" but as long as it is funded by the taxpayer it will not be unable to service commitments. By way of perspective. in the 89-90 savings and loan fiasco over 1000 financial institutions collapsed, in the current crisis there may be 150 banks at risk.Take a deep breath the sky is not falling and capitalism is the only game in town, you can't win if you don't play.