Banks without FDIC!

[Archangel]

This was a surprise yo me. Some of the have been bought out by Mexican interest and are dropping their FDIC and going to private insurance. My fiture mother in law received a letter about dropping the FDIC. I tripped out.

[kberg]

Without FDIC is the way it should be. Currently the FDIC insures somewhere around 4.5 Trillion in deposits it only has 45 Billion in cash reserves to back that up. This is what the 857 billion dollar bailout is all about. Preventing the run on the banks and the bailout of the FDIC. Private insurance should at least be able to bail out the deposits when needed.

[TheUnboundOne]

Dear kberg,

Howdy, Kberg!

I'm all with you here! A private insurer would never put up with the likes of any institution that ran like FannieMae or FreddieMac or anybody that does the crap that has been done in this mortgage crisis.