Quote:
Originally Posted by twobjshelbys
The FDIC is an insurance pool. Banks pay into it. The insurance was taken out to pay the depositors for failure of isolated bank failures, not for the collapse of the entire financial system.
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BINGO, but most people out there think and feel that the FDIC
can handle all bank failures - although that's not the case. One cannot blame them with "insurance" normally covering 100% of all events - for example in the case of Katrina, etc. The 'big' event - the perfect financial storm has America going down, big time - because in reality, there isn't any insurance other than a few billion compared to trillions and trillions in assets within the banking world.