Why Rocky Vega Closed His Money Market Account: 6 New Bank Failures in 4 States
Just click the Title above to find out more.I've been talking about this for some time now. Here is a nice Christmas present for you the investor or saver. These six banks just punched out the FDIC for an additional 2.4 billion. You might say, great, the FDIC stepped up again. Where in the H - E - double hockey sticks do you think the FDIC's money comes from? You. The consumer, the saver, the check writer. The banks fund the FDIC and when it fails, some say it already has, you the Tax Payer fund the FDIC.
The total is now at 130 banks belly up, and no signs of slowing down. By some accounts, we are looking at over 1000 banks in 2010. Why? you say? Well how about the Commercial Property Market that is about to implode on itself? Did you forget about that? How about the millions of residential loans that are as underwater or upside down as can be and are ready to come due in 2010. You know which ones I mean, the ones that have no money down, and abysmal credit ratings with no hope of paying them off. Yeah, those loans. Millions of them due in 2010. Just like the ones these 130 lousy banks lent out and a few thousand more like them.
Don't believe the Obummer drummers when there is so much evidence to the contrary. If any of your money is in a bank, you can kiss it goodbye. For that matter, if any of your money is in money, you can kiss it good bye. Just remember I said that.
So once again, if your money is in a bank, good luck.
