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Originally Posted by pickel  The total cost of Thursday's bank failures to the FDIC is $314.3 million, bringing the FDIC fund's total cost for failed banks to $12.3 billion this year. That compares with $17.6 billion in all of 2008. | What you are alarmed about is a 39% increase in the cost of bank failures for 2009 when 2008 was the worst year on record.
As of June 2008, the Deposit Insurance Fund (DIF) had a balance of $45.2 billion and FDIC is required to develop a restoration plan to replenish the fund when the reserve ratio (fund's balance divided by the insured deposits) to falls below 1.15 percent.
Is this a problem? Yes
Is this a crisis? No
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Originally Posted by Toadman The Chosen One of Hope and Change promised to fix everything. Have faith, o' minion. |
I don't understand the comment. FDIC has been around insuring deposits for 70 years and done a pretty good job at it. Obama didn't create the banking crisis that drained record funds in 2008 and 2009 nor did any Obama policy cause more banks to fail. FDIC seems to have the mechanisms to continue to do what it was designed to do.
Obama walked into the worst economy since the Depression and has been active at trying to solve the problems. I don't understand the blame. What did Obama not do that he should have done or what did he do that he shouldn't have done that would have changed FDIC's bank failure problem?
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Last edited by MTAtech : July 3rd, 2009 at 07:31 AM.
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