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Gold/Mining/Energy : Blue Chip Gold Stocks HM, NEM, ASA, ABX, PDG

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From: Wade	11/26/2009 3:36:45 PM
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usawatchdog.com The FDIC Is Way Beyond Broke 25 November 2009 One Comment Greg Hunter The Federal Deposit Insurance Corporation announced this week that the insurance fund that covers more than 4.5 trillion dollars in deposits was not only depleted but has a negative balance of $8.2 billion according to the Wall Street Journal. The FDIC is now an insurance fund with no money of its own. The FDIC says it still has 23.3 billion to cover failing banks. It also has a $500 billion line of credit at the U.S. Treasury. FDIC Chairman Sheila Bair said in early September, “…We can tap up to $500 billion in a line of credit if we needed to, I can’t imagine that would ever be necessary…” Well, now it may be necessary because The FDIC said this week that 552 financial institutions were on the government’s problem list at the end of September. That’s 137 more “problem” banks added to the list in just three months. These banks have combined assets of $345.9 billion. The “problem list” will surely get longer as we go into 2010! Some experts say the real “problem list” of bad banks is more than 1000. Chairman Bair surely knew she would have to use the $500 billion line of credit when she asked for it from Congress. While we’re on the topic of bank losses, the head if the IMF, Dominique Strauss-Kahn, said this week, “It’s possible that 50 percent are still hidden in their balance sheets…” We don’t even really know how bad this will get, but it will get very bad! I wrote about the grim banking trouble facing America in a September post called “The Banks Are (Still) In Trouble.” ...more

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