Meanwhile the ninety-ninth federally-insured bank this year has gone under.
Looks like I'm gonna have to begin stockpiling some more "breadlines" photos to use...
The Federal Deposit Insurance Corporation - the government agency which makes sure that the money you keep in the bank will still be there if the firm goes bust - is running out of money for its fund and risks insolvency, FDIC Chairman Sheila Bair has told bank CEOs. A lot of banks have gone under in the past several months and its depleted the FDIC's coffers.
The FDIC is now looking to shore up the fund with new banking fees, and is projected to raise $27 billion.
Will that be enough at all to keep scenes from yesteryear like the one depicted above from happening again?
In my opinion: not likely.
