The sheeple continue to think that the ultimate safety is in and FDIC insured bank account. Little do they know that the FDIC is broke and is asking the banks that they insure to bail them out.
WASHINGTON -Regulators have approached big banks about borrowing billions to shore up the dwindling fund that insures regular deposit accounts.
The loans would go to the fund maintained by the Federal Deposit Insurance Corp. that insure depositors when banks fail, said two industry officials familiar with the conversations, who requested anonymity because the plans are still evolving.
That is a pretty good racket. Take in deposits, make bogus loans, and then pretend that those deposits are covered by a fund that is ultimately backed by the banks that they are insuring.
Anybody see the irony in this?