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FDIC Proposes Unlimited Insurance on Bank Savings

The FDIC Proposes Unlimited Insurance on Bank Savings.

October 6, 2010 - FDIC wants to insure unlimited funds. Not $250,000, which is where it currently stands, but UNLIMITED- you would be totally insured. Here is the video on their press announcement and below is my concerns, for on face value, one may say, great, I am fully insured:

The FDIC, as you saw, is in the hole, with negative deposits. We read here, what this bank owner had to say about what the FDIC is doing to small banks, which shows the banks themselves are not happy. Yesterday we reported on the IMF warning of 4 Trillion USD worth of private bank debt that would need to be turned-over. How can the FDIC propose such a plan? Well, they clearly are going to tap The Fed for the needed funds. That may mean you and I, the tax-payer, more than likely.

Who knows exactly what this all means. However one does not need to be a financial expert to figure out the likely reasons of this FDIC move - Huge US bank failures in the near future.

This would not cover your 401K's or retirement funds. This is only proposed for non-interest bearing accounts. In other words, this is very scary news. A true warning sign from the FDIC proposal to insure unlimited funds.

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