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Tuesday, September 22, 2009

FDIC To Borrow Money From Banks?

In a mighty wierd story, the FDIC is considering borrowing money from the banks in insures to replenish it's reserves. The banks, of course, really like this plan, as it a)prevents an increase in the fees they pay to the FDIC, and b)creates a massive conflict of interest within the FDIC, which will be reluctant to mess with any bank it owes lots of money to. The FDIC has a $100 billion credit line with the Treasury, why they aren't using that is beyond me.

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