by Reb Akiva at Mystical Paths
Next up...the FDIC???? Oh my doesn't even start to cover this one...
(Yahoo - AP) Banks are not the only ones struggling in the growing financial crisis. The fund established to insure their deposits is also feeling the pinch, and the taxpayer may be the lender of last resort. The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.
The FDIC has enough money left to cover 2 medium-large bank failures, 1 large failure, or 10 smaller failures. Then it's empty and the government has to start printing money to cover failure insurance (trying to sell extra treasury bonds, which get costlier every time it happens - like $85 billion for AIG today, next time???).
Sooner than expected. People (wealthy ones) have asked the Breslev tzaddikim what to do - the response - put your money into tangible assets immediately. Buy a house in Israel (no loan) if you have the funds to cover it.
For who knows their value next week.
Free Home Delivery! - From Mystical Paths, MPaths.com.
Wednesday, September 17, 2008
// 9/17/2008 //