The Never Give A Sucker An Even Break Economy

Oh. My. God.

A Broke FDIC Expands Checking Account Insurance From $250,000 To Infinity

A few days ago, the FDIC, broke as ever, with a Deposit Insurance Fund that was well south of zero at last check, announced, with delightful irony, that it was expanding its insurance on non-interest bearing checking accounts from the current $250,000 to, well, infinity. As in there is no upper limit on how much the FDIC would insure – the fact that it has no money at the FDIC to begin with being completely irrelevant. That’s right, the broke FDIC basically said that it would guarantee up to $480 billion currently sitting in US checking accounts between December 31, 2010 and December 31, 2012.

Emphasis in the original.

I’m just … stunned.

More stunned than I was an hour ago seeing a new banner flying in front the local desperate Subway announcing three Five Dollar Footlongs now for just $13.50.

At least with Subway you’d be getting something for your money.

Go on, put that money in the bank. Then bend over for all those new fees you were never told about in advance!

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Filed under Collapse, Pottersville

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