A Sobering Fact About FDIC Insurance
Sat, 07/26/2008 - 06:55 — Walt Thiessen
The takeover of two more banks by the U.S. Treasury Dept. this week led to the Washington Post revealing a little discussed figure that caught my attention. According to their article, "The FDIC insures deposits at 8,494 institutions with $13.4 trillion in assets." That $13.4 trillion figure is alarming, because the current national debt totals roughly $9 trillion, and over-valued assets of Fannie Mae and Freddie Mac total roughly $5 trillion. That means that FDIC's insurance of deposits equal the combined total of the FMA/FRE bailout and the national debt combined.
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