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Nye Bevan

(25,406 posts)

10. It's backed by the full faith and credit of the US government.

Reply to hollysmom (Reply #9)

Thu Dec 31, 2015, 12:40 AM

Dec 2015

If necessary they will borrow or print the money.

In addition, the FDIC is backed by the "full faith and credit of the United States government." This means that the resources of the U.S. government stand behind FDIC-insured depositors and, even if the FDIC loses all of its money due to bank failures, the federal government will cover any losses.

http://banking-law.lawyers.com/consumer-banking/the-fdic-can-it-go-bankrupt.html

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Highlight:

Bail-Ins Begin: a Crisis Worse than ISIS? by Ellen Brown [View all] Ferd Berfel Dec 2015 OP

Banks may be safer than the stock market safeinOhio Dec 2015 #1

But FDIC only covers up to a limit. $100K I recall. leveymg Dec 2015 #3

Then I'm covered safeinOhio Dec 2015 #4

I'm so reassured. leveymg Dec 2015 #5

FDIC can't cover it all, when a big bank goes down it will strip it of every cent. hollysmom Dec 2015 #6

Nope. Nye Bevan Dec 2015 #8

until it goes broke. hollysmom Dec 2015 #9

It's backed by the full faith and credit of the US government. Nye Bevan Dec 2015 #10

knowing the current congress as I am sure you do hollysmom Dec 2015 #11

This is already in place, and does not require any new votes. Nye Bevan Dec 2015 #13

Can't Congress change that in an "emergency"? nm rhett o rick Dec 2015 #17

Yep, $250k per depositor. And a married couple can protect even more. Nye Bevan Dec 2015 #7

If I remember the new $250k limit is temperory but not sure. Also, if you are married, rhett o rick Dec 2015 #12

Originally it was temporary but they made it permanent. Nye Bevan Dec 2015 #14

The problem with banks jamzrockz Dec 2015 #15

True that, but safeinOhio Dec 2015 #20

Banks pay a marginal amount more interest than burying my money in my back yard GummyBearz Dec 2015 #19

This is the sort of stupid stuff that leads to runs on banks leveymg Dec 2015 #2

HOW is this NOT stealing? FUCK INVESTORS> they do not get a GUARANTEE OF WINNING! its GAMBLING. pansypoo53219 Dec 2015 #16

What pansypoo53219 said Ferd Berfel Dec 2015 #18