FinanceDude
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- Aug 3, 2006
- Messages
- 12,483
I did some digging some time ago, and like all things government, it's UNDERFUNDED.................
Hmmmmm..............covers about $4 trillion in assets, yet has only somewhere around $98 billion in assets to cover............boy I feel safe now.........
I'm going to find the provision that allows the Treasury to "negotiate" payment of funds over long periods of time in the event the banking system fails.
I seem to remember 99 years or some goofy number like that..........
Even if it's 25 years, still a LONG WAIT to get your money back............
BTW, that little urban myth that "No bank has failed since FDIC was put into place"? Not true...............
Hmmmmm..............covers about $4 trillion in assets, yet has only somewhere around $98 billion in assets to cover............boy I feel safe now.........
I'm going to find the provision that allows the Treasury to "negotiate" payment of funds over long periods of time in the event the banking system fails.
I seem to remember 99 years or some goofy number like that..........
Even if it's 25 years, still a LONG WAIT to get your money back............
BTW, that little urban myth that "No bank has failed since FDIC was put into place"? Not true...............