The Glade 4.0 :: View topic - FDIC is bankrupt

http://www2.fdic.gov/qbp/2009dec/qbp.pdf

Wooo.

"The Deposit Insurance Fund (DIF) decreased by $12.6 billion during the fourth quarter to a negative $20.9 billion"

See, DE? You would only have had to read 14 pages of mind-numbing boringness to get to his point.

It's been bankrupt and insolvent for months. I believe, when I pointed it out during the October or November statements, most of you told me not to worry. The FDIC would still pay. This isn't news, Elmo.

Sucks, but in the grand scheme of things it's not that much more debt. Sadly, you really can't run a first-world country without deposit insurance, Germany found that out the hard way. When someone puts money into a bank account, they expect to be able to get it out. Germany had no deposit insurance when the recession hit and had to implement it retroactively to quiet the fury of the masses. The major banks there implemented optional private deposit insurance in 1975 but surprise surprise, virtually noone bought it, it's something everyone expects the government to take care of.

I really don't want to live in a world where I'm basically required to save 20%+ of my income because any chain in the link of my support system could fail at any point and there's no government backup. Not to mention dealing with idiotic crap like diversifying my damn bank accounts to hedge risk.

Not only would I have to worry about my employer going out of business or laying me off and leaving me without unemployment insurance, I also have to worry about my bank going broke and leaving me with nothing. Should people have to buy **** like health insurance insurance in case their health insurer fails? It gets ridiculous.

Xequecal wrote:

You already live in that world Xeq. It is only an illusion created by those who want to drain your labor for their own ends that make you think you don't.

Yes Xeq you already live in a world where you are required to save 20%+ of yoru income because your support system could fail at anytime.

I understand you don't believe this because for your entire life you've been fed a lie that you want to believe.

Elmarnieh wrote:

No, the way things currently are now, if the "support system" collapses it won't matter how much of my income I saved because the money will be worthless paper anyway.

Xequecal wrote:

Elmarnieh wrote:

No, the way things currently are now, if the "support system" collapses it won't matter how much of my income I saved because the money will be worthless paper anyway.

1. Our worthless paper is not money, it is currency.

2. Money won't be worthless.

3. Your saved income does not have to be in either money or currency.

2. Money won't be worthless.

3. Your saved income does not have to be in either money or currency.

Author:	Elmarnieh [ Wed Feb 24, 2010 2:35 pm ]
Post subject:	FDIC is bankrupt - so declares the FDIC
http://www2.fdic.gov/qbp/2009dec/qbp.pdf Wooo.

Author:	Arathain Kelvar [ Wed Feb 24, 2010 2:40 pm ]
Post subject:
I'm not seeing that. Please reference where this is said.

Author:	Diamondeye [ Wed Feb 24, 2010 2:45 pm ]
Post subject:	Re: FDIC is bankrupt - so declares the FDIC
Elmarnieh wrote: http://www2.fdic.gov/qbp/2009dec/qbp.pdf Wooo. Show your work. I'm not reading 28 pages to figure out your conclusion for you.

Author:	Elmarnieh [ Wed Feb 24, 2010 2:52 pm ]
Post subject:
"The Deposit Insurance Fund (DIF) decreased by $12.6 billion during the fourth quarter to a negative $20.9 billion"

Author:	Diamondeye [ Wed Feb 24, 2010 2:53 pm ]
Post subject:	Re:
Elmarnieh wrote: "The Deposit Insurance Fund (DIF) decreased by $12.6 billion during the fourth quarter to a negative $20.9 billion" Page?

The Glade 4.0 https://gladerebooted.net/

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Author:	LadyKate [ Wed Feb 24, 2010 2:56 pm ]
Post subject:
Second to last paragraph on page 14

Author:	Arathain Kelvar [ Wed Feb 24, 2010 3:41 pm ]
Post subject:
See, DE? You would only have had to read 14 pages of mind-numbing boringness to get to his point.

Author:	Khross [ Wed Feb 24, 2010 3:56 pm ]
Post subject:	Re: FDIC is bankrupt - so declares the FDIC
It's been bankrupt and insolvent for months. I believe, when I pointed it out during the October or November statements, most of you told me not to worry. The FDIC would still pay. This isn't news, Elmo.

Author:	LadyKate [ Wed Feb 24, 2010 4:00 pm ]
Post subject:	Re:
Arathain Kelvar wrote: See, DE? You would only have had to read 14 pages of mind-numbing boringness to get to his point. Shhhh! He's still reading.

Author:	Elmarnieh [ Wed Feb 24, 2010 4:02 pm ]
Post subject:	Re: FDIC is bankrupt - so declares the FDIC
Khross wrote: It's been bankrupt and insolvent for months. I believe, when I pointed it out during the October or November statements, most of you told me not to worry. The FDIC would still pay. This isn't news, Elmo. It is still paying, jsut in rubber checks. Just pointing out exactly how insolvent it is Khross, and I am sure to many people this is news.

Author:	darksiege [ Wed Feb 24, 2010 5:58 pm ]
Post subject:
I will ask before Khross gets to... Shouldn't a few people be offering Khross apologies for insinutating (and flat out telling him) that he had no clue what he was talking about when he first said this was going to happen?

Author:	Xequecal [ Wed Feb 24, 2010 6:02 pm ]
Post subject:	Re: FDIC is bankrupt - so declares the FDIC
Sucks, but in the grand scheme of things it's not that much more debt. Sadly, you really can't run a first-world country without deposit insurance, Germany found that out the hard way. When someone puts money into a bank account, they expect to be able to get it out. Germany had no deposit insurance when the recession hit and had to implement it retroactively to quiet the fury of the masses. The major banks there implemented optional private deposit insurance in 1975 but surprise surprise, virtually noone bought it, it's something everyone expects the government to take care of.

Author:	Elmarnieh [ Wed Feb 24, 2010 6:03 pm ]
Post subject:
And this recession is here because "everyone expected government to take care of it" in banking.

Author:	Khross [ Wed Feb 24, 2010 6:06 pm ]
Post subject:	Re: FDIC is bankrupt - so declares the FDIC
Xequecal wrote: Sucks, but in the grand scheme of things it's not that much more debt. Sadly, you really can't run a first-world country without deposit insurance, Germany found that out the hard way. When someone puts money into a bank account, they expect to be able to get it out. Germany had no deposit insurance when the recession hit and had to implement it retroactively to quiet the fury of the masses. The major banks there implemented optional private deposit insurance in 1975 but surprise surprise, virtually noone bought it, it's something everyone expects the government to take care of. Except, it's a huge amount of debt because we haven't even seen more than the initial ripples of the real banking crisis.

Author:	RangerDave [ Thu Feb 25, 2010 11:16 am ]
Post subject:	Re: Re:
Elmarnieh wrote: 2. Money won't be worthless. 3. Your saved income does not have to be in either money or currency. If by money you mean gold, unless you have that gold actually stored in your personal vault at home (if so, can you refresh my memory as to your address? grin), then you're relying on the banking and exchange systems just as much as those of us who count on the FDIC. And even if you do have gold in-hand, good luck trading it for anything useful if the banking system actually does collapse. As for point 3, that's true, but again, if you mean real property, you're relying on the court system to validate your ownership rights, and if you mean "valuables" like art work or whatever, good luck trading that for anything useful too. And if you mean saving income in the form of giant tanks of gasoline and warehouses of food, well, forgive me if I don't think that's a particularly practical basis for a national economy.

Author:	Lex Luthor [ Thu Feb 25, 2010 11:22 am ]
Post subject:
Also... if currency becomes "worthless", then everything except basic supplies will also be worthless. Because the country will fall apart.

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Author:	Xequecal [ Wed Feb 24, 2010 6:08 pm ]
Post subject:
I really don't want to live in a world where I'm basically required to save 20%+ of my income because any chain in the link of my support system could fail at any point and there's no government backup. Not to mention dealing with idiotic crap like diversifying my damn bank accounts to hedge risk. Not only would I have to worry about my employer going out of business or laying me off and leaving me without unemployment insurance, I also have to worry about my bank going broke and leaving me with nothing. Should people have to buy **** like health insurance insurance in case their health insurer fails? It gets ridiculous.

Author:	Elmarnieh [ Wed Feb 24, 2010 6:11 pm ]
Post subject:	Re:
Xequecal wrote: I really don't want to live in a world where I'm basically required to save 20%+ of my income because any chain in the link of my support system could fail at any point and there's no government backup. Not to mention dealing with idiotic crap like diversifying my damn bank accounts to hedge risk. Not only would I have to worry about my employer going out of business or laying me off and leaving me without unemployment insurance, I also have to worry about my bank going broke and leaving me with nothing. Should people have to buy **** like health insurance insurance in case their health insurer fails? It gets ridiculous. You already live in that world Xeq. It is only an illusion created by those who want to drain your labor for their own ends that make you think you don't.

Author:	Taskiss [ Wed Feb 24, 2010 6:13 pm ]
Post subject:	Re:
Xequecal wrote: I really don't want to live in a world where I'm basically required to save 20%+ of my income because any chain in the link of my support system could fail at any point and there's no government backup. Not to mention dealing with idiotic crap like diversifying my damn bank accounts to hedge risk. Not only would I have to worry about my employer going out of business or laying me off and leaving me without unemployment insurance, I also have to worry about my bank going broke and leaving me with nothing. Should people have to buy **** like health insurance insurance in case their health insurer fails? It gets ridiculous. It's a little late to crawl back in the uterus. I'm not sure why personal responsibility for your future discourages you, but oh well. It's all about jobs. Hopefully congress will figure that out sometime soon.

Author:	Xequecal [ Wed Feb 24, 2010 6:23 pm ]
Post subject:	Re: Re:
Elmarnieh wrote: Xequecal wrote: I really don't want to live in a world where I'm basically required to save 20%+ of my income because any chain in the link of my support system could fail at any point and there's no government backup. Not to mention dealing with idiotic crap like diversifying my damn bank accounts to hedge risk. Not only would I have to worry about my employer going out of business or laying me off and leaving me without unemployment insurance, I also have to worry about my bank going broke and leaving me with nothing. Should people have to buy **** like health insurance insurance in case their health insurer fails? It gets ridiculous. You already live in that world Xeq. It is only an illusion created by those who want to drain your labor for their own ends that make you think you don't. No, I don't live in that world. The government provides a lot of convenience. Something like health insurance insruance would be ridiculously cheap, but you still: 1. Have to realize that you need it. 2. Must spend 4 hours of your life every 6 months reading the new contract and make sure you're getting what you're paying for. Sure that's not a lot of time, but that's 4 hours gone just for that little thing. Even if the premium is only $5, you're essentially paying $100 for it because you had to spend 4 hours "working" on it. Having to do this with every tiny little angle adds up, you'd be doing nothing else with your life.

Author:	Elmarnieh [ Wed Feb 24, 2010 6:25 pm ]
Post subject:
Yes Xeq you already live in a world where you are required to save 20%+ of yoru income because your support system could fail at anytime. I understand you don't believe this because for your entire life you've been fed a lie that you want to believe.

Author:	Xequecal [ Wed Feb 24, 2010 6:27 pm ]
Post subject:	Re:
Elmarnieh wrote: Yes Xeq you already live in a world where you are required to save 20%+ of yoru income because your support system could fail at anytime. I understand you don't believe this because for your entire life you've been fed a lie that you want to believe. No, the way things currently are now, if the "support system" collapses it won't matter how much of my income I saved because the money will be worthless paper anyway.

Author:	Elmarnieh [ Wed Feb 24, 2010 6:28 pm ]
Post subject:	Re: Re:
Xequecal wrote: Elmarnieh wrote: Yes Xeq you already live in a world where you are required to save 20%+ of yoru income because your support system could fail at anytime. I understand you don't believe this because for your entire life you've been fed a lie that you want to believe. No, the way things currently are now, if the "support system" collapses it won't matter how much of my income I saved because the money will be worthless paper anyway. 1. Our worthless paper is not money, it is currency. 2. Money won't be worthless. 3. Your saved income does not have to be in either money or currency.

Author:	RangerDave [ Thu Feb 25, 2010 11:09 am ]
Post subject:	Re: FDIC is bankrupt - so declares the FDIC
Khross wrote: It's been bankrupt and insolvent for months. I believe, when I pointed it out during the October or November statements, most of you told me not to worry. The FDIC would still pay. This isn't news, Elmo. There's a big difference between having a temporary liquidity deficit and being bankrupt/insolvent. And a huge difference between the current situation and the FDIC actually defaulting on its payment obligations.

Author:	Lex Luthor [ Thu Feb 25, 2010 11:10 am ]
Post subject:	Re: Re:
Elmarnieh wrote: Xequecal wrote: Elmarnieh wrote: Yes Xeq you already live in a world where you are required to save 20%+ of yoru income because your support system could fail at anytime. I understand you don't believe this because for your entire life you've been fed a lie that you want to believe. No, the way things currently are now, if the "support system" collapses it won't matter how much of my income I saved because the money will be worthless paper anyway. 1. Our worthless paper is not money, it is currency. 2. Money won't be worthless. 3. Your saved income does not have to be in either money or currency. It's money. Go read a dictionary. Also, it's not paper. It's 75% cotton 25% linen, if I recall correctly.