Friday, December 12, 2014

Our government has decided that the too-big-to-jail banks are also too big the bail OUT. Therefore, it is a given that the next banks to crash will refinance themselves by bailing IN, which means conficating their depositors' money. Theoretically, we are all protected by deposit insurance up to $250,000, but the FDIC doesn't have enough to remburse one bank's loss, much less if they all collapse at once. Moral: If you have money deposited in one of the big banks, get out PRONTO and put it in a credit union.

USAWatchDog interview on new bail-in rules 12-9-14

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