The FDIC is broke.

Emini Maestro · Nov 28, 2009

http://247wallst.com/2009/11/24/fdic-fund-goes-into-the-red

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

The FDIC is broke. Get your money out NOW or you will instantly become a gambler by default. The only large assets I hold in dollars are in my trading account, and that may move to the EURO in January.

Billy Thunder · Nov 28, 2009

Quote from Emini Maestro:

http://247wallst.com/2009/11/24/fdic-fund-goes-into-the-red

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

The FDIC is broke. Get your money out NOW or you will instantly become a gambler by default. The only money I have in dollars is in my trading account, and that may move to the EURO in January.

Same thing happened in 1992 and the world didn't end.

Emini Maestro · Nov 28, 2009

Quote from Billy Thunder:

Same thing happened in 1992 and the world didn't end.

Not with the govt running 62 Trillion in debt, no. There is an end to the bailouts. I'm a trader, not a gambler.

makloda · Nov 28, 2009

Quote from Emini Maestro:

Not with the govt running 62 Trillion in debt, no. There is an end to the bailouts. I'm a trader, not a gambler.

US government doesn't have 62 trillion in debt. Far from it.

US national debt 2008 is approx 10 trillion, 70% of GDP. Nothing to write home about.

Emini Maestro · Nov 28, 2009

Quote from makloda:

US government doesn't have 62 trillion in debt. Far from it.

US national debt 2008 is approx 10 trillion, 70% of GDP. Nothing to write home about.

I am stating a numerical fact (on the conservative side nonetheless, not counting interest), not an offer to educate. Can't help you. Read it up.

makloda · Nov 28, 2009

Quote from Emini Maestro:

I am stating a numerical fact (on the conservative side nonetheless, not counting interest), not an offer to educate. Can't help you. Read it up.

Unfunded obligations (Social Security/Medicare and Medicaid) do not equal national debt. Do your homework.

Did you check the unfunded obligations of the European Union? Might change your mind on your EUR idea

Billy Thunder · Nov 28, 2009

Quote from makloda:

Unfunded obligations (Social Security/Medicare and Medicaid) do not equal national debt. Do your homework.

Did you check the unfunded obligations of the European Union? Might change your mind on your EUR idea

Hit the nail right on the head, makloda.

niceneasy · Nov 28, 2009

i think you guys need to chill out a bit.

the us economy is still the largest 14 trillion, 15 trillion. and the powers that be still get a big chunk of that.

coupled with the largest amount of weapons and military and the US is down for sure but far from out.

they have conveniently installed themselves in a snuggle position with all the oil you could ever want.

i think this is a recession, maybe even a depression, but where else ya gonna go? if you have considerable wealth - where else are you going to put it? china? bahwahah

nelsanity · Nov 29, 2009

Quote from niceneasy:

i think you guys need to chill out a bit.

niceneasy is right, you both need to chill.

Unfunded obligations are just that...unfunded. Meaning as those obligations come due they will need to be funded, either with 1) taxes, 2) external debt funding, 3) or printing.

Also of note is that these unfunded obligation totals are based on actuarial calculations into perpetuity. You can't just take this lump sum which is the total for perpetuity. So if you want to translate this into what amount of the unfunded obligations will have to be funded via any combination of the 3 methods described above, it is best to look at marginal change in current payables. Adding anything over 20 years isn't worth the time because these obligations can evolve significantly due to estimation error let alone policy shifts.

ammo · Nov 29, 2009

this was posted a few days ago by s20007,banks to pay 45 billion end of year http://www.elitetrader.com/vb/showthread.php?s=&threadid=183646