The Federal Deposit Insurance Corporation (FDIC) which insures citizen bank deposits up to one hundred thousand dollars, is running out of money due to all the bank failures this year.
According to a Senior Vice President of Risk Analytics, "We've got a ... retail bank run forming in this country."
Hal Turner Commentary: I have repeatedly warned all of you about this dire financial mess and repeatedly told you to prepare for a financial crisis worse than the Great Depression. In this story, they are openly telling us they may not have enough money in the FDIC to protect all depositors in banks that fail.
I urge you to get your money out of the Stock Market and perhaps even your bank immediately. It is your choice if you allow things to sit where they are, but don't be surprised if you wake up one morning and find yourself destitute.
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September 17, 2008
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