Monday, July 21, 2008

FDIC fund is a ¨Myth¨ $50 Billion Is Not Going to be Enough

According to longtime banking consultant Bert Ely, consumers will end up paying the price of what is expected to be a growing wave of bank failures. NYU Economics Professor Nouriel Roubini predicts that Congress will have to intervene in order to bail out the deposit fund. "They're going to run out of money, with certainty," he predicted.

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