The FDIC exists to insure that banks remain solvent and can cover the deposits people make to the banks. Well, today they announced (see NY Times article) that they are broke (bankrupt)--they've used the $34 billion they had at the beginning of the year and are now in deficit.
But don't worry, they have an ingenious plan to borrow money from banks so they can stay solvent in order to prevent banks from becoming insolvent.
And, you know, we're the idiots for allowing this kind of craziness to happen without demanding that all these incompetents be fired.
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