Bank Robbery
Depleting capital when it's most needed.
MARCH 4, 2009 REVIEW & OUTLOOK
The Treasury and Federal Reserve continue to cook up creative ways to pump taxpayer money into troubled financial institutions. So we're having a tough time understanding why another federal agency, the FDIC, has announced plans to take $27 billion out of the banking system this year.
It's true that the FDIC's deposit-insurance fund has been shrinking, and that since the beginning of 2009 the FDIC has rolled up two banks a week, on average. It took over two more last Friday. The fund is now down to $19 billion from $52 billion a year ago and by law had to be replenished.
But the deposit-insurance fund is itself a legal fiction…
More: Bank Robbery
20090304 WSJ Bank Robbery
http://online.wsj.com/article/SB123612634762624059.html
Kevin Dayhoff www.kevindayhoff.net http://kevindayhoff.blogspot.com/
Journalist @baltimoresun writer artist runner #amwriting Chaplain PIO #partylikeajournalist
Journalist @baltimoresun writer artist runner #amwriting Md Troopers Assoc #20 & Westminster Md Fire Dept Chaplain PIO #partylikeajournalist
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