WASHINGTON - The federal agency that insures bank deposits, which is asking for emergency powers to borrow up to $500 billion to take over failed banks, is facing a potential major shortfall in part because it collected no insurance premiums from most banks from 1996 to 2006.
You know, just this week, I moved most of the money I had saved over the past year out of a fairly secure credit union and into a Capitol One account motivated by the convenient fact that Cap One won't charge me a currency conversion fee for purchases I might make in France. I'm starting to worry about that decision a little bit.
(May as well keep to the Eschaton script) Let's just hope Tim Geithner hasn't burned all the money by the time I get back.
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