If everyone thinks that their money is completely safe in the banks, you need to read this news article on Bloomberg. It talks about the FDIC fund that is meant to protect your money in the banks. It quotes the head of the FDIC who states that the fund may be insolvent if banks continue to fail. Many banks have already failed and continue to fail.
Definition:
in⋅sol⋅vent – adjective
| 1. | not solvent; unable to satisfy creditors or discharge liabilities, either because liabilities exceed assets or because of inability to pay debts as they mature. |
| 2. | pertaining to bankrupt persons or bankruptcy. |
What about this doesn’t make sense. They keep telling us things are ok, but are they really? Not according to the head of the FDIC.
