RSSA Plan with no Meaning
By Chip Hanlon | October 10, 2008 | 9:06 AM | 1 Comment
It is now being reported that authorities may announce a plan to guarantee all bank deposits in America for a temporary period of time in order to shore up confidence and prevent a run on banks. See full story here.
I just took a peek at some quick numbers to get an idea of exactly what we were talking about. According to the FDIC, as of June 30 (most recent data) the nation's 5 largest banks alone held $2.2 trillion, or more than three times the amount of the bailout package just passed.
Those numbers have no doubt shifted in recent weeks given the turmoil, but you see the point: the government can say anything it wants, it doesn't mean is has the wherewithal to actually make its own dreams come true.
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