Quote:
Originally Posted by PeppyGPhiB
People, people, people...we cannot allow AIG to go under. I don't think people get how serious this is. It isn't just a matter of saying, "Sucks to be them. They shouldn't have loaned people the money to buy big houses if they couldn't afford it. Let them die!" If AIG fails, so will a number of banks and lenders that AIG insures. And then NONE of the banks will have the money to conduct their business. FDIC will have NO meaning, because there won't be enough money to cover the losses. That's YOUR money that will be GONE. One day you may go to use your debit card and find that your bank will not allow you to withdraw any funds...because whoops, it doesn't have your money anymore...it's now at another bank, covering its debts.
|
I thought the AIG deal already went through separately.
And can you take me through how you get from AIG to FDIC failing completely?
ETA: This link is a little old considering what's happened between then and now, but it explains how the FDIC would meet it's obligations even if more banks did fail.
http://biz.yahoo.com/ap/080916/bank_...ts_safety.html
I'm certainly not feeling good about things, but a real doomsday scenario seems a little further off than your post implies.
Threaded Mode
