Should I Stay or Should I Go?

With all the talk of mounting fraud and scandal in the financial markets giving rise to a chorus of “Get your money out now!”…this seemed like a good TGIF sendoff!

As you are probably aware your bank deposits are FDIC-insured up to $250,000 per account. What you may not have been aware of:

As of 3/30/12 ~

FDIC Balance $11.8 Billion

Bank Deposits in US $8-10 Trillion

That’s 0.001475 “fifteen hundredths of one percent” rounded up! (based on the $8 Trillion)

http://www.fdic.gov/about/strategic/corporate/cfo_report_4thqtr_11/1211_CFO_Report.pdf  Not concerned yet? Let’s take a look at the derivatives exposure of 3 of the top banks:

JP Morgan:
Total Assets $1.8 TTT
Total Derivatives Exposure: $78 TTT

Citibank:
Total Assets: $1.2 TTT
Total Derivatives Exposure: $56 TTT

Bank of America:
Total Assets: $1.4 TTT
Total Derivatives Exposure: $53 TTT

(Taken from Ann’s 8/22 FDIC Statistics: Read ‘Em and Weep. More at http://barnhardt.biz/ )

Lets summarize ~

You are depending on a FDIC fund of $11.8 Billion to protect your $250,000 piece of an $8-10 TTT Pie…a Pie in the hands of Banks with less than $8 TTT in total assets combined…which is all they have to backstop $200 TTT of derivatives sitting on their balance sheets!!!

Friends, this is the financial protection equivalent of sending your kids to a Caligulized Drunken Frat Orgy armed with Fishnet Condoms!! The question isn’t, Should I Stay or Should I Go? The question is, “What in the Hell Am I Doing Here in the First Place?”

…and after you pull that plug, call your cable provider and pull that one too! 🙂

Chip Murray: Wide Awake
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About Chip Murray

Singer/Songwriter
This entry was posted in Economy, Politics, Religion, Society, Uncategorized and tagged , , , , , , , . Bookmark the permalink.

One Response to Should I Stay or Should I Go?

  1. Pingback: Should I Stay or Should I Go? by Chip Murray | The Differences of US….. Move US to Think

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