The Last week of August---The FDIC Report

Last weekend the Sun moved out of dramatic, showboaty Leo into discreet, quiet Virgo.

But please remember ---Quiet does not mean ---less lethal.

On Thursday---under the influence of Wednesday's Mars opposition Pluto, The FDIC released their quarterly report---Grim is the word.

So far, 81 banks have failed this year, including 45 in the second quarter.
That, in turn, has put enormous stress on the government’s deposit insurance
fund, which is supported by fees charged to the banks regulated by the
F.D.I.C.
Its second-quarter reserve of $10.4 billion compares with $45.2
billion a year earlier.
Most of the decline comes from money that the
agency has set aside to cover the cost of bank failures, and Ms. Bair said
the fund had ample resources to cover all insured depositors.
But the levels are so low that
F.D.I.C. officials said Thursday that they would
consider imposing a special assessment on the banks, on top of elevated
insurance fees, toward the end of the third quarter. Through similar
actions, it added about $9.1 billion. It also will begin to recover some
money by selling the assets of banks that it seized.
Ms. Bair said
she did not anticipate having to immediately tap an emergency
credit line run by the Treasury Department, although she did not rule it out. “I never say never,” she said.

I would like you all to remember this posting. I think it could be important as planets begin to gather towards the cardinal grand cross in 2010.