The FDIC is looking to the Fed to receive bailout funds as it is not receiving enough money to support itself. Basically, the FDIC is setup to receive its money from insured banks, but as over 90 banks have failed, their cash flow has been greatly impaired. Also, they are geared more for a bull market rather than the bear but they have suffered from a more social problem. This problem is that in good times, they were not saving enough in case bad times came, or they were greedy and spent the money they were saving for other investments.
Read the full story here.
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