Collapse, bailout, and the FDIC. -- LiveWire Teen Forums

I've been doing some research on what's going on right now, and I thought I'd share some info with LW. If you have corrections, comments, and other info, please post it.

Info on the massive and important derivatives mess no one talks about--

It's The Derivatives. . .

A beginners guide to credit default swaps (CDS)

The Financial Meltdown Explained in Ten Minutes

Credit Default Swaps

The fundamentals--

Dow Jones Headed for 3000

Some interesting points on the bailout--

Banks don't need to have money anymore!?

$6 million to manufacture wooden arrows

Bailout not helping us:

Some info on the FDIC--

The FDIC has to pay you "as soon as possible." There is no specific time limit after which they have to pay you. (. . . payment of the insured deposits in such institution shall be made by the Corporation as soon as possible. . .)

They have limited funds--about $52 billion. (The ~$52 billion)

The Treasury will lend them up to another $30 billion. (. . . not exceeding in the aggregate $30,000,000,000 . . .)

Washington Mutual had $188 billion in deposits. (Wamu's $188 billion in deposits)

The FDIC can easily run out of money, and if no other banks are willing or able to buy your troubled bank, you may not be able to access your money for quite a while.

Post edited at 11:07 pm on Oct. 10, 2008 by shadowpool

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