WASHINGTON (FMLiveWire) - The Federal Deposit Insurance Corporation (FDIC) has begun a "death watch" on dozens of failing US banks which are drowning in their own debts and piles of worthless subprime, derivative and other investments.
"The FDIC has never supervised a bank failure with more than 175,000 accounts," an FDIC spokesman stated. "So the avalanche of bank failures we anticipate starting this year will challenge us to repay millions upon millions of depositors, making our job pretty well impossible."
The spokesman indicated the only way to pay anyone out of FDIC proceeds is to reduce insured deposits from $100,000 to $10,000 or less which is about all the FDIC fund could afford.
But acting with several American corporations, the FDIC will also give away vouchers entitling those who have lost their life savings to an added bonus of up to 10 free McDonald's hamburgers or up to 20 free Tacos at Taco Bell.
"There's going to be an unprecedented wave of bank closures in the US and the only way to hold on to your life savings is to invest in gold and silver," added the spokesman. "The situation is deteriorating very quickly."
A spokesman at Taco Bell stated that their company is "thrilled to become an integral part of the FDIC program. It is our patriotic duty."
"Tacos are nutritious and we will help put those losers back on their feet," she added.
--Copyright Felix Minderbinder Live Wire