QuoteFDIC to Add Staff as Bank Failures Loom
WASHINGTON -- The Federal Deposit Insurance Corp. is taking steps to brace for an increase in failed financial institutions as the nation's housing and credit markets continue to worsen.
Full Article:
http://online.wsj.com/article/SB120398607404892133.html?mod=hps_us_whats_news
this is scary.
I work for the 4th largest bank in the U.S., and it is tough times for even us. This article does not even tap into the emotions of how serious this housing crisis really is. I don't see how the credit unions will survive, especially the small ones. People are pulling out their money & savings left and right to cover expenses. The smaller institutions will not float if everyone continues to take thier money out to cover the day-to-day. Makes me glad a have a back up plan... because even the biggest giant can fall.