FDIC doesn't exist
This is frightening.
This is scary. My friends are
counting on FDIC.
FDIC does not exist.
I always believed the signs
hung in the bank windows that
deposits of $20,000
was insured by FDIC.
http://seekingalpha.com/article/95129-fdic-insurance-fund-it-
doesn-t-actually-exist
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Comments: 25
But then, again, if it never existed in the first place, it matters not, that it does not exist now.
Thanks for the humor for today.
Faith is the firm belief in something for which there is no proof. "In government we trust"
What it means to us is that regardless of who you choose to elect in Nov. nothing is going to change and you should invest whatever money you intend to save in gold, platinum or rhodium because when the market tanks, and it will tank, these metals are worth something and the amount of paper you'll be left holding won't even generate enough heat to cook a chicken in any pot.
You are absolutely correct, the FDIC does exist and will cover those accounts unless the government itself falls. If that happens, our money will be worthless anyway so we are all being shafted! There is no insurance that has on deposit, enough funds to pay our all the benefits should they all become due. And the government is no different.
A lot of things enter into just how much problem there is with SS and that broke day when the IOUs have been used up, there will only be enough money to pay about 75% of the full benefit to the beneficiaries. This is all assuming that nothing is done to head off the problem between now and 2042.
As for Soc Sec. it has no reserve either it would take all of thirty days to stop all of the programs that are funded by it if the people chose not to participate in this unconstitutional fraud. There is no way for anyone to even remotely calculate when funds would "be exhausted" as they are already non existent and since 2002 congress has passed numerous changes and additions to title 42 providing for open ended funding for programs such as "mental health", women's issues, and their number one prodigal child, the governmental exploitation of children which is the number one drain second only to the "war on drugs". They are progressing rapidly to ensure that no child is left behind and that they all receive their daily does of Ritilan wether they need it or not.
The only way to "head off the problem" is to decapitate the system, count our losses, return to a constitutional monetary system based upon something other than the "opinions" or "feelings" of a few, because that is all it is.
The history of Alan Greenspan is not that impressive either especially when you consider that his ideals changed upon becoming a player (which we are not). Even basing our monetary on commodities would appear to be better but just as was the case in 1907 the "food crisis" is just another fabricated reason to place more control over "free" markets. There are numerous people touting the production of one's own food but even that is no longer a viable option unless you have heirloom seeds and livestock as the patents on the seeds and much of the live stock n the US today are owned by the "Supermarkets to The World" such as ADM, Monsanto etc.. and you have no rights to propagate future generations and many and designed to prevent this as well. The US Supreme Court has ruled in favor of the destruction or confiscation of crops in favor of these companies for years.
The Fed is the gift that has kept on giving. The Christmas Massacre of the masses.
Congressman Lindbergh said on that historic day, to the House: (Dec 21 or 22 1913.)
"This Act establishes the most gigantic trust on earth. When the President signs this bill, the invisible government by the Monetary Power will be legalized. The people may not know it immediately, but the day of reckoning is only a few years removed. The trusts will soon realize that they have gone too far even for their own good. The people must make a declaration of independence to relieve themselves from the Monetary Power. This they will be able to do by taking control of Congress. Wall Streeters could not cheat us if you Senators and Representatives did not make a humbug of Congress. . . . If we had a people’s Congress, there would be stability.
The greatest crime of Congress is its currency system. The worst legislative crime of the ages is perpetrated by this banking bill. The caucus and the party bosses have again operated and prevented the people from getting the benefit of their own government."
H.W. Loucks denounced the Federal Reserve Act in The Great Conspiracy of the House of Morgan,
"In the Federal Reserve Law, they have wrested from the people and secured for themselves the constitutional power to issue money and regulate the value thereof." On page 31, Loucks writes,
"The House of Morgan is now in supreme control of our industry, commerce and political affairs. They are in complete control of the policy making of the Democratic, Republican and Progressive parties. The present extraordinary propaganda for ‘preparedness’ is planned more for home coercion than for defense against foreign aggression."22
You are quite correct concerning the reserves of the FDIC. However, you'll have to prove to me that the SS fund is empty as you are the only one saying so. The government officially does not agree with that contention. About 2017 is the target date for starting to use the loaned notes, and 2042 is the anticipated drop dead out of money date. Even then, 75% of benefits would still be paid.
You may be 100% correct but you need to come up with authoritative sources to verify that. I understand your feelings about the other things you mention and I'm not going to say you are correct or incorrect as part of that is very subjective. Personally, I think the worst crime congress has ever committed was to cede their right to make war, to the president! In fact, they have knuckled under to this president far too often.
This did not include any money from the FDA allotted to this single group either and the FDA is another entity that hands out this money hand over fist for projects like stem cell research (animal), biochemistry, food radiation programs and the like. We are talking strictly one industry still. Agriculture only. From here if we follow the FDA into areas of medical "research" vaccine/medication development/production and the like the 28.5 begins to look like chump change. I had researched and written extensive legal documents in 04 and many of the changes to title 42 although enacted were were not yet published (as it is a 4 year cycle) so I am sure I missed a few here and there buried in the bills and their numerous amendments that popped up when they were enacted.
Things enacted between 05 thru 09 wont be published until 2010. When I read the 06 publications my jaw dropped when I saw all the "open ended" funding for many programs. in regards to the types of programs I had listed even family courts have their hand in the till. Juvenile Justice is out of control as each child they can put "into the system" one way or another nets the state about $93K each (according to 04 tables) and many of these programs are now open ended.
The information is available form numerous sources if you google CPS and children on medications or something remotely similar will get you there. The amount of money that TX received for it's illegal raid and subsequent "services" cannot even be appropriately tallied yet because they are still ongoing. Not considering other agencies and the legal services (those are tallied separate but still soc sec.est.2.2M) they have already come close to 17,000 per child which is about the amount each state pays to house a child in foster care for a year. It drops a little when the child is adopted out but not by much. The fed govt provides money to the adoptive parents until the child is 18 or they finish college which is now provided as well. It is the new welfare system. Often times the states CPS divisions circumvents some of the money for themselves. Fraud is rampant in every state in regards to CPS. If these children had stayed in custody the state of TX had estimated almost $1.5M per month. Or $3260 per child. Wow $40K per year is not too shabby. Makes you want a baby-sitting job doesn't it? This s the reason that the states like to interfere with "low/no-risk" children and families as the high risk ones keep themselves in the system and the courts keep rubber stamping them out the door and collecting your money. "No-risk" children are easier to adopt out and with the new flash in the pan adoption proceeding the state can unload them and collect the cash for their ongoing "services" (which most often consist of merely affixing a soc sec # to a forged doc and nothing more)
If you open your phonebook and look under D&A rehab, women's or children's programs you can be certain that you are looking at many private companies that are solely in existence because of soc sec and/or the DoJ. These too have become open ended funds that are grossly misused. Next time your state holds a hearing on any of thee topics you should go and see how it operates. It is illegal for these people to go and speak yet they are usually the only ones allowed and every-other word out of their mouth is "non-profit" trying to portray on the record some sort of volunteer/goodwill service which is farthest from the truth as many are grossly overpaid with top administrators netting over $100K including salaries and bonuses. You'll even find many members of the legal profession who are appointed as guardian ad litem to these children pushing to enact unconstitutional statues and get more funding for their "services" while making it easier to bring more into the system. (psychologists in schools etc funded by SS and not DOE) These are private practice attorneys and not state employed attorneys. Yet another soc sec expense.
Title 42 is extremely large and so far we haven't even scratched the surface or moved into title 19 or any of the others that regularly tap into soc sec. The most horrific part about it is that it is no secret how these organizations operate and those who are there to really help the people are often paraded through the courts on trumped up charges (even judges) because they try to expose the corruption and crimes against these children & families.
The "other subjective things" that you mention abut the crimes of congress were quotes from other people referring to the beginning of the Fed which upon it's first failure resulted in FDR creating the FDIC.
The below information is by Warren Rudman and somewhat outdated from May 1994 but nothing has changed except the number and amounts of IOU's the govt owes to soc sec. Do you find it odd that the projections of SS below hasn't changed either?
These arguments expose a fundamental misunderstanding of the Social Security trust fund. The payroll tax increases and benefit cuts enacted in the early 1980s purported to create a surplus in the trust fund. On paper, that fund swelled to more than $360 billion in 1993. However, this fund is a mere deception. By law, the surplus dollars are invested in government bonds. This transaction takes place not on regular bond markets, but within a Treasury Department computer where book-keeping entries are made showing the amount the federal government now owes to the fund. When payroll taxes flow into the federal Treasury, the OASI fund is credited with government IOUs and the taxes themselves are used, as any other revenues or borrowed dollars, to pay for everything from B-2 bombers to agricultural subsidies......
....... Between 2010 and 2030, the baby boomer generation will retire. Benefit rolls will swell by 25 million, while the number of workers paying the taxes to support the system will remain flat. The ratio of workers to retirees, which was 5-to-1 in 1960 and currently is 3-to-1, will shrink to 2-to-1 by 2030.
As government dollars pour out in an ever-rising tide of benefits, payroll taxes no longer will cover the costs of the Social Security program. Beginning in 2016, the trust fund will need to rely on the interest accrued by the fund on its government bonds. Because these interest payments have been bookkeeping entries and not transfers of real money, redemption of these trust fund IOUs will require higher taxes or cuts in other government programs. If benefit policies remain unchanged, interest, and then principal, rapidly will be drawn down and, by 2040, the Social Security trust fund will be insolvent.
A lot has changed between these two reports yet the assumptions and projections haven't.
A SUMMARY OF THE 2008 ANNUAL REPORTS
Social Security and Medicare Boards of Trustees
How Are Estimates of the Trust Funds' Future Status Made? Short-range (10-year) and long-range (75-year) projections are reported for all funds. Estimates are based on current law and assumptions about factors that affect the income and outgo of each trust fund. Assumptions include economic growth, wage growth, inflation, unemployment, fertility, immigration, and mortality, as well as factors relating to disability incidence and the cost of hospital, medical, and prescription drug services.
What Are the Trust Funds? Congress established the trust funds in the U.S. Treasury to account for all program income and disbursements. Social Security and Medicare taxes, premiums, and other income are credited to the funds. Disbursements from the funds can be made only to pay benefits and program administrative costs.
The Department of the Treasury invests program revenues not needed in the current year to pay benefits and administrative costs in special non-marketable securities of the U.S. Government on which a market rate of interest is credited. Thus, the trust funds represent the accumulated value, including interest, of all prior program annual surpluses and deficits, and provide automatic authority to pay benefits.
There are four separate trust funds. For Social Security, the Old-Age and Survivors Insurance (OASI) Trust Fund pays retirement and survivors benefits, and the Disability Insurance (DI) Trust Fund pays disability benefits. (The two trust funds are often considered on a combined basis designated OASDI.) For Medicare, the Hospital Insurance (HI) Trust Fund pays for inpatient hospital and related care. The Supplementary Medical Insurance (SMI) Trust Fund comprises two separate accounts: Part B, which pays for physician and outpatient services, and Part D, which covers the prescription drug benefit
Bad investments are the name of the game. Our soc sec should be sound and stable based upon all the medications we have funded the research to create yet the SC has illegally and unconstitutionally given the patent right over to these private entities. We in turn pay top dollar to provide them to people over seas as many here in the US are ineligible yet can't afford them on their own. Many of them don't really work any way and are even more harmful than good. the HPV vaccine is a good example of late. It appears to have harmed and killed more girls/women than would have contracted the ailment in the first place and when it becomes mandatory it will be just like all the rest and there is nothing you can do for redress of grievance.
We'd have a better chance of peace and prosperity with a sound soc sec.by electing Tom and Ray Magliozzi.