Living in interesting times. The financial blogs are hopping and I haven't seen a peep here. The FDIC is busted and is hanging by a Federal Reserve lifeline. Germany actions may herald an end to the Euro experiment. Details follow.
Usually I would leave this stuff to the regulars like bobswern. Since no one has busted out a diary yet here is a quick and dirty one.
First the FDIC, from Zero Hedge:
The FDIC's quarterly banking profile has been released. Inbetween all the fluff we find that the deposit "insurance" agency has exactly negative $20.7 billion to satisfy any upcoming bank runs and liquidations. Thank god for that ongoing Treasury lifeline. Atatched is a chart of the Deposit Insurance Fund-to-Deposit ratio. Negative is, well, bad.
The moral of this story? Move your money to a credit union, or your local small bank.
Germany's Merkel called a ban in Germany on some financial high jinks.
Germany is standing up to the banks and the markets are freaking out. NYSE invoked rule 48 at the market open.
This is a great map of the market. Sorry I couldn't figure out how to embed it, but as of now it is almost all red.
Money is flying out of the U.K. and Germany and into Swiss banks.
And if this wasn't interesting enough Germany is calling for rules for the orderly insolvency of EMU states.