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View Diary: If the Euro fails. (282 comments)

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  •  Deposits up to 250k are insured federally (2+ / 0-)
    Recommended by:
    beforedawn, Odysseus

    so you wouldn't have to worry about getting your money.  Although BofA has moved a lot of their toxic assets to the subsidiary that has those insured accounts so when they go bad there will be a back door bailout.

    There revolution will not be televised. But it will be blogged, a lot. Probably more so than is necessary.

    by AoT on Sun Nov 27, 2011 at 04:16:35 PM PST

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    •  Actually, you might. The reality is that if (1+ / 0-)
      Recommended by:
      Losty

      the big banks fail, the FDIC will have to go to Congress for a bailout.  That could take a week to a couple of months of arguing in Congress to happen.  Even if it was taken care of immediately it would still take time to print millions to tens of millions of physical checks.  I would say that a hopelessly optimistic timeframe is a week or two (that assumes Congress has already authorized a FDIC bailout, the FDIC can quickly export the depositor information in a format their systems can handle, and the printing presses are ready to run with plenty of ink and blank checks).

      There is no saving throw against stupid.

      by Throw The Bums Out on Sun Nov 27, 2011 at 06:20:50 PM PST

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