I’ve mentioned in this space that We the Overtaxed People are on a financial path to adopting Greek as our national language.
The critters inside the Beltway have a new model now.
“Cyprus and the EU reached a new late-night bailout deal last night that will reduce the chance that Cyprus’s financial system and economy will completely implode.
“The 10 billion euro deal requires Cyprus to drastically shrink its banking sector, which has grown to eight times the size of the country’s economy, by unwinding Cyprus’ second largest bank, Laiki. In doing so, bondholders and depositors with more than 100,000 euros will take a hair cut.”
Read the rest here and come back. I’ll wait.
“If you think we can continue in America with the deficits we have been running, think HARD about the international precedents being set with the Cyprus fiasco. Here, I am thinking it would be your IRAs and 401Ks…” Rufus said.
The FDIC here covers all types of deposits received at an insured bank, including everything you have in a checking account, a NOW account, savings account, money market account, CD, or even cashier’s checks and money orders.
The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
Investment or retirement accounts with a stock broker are not insured. That’s another pot of gold just waiting for the Liberal Leprechauns to loot.
When (not if) it happens here, famed liberal Bill “I’ve been overtaxed enough already” Maher may really abandon the Liberals. He’ll have to.