Wall Street Greed

Because of Wall Street greed US citizens are now backing $5.5 trillion in GSE mortgages, and around $1.5 to $2 trillion in GSE debt under Conservatorship which ought to be added to the more than $14.2 trillion US debt ceiling. Three months into 2010 26 bank failures have so far cost the Deposit Insurance Fund (DIF) $4.7 billion bringing the DIF Deficit total to $25.6 billion.

The FDIC is having a tough time finding banks to take over the failed institution DIF. The DIF has been insuring deposits since 1934. The DIF is a private, industry-sponsored insurance fund that insures all deposits above Federal Deposit Insurance Corporation (FDIC) limits. All DIF member banks are also members of the FDIC.