Is FDIC really going to go under and cause a depression?
June 24th, 2009
I heard the FDIC (The company that protects peoples money in the bank) is going to go away. Why is this? If banks go under and peoples money was in it and there money is now gone because FDIC is not around? What is going on with FDIC? I am 19 and starting to get into Economics.
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The FDIC isn't a company. It's a US Government Agency, part of the United States Treasury.
First rule of learning: Don't believe everything at face value.
It will not be going away. It will not fail. The US government guarantees that it will stay open.
It is true that the FDIC did not have enuf "reserves" for this current economic downturn, but they have access to all the money they need..