FDIC Needs a Bailout from Banks This Time

Because propping up failing banks is tough

FDIC borrowing back from banks – coming soon! (Photo: Ryan McFarland)

It would appear that the FDIC is in need of payday loan lenders these days. Maybe they’ll need something even stronger. But here’s a possible scenario that could be in store for the federal organization that has helped insure customer deposits in failed banks: banks will bail out the FDIC.

Scrounging for cash

When you or I need money, payday loan lenders can help. For the FDIC, billions of dollars are necessary to continue to hold the safety net. This recession has been tough, and according to a New York Times story, senior regulators are considering asking healthy banks for billions. Bankers and their lobbyists are strongly behind the potential deal. It should go without saying that most taxpayers support a plan that doesn’t involve them giving up more money.

Remember when there were people who viewed the bank bailout with clear eyes?

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