The FDIC (Federal Deposit Insurance Corporation) is as federal as Federal Express and the Federal Reserve. It is a private corporation owned by the same banking families that own the Federal Reserve and the major banks. They do business for a profit and for a profit only.
The FDIC besides insuring deposits for up to $100,000 it can also call on the loans of the failing banks. Therefore when a bank fails people must keep making payments on their loans or the FDIC would take possession of their homes. So what happens to the money in accounts exceeding $100,000? It is legally stolen by the failing bank while the FDIC secures the money it lent out.
During the easy credit years almost anybody could get loan. Millions of people were given hundreds of thousands of dollars at crazy terms such as the interest only mortgage, the 80-20 loan, balloon loans, etc. People who could not afford a home we given one, all with single purpose: To get as many houses as possible on a difficult to repay mortgage.
When the majority of the banks begin to fail within the next months they will take with them trillions of dollars away from the American people while the FDIC will take possession of millions of foreclosed homes.
It is the same strategy of easy credit, followed by a hard time, followed by bank failures, followed by the FDIC taking over the properties which they used to steal the farms of American during the late 80s and early 90s.
They controlled the food supply when most farms became corporate farms and now they will control housing as well. Not to mention what will happen when the Arab countries and China release the trillions of dollars they have in their reserves around the same time. The dollar will plunge, the people will be homeless and the food supply will be controlled by corporations. All planned to introduce the NAU by 2010.
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