"Financial Storm of the Century, and the Levees are Breaking"

Roubini: You Should Worry About Deposits

With the "financial storm of the century" hitting financial institutions, many Americans are worried about the safety of their bank deposits. While the FDIC insures individual accounts up to $100,000, the reaction to IndyMac's failure this summer -- lines outside retail branches -- shows Americans have limited faith in the Federal Deposit Insurance Corp., which guarantees individual accounts up to $100,000.

But Americans are justified to be worried, says Nouriel Roubini, of NYU's Stern School and RGE Monitor, who notes there is already a "slow-motion run on retail banks" occurring nationwide.That "run" could accelerate as people realize the FDIC fund has about $50 billion to "insure" about $1 trillion in assets at the nation's financial institutions, says Roubini. "They're going to run out of money" unless Congress acts soon to recapitalize the FDIC.

Be sure to check out the video on the page and hear what this man has to say. The "Financial Storm of the Century, and the levees are breaking".....and where exactly is Congress going to get the money to recapitilize the FDIC? The government is beyond bankrupt, it is trillions in debt, making us more and more dependent on foreign governments, the very ones we continue to antagonize...Russia, China, and the Gulf states....bright "leadership" in this once great country..what a shame. And, through it all, Paulson is still busy reassuring the sheeple that everything is under control...have faith in our economy...with a straight face even...what a joke. Only the beginning folks...hold on to your hats, the worst of storm is yet to come.