Days Away From Economic Chaos?:
So there, you can see that in addition to goodwill, the bank’s capital was largely increased by bailout funds. So a dose of reality therapy will lead one to conclude that nearly all American banks are essentially insolvent.
If this leaves you feeling a bit queasy, well, you may need to reach for Dramamine when you realize the FDIC is not only broke, but it will probably announce it is tapping into its line of credit at the US Treasury Department, which is also insolvent (America is spending $1.58 trillion more than it collects in taxes this year)
The headline’s overblown, but it’s hard to expect news that’s both encouraging and believable.
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