FDIC Insurance Sunset Provision
Written by Mark on November 4th, 2008 in Investment Insurance.
Read the fine print!
It’s fairly public knowledge that the FDIC increased the guarantee for bank deposits and other investment accounts to $250,000 from the prior measly $100,000 that it had held steady since 1980. If you haven’t heard about it over the last month, you’ve likely been living under your mattress, utilizing the money stuffed within your mattress. In any case, this increase was long overdue as the government loves to issue new laws without including provisions for inflation. The other thing that it loves to do is issue new laws that EXPIRE in a short period of time.
The FDIC insurance limit of $250,000 expires at the end of calendar year 2009. I guess Bankaholic doesn’t need to be too worried about the fact that this supposedly only helps the top 1.6% of the American population, since when 2010 rolls around, we’ll be back to the halcyon days of minimal insurance and maximum distress.
And when it does, the President will tell us he’s giving us another tax break, one that’s already in place, but new nonetheless. Is the truth not sacred?
Related posts:
