This may be a dumb question, but is FDIC insurance backed by anything

[jberryhill]

...other than the "full faith and credit of the United States"?

[whistle]

1. That should be good enough, just send your claim to Bush/Cheney

[truthisfreedom]

2. The burden on the Treasury by the negligent, corrupt bush administration has left it pretty dry.

I'd say my best guess is that if the FDIC has a heavy load placed on it, we'll see it collapse.

[mzmolly]

3. Nope

Tisn't

[jberryhill]

4. Thanks

Like I said, it was probably a dumb question.

But, really, by the time things get down to paying claims to individual depositors, I'd imagine the well will have long run dry.

[mzmolly]

8. Not a dumb question at all. Credit Unions are far better insured according to Credit Unions. ;)

http://finance.yahoo.com/banking-budgeting/article/105644/For-Better-Banking,-Check-Out-a-Credit-Union

[peacetalksforall]

5. Someone posted that FDIC is well funded. My question is about the

vulnerabilityh of Credit Unions. I know they are FDIC backed, but how vulnerable are they to sell outs and mergers? All of them, not just the ones that might be catering to a specific investment firm.

[mzmolly]

9. They're backed by a different

agency, technically. Supposedly it's more sound? http://www.ncua.gov/ Though both are essentially backed but the gumment however.

[ticapnews]

6. Actually, yes

Remember that the FDIC was set up by FDR and progressive Democrats during the New Deal, not Republicans. As such, it is not a house of cards.

There is a fund which is paid into by all member banks. At the end of 2007, the fund had $52 billion in it, per wikipedia.

http://en.wikipedia.org/wiki/FDIC

[Yavin4]

7. The Money Printing Presses Can Run 24/7

How much ya need?

[gristy]

10. used to be that "full faith and credit of the United States" meant quite a bit

now, I'm not so sure...

I believe the answer to your question is no.

[Cant trust em]

11. It's backed by the government.

Doesn't that make you feel better?

[Stinky The Clown]

12. That's it ... just the FFACOTUS

[Redbear]

13. Yes.

Torch-bearing depositors at the White House gates.

[dkf]

14. If Wamu fails, the FDIC funds will be all used up...then they go to the treasury for a loan.