United States's FDIC could run out of money this year!

March 4 (Bloomberg) -- Federal Deposit Insurance Corp. Chairman Sheila Bair said the fund it uses to protect customer deposits at U.S. banks could dry up amid a surge in bank failures, as she responded to an industry outcry against new fees approved by the agency.

“Without these assessments, the deposit insurance fund could become insolvent this year,” Bair wrote in a March 2 letter to the industry. U.S. community banks plan to flood the FDIC with about 5,000 letters in protest of the fees, according to a trade group.

“A large number” of bank failures may occur through 2010 because of “rapidly deteriorating economic conditions,” Bair said in the letter. “Without substantial amounts of additional assessment revenue in the near future, current projections indicate that the fund balance will approach zero or even become negative.”
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AUTO BAILOUT PACKAGE GETS THE FRIGGIN' BOOT!

Auto bailout bill dies in Senate












Photo courtesy of Getty Images

Sen. Tom Coburn, center, and other Republican senators raised objections to the auto bailout plan Wednesday.

(CNN) -- Senate Democrats and the White House failed to find 60 votes to end debate on a $14 billion auto bailout bill and bring it to a vote Thursday night, killing the measure for the year. The 52-35 vote followed the collapse of negotiations between Senate Democrats and Republicans seeking a compromise.

SCARY NJ NEWS: NJ'S WILLOWBROOK MALL'S OWNER HIRING BANKRUPTCY LAWYERS..WOW!

Mall Owner Struggling With Its Mortgage Bills
By NATE SCHWEBER
WAYNE
KATHERINE EKLUND was at Willowbrook Mall last week, where she was getting holiday photos of her daughters, Julia Gerbino, 5, and Catherine Gerbino, 2. Ms. Eklund said she had no idea that the owners of the mall, General Growth Properties, the second-largest shopping mall owners in the United States, were having financial problems. But she said she was not surprised.
Ms. Eklund, 42, of Short Hills, who frequents this mall for the Bloomingdale’s store and the GapKids, figured the mall owner was in the same boat as many others in these dire times.
“I would just say it’s the economy,” she said. “I see it everywhere.”
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