2500 banks to close in 2010 - FDIC going to collapse
Bob Chapman did an interview yesterday. He states that a source up high in the banking circle has disclosed this to him.
1) On 1st of January, all banks that have received the TARP funds have been advised by the FED to restrict further lending. Loans have to be 75% collateralized, 50% in cash.
2) FED has to do one or 2 things (a) either to pull 1.5 Trillion out of the system by June, which will collapse the economy, or face hyperinflation.
3)They will have to ask Congress for another 400 to 800 Billion, or the stock market, bond markets and the economy is going to crash.
4) FDIC is 88.2 Billion in the hole, and lying about all the banks in trouble, the number is NOT 535 but 2035.
5) To bail these banks out will cost 800 Billion to 1 Trillion. That means 2500 banks can be closed in 2010.
6) FDIC is going to be collapse in 2010, which means no more deposit insurance.
It's a very interesting listen. Bob Chapman is a very respected economist, and financial analyst.
You can find the interview here
http://www.youtube.com/watch?v=K2_l8JY4Kzw
playlist here
http://www.youtube.com/user/TheBobChapmanChannel#p/u/4/K2_l8JY4Kzw