AP: Monday, July 21, 2008
WASHINGTON - Treasury Secretary Henry Paulson sought to reassure an anxious public Sunday that the banking system is sound, while also bracing people for more troubled times ahead.
"I think it's going to be months that we're working our way through this period - clearly months," he said.
Paulson said the number of troubled banks will increase as they struggle to cope with big losses on bad mortgages.
"Of course, the list is going to grow longer given the stresses we have in the marketplace, given the housing correction. But again, it's a safe banking system, a sound banking system. Our regulators are on top of it. This is a very manageable situation," he said in broadcast interviews.
Paulson used appearances on the Sunday talk shows to tell people that deposits up to $100,000 are fully insured. He said no one has lost a single penny on an insured deposit in the 75 years that the Federal Deposit Insurance Corporation has operated.
Sure, Paulie, sure. I detect (W)ords of (M)assive (D)eception.
"With enough insider information and a million dollars, you can go broke in a year." - Warren Buffett
Here's a list of ganks... er... banks that maybe didn't make the newz(sic) where you live. http://ml-implode.com/
Of course, if you don't have a mortgage, none of this could possibly affect you, right?