"How hard can we laugh at this and still find coffee money in the morning? These are the geniuses who claim they have insured our deposits up the $250,000 each. The FDIC is bust. It didn't collect for ten years. The banks that are gone never paid their fees and are now draining the pool. And the same crew that crashed the airplane is now claiming it can take off again even though it is out of fuel, and they forgot to lay in a supply."
-- John Batchelor on Sheila Bair's assessment of where the FDIC is today.
John has a gorgeous new website that features a banner with ever-changing landscapes of Earth's twin, Titan. A good way to keep things in perspective while we're tearing our hair about the human tragicomedy in our patch of the galaxy.
Here's the rest of his post on the FDIC -- and us.