The latest from the US.... not looking good:
Federal bank insurance fund dwindling (AP)
The Federal Deposit Insurance Corp., whose insurance fund has slipped below the minimum target level set by Congress, could be forced to tap tax dollars through a Treasury Department loan if Washington Mutual Inc., the nation's largest thrift, or another struggling rival fails, economists and industry analysts said Tuesday.
The reason that Washinghton Mutual was sold off cheaply to JP Morgan.
"We've got a ... retail bank run forming in this country," said Christopher Whalen, senior vice president and managing director of Institutional Risk Analytics.
Scare monger... or inside information? Time will tell.
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