FDIC and NCUA protects who?

[Dale Osborn]

Just who does the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Association (NCUA) protect? Everyone feels it is their own savings that is being protected. Not so! The FDIC is actually set up to protect the BIG BANKS from going Bankrupt! Bank of America and CitiGroup and others have a direct line to the US Treasury to keep them operational no matter how badly they mismanage their operations. At one time your account was supposed to be protected up to $100K now due to the devaluation of the US Dollar - they have changed the value to $250K. With all the money they have printed recently, perhaps they should move the level to $1M.