But Whalen said the Federal Reserve, the Treasury and Congress should "immediately devise" and announce a plan to backstop the FDIC with up to $500 billion in borrowing authority to meet cash needs for closing or selling failed banks.

It's 1929 all over again. Next up WaMu, GM, Ford, and let's go out on a limb and say... Starbuck's (five bucks for a cup of coffee?).

The Associated Press: Federal bank insurance fund dwindling