It’s already negative

As I’ve been saying has been the case for months now, the FDIC’s Deposit Insurance Fund is officially OUT. From the FDIC:

11. When is the DIF expected to go negative?

FDIC estimates that the DIF balance as of September 30, 2009 will be negative.

I have the negative balance now between -$4.8 billion (est. losses) and -$15.3 billion (est. losses x average historical multiple for actual bank losses). Of course, the FDIC claims this is “a non-event for depositors”, which would appear to indicate that the fund was never anything but a publicity stunt in order to keep depositors placid.