Posted on 10/02/2008 6:28:10 AM PDT by Jabrown
Yesterday I wrote about the lack of sound fiscal judgement exercised by extending the insurance limits on FDIC deposits within the bailout bill. The move which is aimed at nothing more than restoring consumer confidence in banks puts the entire Federal Deposit Insurance program at risk.
After the failures of Indymac, WaMu, and Wachovia and failures of dozens of other banks, FDIC was forced to negotiate buyouts of these corporations from larger financials because FDIC did not have sufficient assets within their own insurance fund. Yesterday, I pointed out that just one national failure or large regional bank failure could easily wipe out the $45 billion Federal Insurance fund and cause a bailout of FDIC and panic to sweep through the banking sector.
Congress apparently has the same fear, as yesterday they approved the bailout plan with not only an increase in FDIC coverage (bad, fiscally unsound move), but also granted FDIC ...
(Excerpt) Read more at politicallydrunk.blogspot.com ...
Yep. Our Senators are scoundrels.
Not only no but HELL no.
$800 Billion-the new cost of the bailout package as 100 billion in sweeteners was added.
$300 Billion program announced today to redo peoples mortgages.
$630 Billion the The Federal Reserve will pump into the global financial system
$600 Billion spending bill that funds the government into March
$180 Billion the Federal Reserve pumped into the system last week
Not to put too fine a point on it, FDIC is for retail banks and depositors, not investment banks like Lehman or Bear Stearns.
It’s only(funny)money
If I had extra dollars, which I don’t, I’d be looking for a currency that has real value, if there is one. The euro messes up europe.
The Dow is DOWN over 120 points in just 10 minutes of trading and falling. Wallstreet isn’t liking the bailout either?
Add all of that up, and that's actually some serious coin!
Good post. Have confidence in conmen. /sarcasm The socialist looters will continue to plunder us, our children and grandchildren.
Wallstreet is whining about the employment figures, so futures are down. If Congress wasn’t so corrupt, they should have do (can still do) nothing. WS will self correct anyway.
Unemployment was low for MOST of the Bush presidency.
But, the Dems came to power in 2007.
Obama just told the crowds in Detroit that employment is down for the last 9 months
What happened about a year ago?
Fair Minimum Wage Act of 2007
The federal minimum wage is$5.85 per hour effective July 24, 2007;
$6.55 per hour effective July 24, 2008;
The last 10 years the FDIC waived insurance fees to banks that contrubuted to the fund. Enough to make you sick.
>> FDIC was forced to negotiate buyouts of these corporations from larger financials because FDIC did not have sufficient assets within their own insurance fund
That’s total bullshit.
Bingo! Bingo! Bingo!
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