Posted on 10/03/2008 8:40:12 AM PDT by XHogPilot
The Federal Deposit Insurance Corp. has the authority to do a net worth certificate program without legislation. The FDIC also has the authority, in conjunction with the Treasury and Fed, to declare that an emergency exists in our financial markets and announce that the FDIC will fully protect all depositors and other general creditors of failed banks until the emergency subsides.
The bailout legislation giving the FDIC unlimited borrowing authority from the Treasury is a meaningless ornament on the tree, as the FDIC is already backed by the full faith and credit of the U.S. government.
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The SEC's mark-to-market policies have destroyed an estimated $5 trillion of lending capacity.
The Senate bill is an irresponsible raid on taxpayer money to benefit a handful of institutions and wealthy individuals we can't even identify (but many of which will likely be outside the U.S. the way the bill is written).
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William M. Isaac, chairman of the FDIC from 1981 to 1985, is chairman of the Washington financial services consulting firm the Secura Group, an LECG company.
(Excerpt) Read more at forbes.com ...
Meanwhile the corruption in the market and Government still goes on, on, on, on. Nothing new. Pork it up.
“Steal a little and they’ll throw you in jail. Steal a lot and they’ll make you king.”
Dylan
bttt
“Steal a little and they’ll throw you in jail. Steal a lot and they’ll make you king.”
Dylan
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or Tresury Sec. or Fed Chair.
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