Wednesday, March 04, 2009 1:43:03 PM · by Syncro · 33 replies · 845+ views
CBS4.com ^ | Mar 4, 2009 3:09 pm US/Eastern | Tim Kephart
Posted on 03/04/2009 6:08:07 PM PST by Kaslin
Financial System: Banks, it seems, are everyone's favorite villains these days. Blamed for much of the financial crisis by everyone from the president to the media, they are routinely vilified. But do they deserve it?
As banks and other financial services companies report ever-widening losses, their stocks have plunged to record lows. Things are so bad the S&P 500 may soon remove a number of financial stocks.
Meanwhile, meeting at a luxury hotel in Florida, leaders of the AFL-CIO say they'd prefer the banks to be nationalized, pronto. As they do, Treasury Secretary Tim Geithner has returned to "reintroduce" his failed plan to infuse capital into the banking system and, in essence, take control of the industry.
Amid all this, both politicians and media pundits have seized on the financial chaos to blame "deregulation" and "greed" by bank CEOs for the problems.
Yes, banks have made lots of mistakes. But the current financial crisis didn't simply erupt out of nowhere. Nor are today's bankers any greedier or more self-interested than previous generations.
(Excerpt) Read more at ibdeditorials.com ...
WTF?!!
No it didn't.
So whats the scoop?
It announced it would go bust IF something like the current bill to give it further funding isn’t passed. Obviously such a bill will be passed.
Obviously. /s
Finally, someone who gets it.
There’s nothing I find more demoralizing right now, than to see supposed Conservatives post that lending institutions are to blame for this mess. The Democrats best friends do.
The government forced bad loans on the industry, and guess what, they fell out.
Who in their right mind wouldn’t expect this?
Actually the FDIC head did say it would run out of funds by the end of the year.
People look at me like I am insane when I rail about it.
Gubmint is the PROBLEM
Time to buy land?
I know what you mean. I went round and round with some guys the other day. They refused to admit the government caused this by forcing bad loans.
BTW, land purchase does sound good doesn’t it.
It seriously sounds like a good idea
The younger you are, the better it sounds.
And there is this:
That's all from your linkThe new emergency premium, to be collected from all federally insured institutions on Sept. 30, will be 20 cents for every $100 of their insured deposits. That compares with an average premium of 6.3 cents paid by banks and thrifts last year.
The FDIC also raised the regular insurance premiums for banks to between 12 and 16 cents for every $100 in deposits starting in April, up from a range of 12 to 14 cents.
Plus...Obama promised us balloons, rainbows and pennies from heaven. Ya think he won't tax us to save the FDIC?
Please, don't forget it started with Dodd, Frankeeee, Pelosi, Ried, the RATS, and ACORN years ago.
Yes he will tax us, but will it save it?
We have spent so much money in the last 3 months I want to puke, and it has had zero effect.
To the contrary. Things have gotten worse.
Report: FDIC Insurance Fund Could Become Insolvent (Influenced DOW Today?)
Seems like a safe have for an old guy too.
They arent making any more of it you know.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.