Who are they trying to kid?
Do they really think we're that stupid?
The FDIC doesn't guarantee your deposits.
The FDIC wasn't out monitoring the health of the thrifts.
The FDIC didn't close down the banks that were at risk of failing.
Nope, the whole system was just one big joke.
And now the
Bill Seeks to Let FDIC Borrow up to $500 Billion
WASHINGTON -- Senate Banking Committee Chairman Christopher Dodd is moving to allow the Federal Deposit Insurance Corp. to temporarily borrow as much as $500 billion from the Treasury Department.
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13 comments:
Keith,
I get the feeling that a lot of folks will be doing some of soul serching this weekend and decide to hit the panic button first thing Monday morning. I predict that the Dow will be at 5787 by the end of the day on Monday. And the following Monday we will have a few non parachute wearing jumpers.
More butter please!
RayNLA
The FDIC fee increases will be paid largely by small banks for the liabilities of the large banks. Fair?
Buy more gold?
"The FDIC didn't close down the banks that were at risk of failing."
For the same reasons that the SEC didn't close down Madoff's Ponzi scheme.
The whole damn economy has been a thinly-veiled Ponzi operation.
Undoubtedly, the main reason Madoff will not face prosecution in the near future, is because judicial rulings on his financial 'activities' would establish legal precedents by which the entire business establishment could be held accountible.
Where Rick SAINTelli?
WHY no outrage that the wealthy are having another bail out?
Is it like the Comedy channel suggested - bailouts for wealthy is okay, bailouts for the little people is a terrible thing
I don't think the FDIC will fail. They'll print up whatever money they need. A bank panic is the last thing "they" need right now.
I read on Yahoo message boards that BofA has lots of deposits coming in from people trying to save what is left.
Thats all good for now. What happens when those digital digets start going poof?
Will banks start using deposit money to run their operations instead of loaning it out???
Chris Dodds' $500 Billion doesn't even exist. Its nothing, zilch, nada. Fiat paper. Absolutely no value whatsoever.
I'm ready to take my cash out of any institution and place it in pillow on my bed.
Much safer than any American Bank.
America is Dead. Fuck America.
"Borrow" $500B.
How much do they collect in premiums per year? It's about $3B. They have in the past, collected "special assessments" of around $27B. So let's say a SUPER special assessment of 10x that amount (destroying banks), plus $3B/yr. minus admin costs, will take about 100 F-ING YEARS to pay back to Treasury.......
Borrow, my ass..
Another F-ing write off, add that $1/2T to the ginormous $XXXTRILLION debt.
Keith, this is just another tax payer bailout!!! Nothing more and nothing less. A very devious and deceptive way for lenders to lend recklessly and foolishly with the knowledge that they have a 100% tax payer back stop if they falter.
The tax payer takes it in the shorts yet again!!!
Also... Congress passes a law late last year that gives the FDIC UNLIMITED CASH moving forward.
That was another Pelosi deal!!!
All it will take, will be for some ‘trigger event’ to occur, and then there will be long lines of desperate people at the banks, wanting to withdraw all their savings.
It is only a matter of time until this happens. If you have been following this blog for a while, they you know this is coming.
Prepare accordingly!
-Mammoth
I have money in a bank. So what should I do with it. Should I take out all of the cash and hold it in a safe deposit box? Should I take out the cash and convert it to gold? I am getting pissed and scared about all of this shit happening.
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