Barack’s solution to the Bailout impasse – Lets have the Federal Reserve increase the amount of money insured from $100,000 to $250,000 in any one account. Barack this is meant to help the “middle class”?
Barack, of course you know this is just more spin – By the way your suggestion isn’t new, it was first suggested 5 years ago, but it didn’t pass because Democrats said it would only help “Rich Republicans”.
I’m all for an increase in the amount insured in a single FDIC account – SO IS EVERYONE ELSE.
What would Barack’s suggested change do to help the current problem? – nothing – and Barack – you sly thing you – you already know that.
What do we do now? – I split the $250,000 up into 3 different accounts at three different banks – so that all of the money is insured – everyone does this. Barack – with that Harvard education of yours and all that “book deal money” you know that too – if you don’t you sure as hell don’t belong in the White House. All your suggested change does is make it more convenient for me to do my banking. I can simply keep my money in one account rather than 3.
How does your suggestion help solve the Banking or Finance Crisis – It doesn’t, and Barack, you already know that this suggestion will do nothing to resolve the issues. Instead of putting that icredible intellect they keep talking about to use – you are just playing politics and mouthing sound bites.
Your solution does nothing about the “bad debt” the banks hold from the bogus mortgage loans that you support. It does nothing to prevent a repeat of this crisis. YOUR SUGGESTION IS SIMPLY IRRELEVANT.
ADDITIONAL ARTICLE: Bill Isaac’s, Former FDIC Chairman expalins how the FDIC Insurance Fund is an Accounting Myth – How this proposal is a tax increase in disguise. http://mcauleysworld.wordpress.com/2008/10/02/fdic-deposit-increase-just-another-tax-increase-says-bill-isaac-former-fdic-chairman/
Filed under: Bailout, Bailout Negotiations, Bailout Opposition, Banking Crisis, Barack Obama, FDIC Insurance, Financial Crisis, Financial Services Crisis, John McCain Tagged: | Bailout, Bailout Negotiations, Bailout Opposition, Barack Obama, FDIC, John McCain