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Print & Spend: Senate Seeks $500B for FDIC

Submitted by Michael Nystrom on Thu, 03/05/2009 - 22:21
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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.

The Connecticut Democrat's effort -- which comes in response to urging from FDIC Chairman Sheila Bair, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Timothy Geithner -- would give the FDIC access to more money to rebuild its fund that insures consumers' deposits, which have been hard hit by a string of bank failures.

Continue as WSJ...

The antidote? Get /Peter Schiff to replace Chris Dodd.

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So the stable banks that did not give out risky loans

Submitted by SemperFi on Fri, 03/06/2009 - 11:03.

must pay out more to bail out the banks that did.

Isn't socialism wonderful? Everyone gets to suffer equally!

Conscience does not exist if not exercised

"No matter how cynical you get, it's impossible to keep up!
---Lily Tomlin

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Conscience does not exist if not exercised

"No matter how cynical you get, it's impossible to keep up!
---Lily Tomlin

I give up.

Submitted by duff on Fri, 03/06/2009 - 08:47.

I give up.

But, but, but...

Submitted by Jive_Dadson on Fri, 03/06/2009 - 08:17.

But it's only a loan (cough).

Wow

Submitted by rollaire2 on Fri, 03/06/2009 - 08:07.

Yey, more free money! (At Main Street Americas expense!)

RT
www.privacy.at.tc

half a TRILLION more dollars

Submitted by hartman on Thu, 03/05/2009 - 23:00.

This is sure to help confidence in the financial system.

Isn't it funny though, Bair says the FDIC needs money, and the very same day Dodd offers up 500 billion. Unbelievable.

http://federalfallacy.com

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http://federalfallacy.com

Bump to Michael for posting this article.

Submitted by Qwerk on Thu, 03/05/2009 - 22:23.

Let's keep alert.