2minkey
bootlicker
um, protects everyday folks and small businesses from bank failures induced by douchebags far away from main street?
does the government have sufficient reserves to cover ANYTHING these days? is that even a consideration anymore?
Recession? We don' need no steenkeen recession!
- Thread starter jimpeel
- Start date
um, protects everyday folks and small businesses from bank failures induced by douchebags far away from main street?
does the government have sufficient reserves to cover ANYTHING these days? is that even a consideration anymore?
MrBishop
Well-Known Member
[FONT=arial, helvetica, sans-serif]What is the purpose of FDIC deposit insurance?
The FDIC protects depositors' funds in the unlikely event of the financial failure of their bank or savings institution. FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.
Red is mine: It's there to bolster confidence in banks... basically, you won't lose your shirt if a bank goes down. It's a 'looks good on paper' add-on. The FDIC itself states on it's web site that not a single person has lost so much as one penny since the FDIC's inception 75 years ago.
[/FONT]
jimpeel
Well-Known Member
Ya ever notice how every time they have a "crisis" that there is some multi-hundred page bill that pops up within a couple of days?
jimpeel
Well-Known Member
How are they to be protected if the entity protecting them has no assets with which to do so?
My point exactly. All they do is fire up the presses and start printing even more fiat money which devalues the previously issued fiat money. M1 -- the money in circulation -- is what inflation is made of.
jimpeel
Well-Known Member
Of course they haven't lost anything when the entity insuring them owns the printing presses that print the money they will be issued to cover their "loss". That money, however, will have less value than the money it replaces so the loss to the investor is instantaneous.
If I replace a dollar that was worth $.75 with a dollar that is worth $.70 have you not lost $.05? Sure, you still have a "dollar" but not the same value. Your wealth has been decreased.
2minkey
bootlicker
because at least they have a paper trail where the buck stops at the gubmint, which at least for the time being can borrow from irate chicoms and saudi thugs to makes sure that sally in peoria gets her nest egg back. obviously not ideal, but at least sally will be okay. kinda.
MrBishop
Well-Known Member
Forget about the Insurance for a second, Jim. That's actually *gasp* relevant.
Check these out!
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 310. Extension of mine rescue team training credit.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Energy Improvement and Extension Act of 2008
The above does things like extend tax credits on renewable energy and a tax benefit for bicycle commuters (HT Chip).
And finally:
Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008
Which essentially mandates health insurance coverage for mental illnesses (including addiction) be equal to that of physical illnesses.
Check these out!
Sec. 308. Increase in limit on cover over of rum excise tax to Puerto Rico and the Virgin Islands.
Sec. 309. Extension of economic development credit for American Samoa.
Sec. 310. Extension of mine rescue team training credit.
Sec. 317. Seven-year cost recovery period for motorsports racing track facility.
Sec. 325. Extension and modification of duty suspension on wool products; wool research fund; wool duty refunds.
Sec. 502. Provisions related to film and television productions.
Sec. 503. Exemption from excise tax for certain wooden arrows designed for use by children.
Energy Improvement and Extension Act of 2008
The above does things like extend tax credits on renewable energy and a tax benefit for bicycle commuters (HT Chip).
And finally:
Paul Wellstone and Pete Domenici Mental Health Parity and Addiction Equity Act of 2008
Which essentially mandates health insurance coverage for mental illnesses (including addiction) be equal to that of physical illnesses.
catocom
Well-Known Member
seems like a pretty definite correlation.
chcr
Too cute for words
Something to keep in mind is that this was just the first "crisis." Regardless of the bailout passing or not it's wildly unlikely to be the last. Heard a rumor today that credit cards will be the next one. I can't (at least I won't) attribute that one and I reiterate that it's just a rumor but if I were planning on floating my Christmas shopping on a credit card I'd get it done soon.
A.B.Normal
New Member
I've heard of car loans going bad and I can see that because of how easy it seemed to get my car loan and at 0% interest.Now credit cards at there exorbitant interest rates ,I can't imagine them not making a profit.
catocom
Well-Known Member
That's why I now support congressman Bachus's proposal, AND then can support the bill.
chcr
Too cute for words
If they're not getting paid they don't, regardless of the interest. It's really not much different than the mortgage deal. give a credit card to almost anyone regardless of the risk and bet that they'll make a net profit at loan shark interest rates. As with the mortgages though, you can overplay the bet and it has been. It's the next toxic debt load (maybe). I suspect there sill be several more "crises" before we begin to recover. If we begin to recover.
catocom
Well-Known Member
Paulson brought a 3-page bill to Congress. The House did not pass a 106 page bill. Teh Senate passed a 456 page bill. Can you say pork?
McCain blew an opportunity. He should have said "I'd vote for this except it's full of pork, which came from (fill in names here, as promised)".
He instead voted for this POS, like a good boy. Looks like Barr gets my vote.
jimpeel
Well-Known Member
Don't forget section 211 and the bicycle bailout.
This thing is one big porkbarrel wish list and is full of the very things that got us in this mess in the first place. I hope it gopes down to flaming defeat.
jimpeel
Well-Known Member
PBS' Frontline did an expose on the credirt card companies a few years back. It was quite the eye opener. Ever wonder why they all settled in South Dakota? No usary law.
I think it can still be viewed online at http://www.pbs.org/frontline
jimpeel
Well-Known Member
Which is ...
catocom
Well-Known Member
it basically took out the pork, leaves the good additions that actually pertain to this situation, and cut the initial amount released to Paulson, and make
him return nov 17 to report, then they decide if he gets more.
That then gives some the time for the house to get a Good, and right bill.
been grocery shopping and haven't yet see what has happened.
him return nov 17 to report, then they decide if he gets more.
That then gives some the time for the house to get a Good, and right bill.
been grocery shopping and haven't yet see what has happened.