I wanted to see the opinions here on seek about this.
One point I would like to make is the "used car salesman" type gimmicks they are using.
If you have been paying any attention to the whole thing one of the points they are making to try and pass this is that they will increase the FDIC insurance from 100K to 250K, true, but with a catch...It is only until Dec 31, 2009!
SEC. 136. TEMPORARY INCREASE IN DEPOSIT AND SHARE INSURANCE COVERAGE. (a) FEDERAL DEPOSIT INSURANCE ACT; TEMPORARY INCREASE IN DEPOSIT INSURANCE (1) INCREASED AMOUNT.—Effective only during the period beginning on the date of enactment of this Act and ending on December 31, 2009, section 11(a)(1)(E) of the Federal Deposit Insurance Act (12 U.S.C. 1821(a)(1)(E)) shall apply with ‘‘$250,000’’ substituted for ‘‘$100,000’’. Want to write your representative to give your thoughts on how to vote?: https://forms.house.gov/wyr/welcome.shtml
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Post subject: Re: 700 Billion Dollar Financial Bailout
Posted: Thu 10-02-2008 7:22AM
Lieutenant General
Joined: Fri 09-05-2003 10:24AM Posts: 3589 Location: Oklahoma! Where the wind comes sweeping down the p l a i n s !
Source: Fidelity
LB, he can't very well make a poll in a thread he didn't start.
That clause tells me that they don't think that this plan will work. Why would insurance need to be boosted if the 700 billion they want to dump into the system will fix everything?
BTW, the forms link is having issues.
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