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Can you image the nightmare if the FDIC was not in place. The money that would be lost.
Most money would be stuffed under the mattress.
1929 redo?
Paulson Says Several Countries May Adopt Bank Rescue Plans
By John Brinsley
Sept. 21 (Bloomberg) -- Treasury Secretary Henry Paulson said he's confident several countries will take steps comparable to the $700 billion plan he proposed to buy bad mortgage-related securities to address the global financial crisis.
``We are talking very aggressively with other countries around the world and encouraging them to do similar things, and I believe a number of them will,'' Paulson said on ABC News' ``This Week'' program.
Paulson yesterday asked Congress for unfettered authority to buy devalued mortgage-related securities from investment firms in an effort to keep the financial system from coming to a standstill. The proposal would prevent courts from reviewing the Treasury's actions while raising the nation's debt ceiling.
They are trying to save the at risk population. It's the politically correct thing to do - that's why the Donkey Congress is going along with this plan - they want to keep their constitutency happy and able to vote. It's so obvious when only 3% of the population has caused this problem.
The Donkey Congress actually recognizes they are simply bailing out their constitutency - it's all basically politics. Are you all blind to the real reality?
MS and GS just became commercial banks. LOL
Yup, divide and conquer.
Ben Bernake and Hank Paulson(former CEO of GS) were the Trojan Horses.
MS and GS just became commercial banks. LOL