Another bank fails as our Congress dilly dallys in agreeing on a bailout plan for our financial system. First they had an agreement, now they don't. If there was ever a call for bi-partisanship, this would be it! Does it really boil down to which party gets "credit" for the save?
I saw a bit about the bailout plan last night as someone at CBS was interviewing citizens to get their views. So many people seem to not understand that not coming up with a plan would be disastrous. The failure of our financial system would punish all of us! A meltdown of our financial system would make the Depression of the 30s look like a day at the beach. The scope of this thing is enormous! If something is not resolved soon, prepare to see YOUR company fail, YOUR retirement plan disappear, bread & soup lines and rioting in the streets.
By the way - think that if you have less than $100,000 in the bank the FDIC protects your funds? Not so. There is only so much money in the FDIC to go around.
"It won't take many more failures before the FDIC itself runs out of money. The agency had $45.2 billion in its coffers as of June 30, far short of the $200 billion Whalen says it will need to pay claims by the end of next year. The U.S. Treasury will almost certainly come to the rescue by lending money to the FDIC."
(David Evans, Bloomberg.com)
What happens if Congress can't agree on that?
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