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Posted by David Sherman on Monday, March 09, 2009 at 17:39:08 :
In Reply to: FDIC only had 19 Billion on hand in Dec 08 posted by 48PW on Monday, March 09, 2009 at 16:33:17 :
So, the Treasury will give the FDIC $300 billion to pay the depositors in failed banks, the Federal Reserve Bank will buy $300 billion worth of Treasury notes to finance it, and the Fed will make just declare that money into existence. If this was being done on a small scale, it would be criminal, but when the whole Federal government does it, it's "bold decisive action" to save us from a "crisis". The "crisis" as near as I can tell, is that for the first time in my life, economic problems are hitting the multi-billionaires harder than they're hitting the average working stiff. Hence the panic in D.C.