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by shadows

Last Post 23 hours Ago


Fooled again!!
Oct 7, 2008 | 2:12 PM
Category: News
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I was talking to a banker today about the increase in the limits of accounts covered by FDIC from $100K to $250K per depositor and was surprised to learn that it is only a TEMPORARY CHANGE!!

The increase will revert to $100K after December 31, 2009.

http://www.fdic.gov/news/news/financial/2008/fil08102.h
tml

Once again our government has been at work to hoodwink the public.  On the other hand, maybe they are counting on the middle class being too poor by that time to even care about the FDIC account limits.

You might want to thank the members of Congress who voted for the bail-out bill and President Bush  who signed it into law.
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Member Comments Total Comments: 14
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Abunai read my blog view my photos
Oct 7, 2008 | 2:56 PM

Oh trust me... I will be thanking Barney Franks, Scott, Dodd, Schumer, etc. as they now are unable to stop the sunami of media attention to the actual trail leading to this.

Even the Obama camp who continues to call McCain a player in "DEregulation" when it was McCain that was before those committees with a bill BEGGING for some regulations.

That Franks even tries to say that he did get some regulation in 07 is someone trying to cover themselves! The attempt to put this on Bush or Republicans is going to blow up in the Democrats face, and you would hope it was during this election.

If Republicans continue to be the minority after this election, Pelosi and Reid will soon be hating going to work, as the next 2 years are about to become quite memorable.
shadows read my blog
Oct 7, 2008 | 3:04 PM

Abunai, why hasn't McCain or Obama brought such things as the "temporary nature of the FDIC changes" to our attention?

After all, McCain did claim to be very involved in the development and passage of the bill, didn't he? Palin confirmed that during the debate, but she didn't mention objections to things such as this.
Abunai read my blog view my photos
Oct 7, 2008 | 5:27 PM

Well gosh shadows.. I don't know.. just as I don't know why we have hearings lined up but yet we only got the Fannie/Freddie issue on the Congressional docket TODAY, and no promises that it will be heard until after the election.

Of course now until I hear Democrats call for Franks, Scott, Dodd,etc. to be ANSWERING questions instead of asking them, I find your interest in the matter a little disinguineous.

I would also like to know the status of the FBI investigation into Countrywide, and all the other lenders, and have noticed Sen. Chris Dodd's very sudden fall off of the radar.
shadows read my blog
Oct 7, 2008 | 5:36 PM

Abunai, go to the top of the blog and read it again in order to find out what the topic is.

You seem to be very interested in the Franks, Scott, Dodd activities. So why not write a blog about it? Go at it.....perhaps you need something constructive to do while you nervously await the "town hall meeting" tonight.

Perhaps you could also write or call your Representatives and Senators and get them to allow you to set the schedules and agendas for the House, Senate, and their committees. Just tell them that I said that it would be OK. LOL
Abunai read my blog view my photos
Oct 7, 2008 | 7:01 PM

Oh I understand what the topic is just fine thankyou.... Perhaps you would should call YOUR rep. and tell them how you feel violated for them not telling you the complete truth. ROF!!!

451 pages and you are suprised? Wait until you figure out that the courts will be able to rule on changing the Principle value of mortgages! If you think you are suprised now...

Even Orange county is in it for 25 Million bucks worth of taking foreclosed homes, and selling them to anyone with income under 71K and will sell off whatever they purchase homes for PLUS cost of repairs, AND upgrading them with more energy efficient appliance!! (wonder who gets that contract...)

So all you Orange Co. folks when your home value goes down because the county is going to become the HUD/low income real estate agents... lets hear you complain!
shadows read my blog
Oct 7, 2008 | 7:19 PM

Abunai, thank you for your informative and thoughtful input.

Not much that our government has done or will do surprises me anymore. As you may recall I was also in the military and the actions of politicians during the Vietnam conflict dispelled any misconceptions that I had about the integrity of politicians.....be they Democrat or Republican.

I hate to be such a pessimist, but I think that things are going to be close to both a financial and social meltdown in this country and we are almost to the point of no return. Protests are breaking out in Thailand and I expect it to spread in the face of economic turmoil.

People seem to still be "waiting" for the government to take care of them and I am not just talking about those who are collecting public assistance......I am talking about the people in our middle class who sit on their hands and pretend that a particular party or politician will take care of them. A curse and a blessing right now is the rise in the value of the dollar......hard to explain with the added debt and resulting inflation that is sure to come. Perhaps it is related to the major investments in our financial system by other countries and the resulting fall of many of their currencies. Even gold, a hard asset, is not skyrocketing.
BornToBeWild read my blog view my photos
Oct 7, 2008 | 7:22 PM

Read my latest post>>>>>>A SHOCKER!
ZipItHippy read my blog view my photos
Oct 7, 2008 | 7:29 PM

Yeah it looks like your kids in congress now think Bush is a genius.....whats up with that?
shadows read my blog
Oct 7, 2008 | 8:17 PM

Most of the financial gurus seem to think that the bail-out won't be nearly enough to avert a long recession or depression. The effect on the U.S. is a big question since it appears to be a world wide problem because of the "global economy."

I personally think at this point that it will be a period of leveling the playing fields for all developing countries and that the standard of living for working class Americans will be adjusted to the levels found in those countries......equal pay for equal skills and work. Multinational corporations will benefit in the short term. Eventual reduction of the money supply in the U.S. should continue to strengthen the dollar for those that have them.
jfore read my blog
Oct 7, 2008 | 9:54 PM

Increasing the coverage to $250,000 was all smoke and mirrors. Under the old cap all you needed was multiple accounts with less than $100,000 in each one of them. So all that did was reduce the number of accounts you needed to be insured. So all it accomplished was saving a little bit of paper work. the fact is, it doesn't matter whether the new cap goes away in 2009 or not.
LEOTIMEZONE read my blog view my photos
Oct 8, 2008 | 12:59 AM

I do remember hearing the 250k was a temporary
fix. I think it was all for show. If we knew
the truth about what is truly going on we would
most likely leave the country. What a mess and
they are all to blame.
hwayoutaline read my blog
Oct 8, 2008 | 7:15 AM

What does it matter? If you try and collect from the government on the fdic bs you will find that they have 99 years to pay you back L.O.L
shadows read my blog
Oct 8, 2008 | 8:48 AM

jfore, I believe that in addition to multiple accounts it requires some variations in names and beneficiaries on the accounts in order to circumvent the $100K limit.
shadows read my blog
Oct 8, 2008 | 8:49 AM

hwayoutaline, our government would rather owe it to you than cheat you out of it. LOL
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