US considering guaranteeing ALL bank debt - WSJ

Sixstrings · Heavy Crude Joined: Jul 08, 2008 Posts: 163

http://online.wsj.com/article/SB122360336021121827.html

Thoughts?

Seems sort of unfair to those folks who had too much money in IndyMac and lost it. Wonder how they're gonna feel to see everyone else get all their money guaranteed.

nobodypanic · Intermediate Crude Joined: Jun 02, 2008 Posts: 598

sure.

until they understand that they also have to alleviate us household debt, it won't really solve anything.

Micki

Someone thinks there will be more government spending (note; understatement):
After the upgrade they at least don't have to add more digits again until early next year sometime. Razz

smallpoxgirl · Moderator Joined: Nov 08, 2004 Posts: 6318

FDIC is broke. Sure. Why not promise some more money. If we run out we can always print more right?
_________________
"So while you sit and whistle Dixie with your money and your power.
I can hear the flowers a-growin in the rubble of the towers.
I hear leaders quit their lying
I hear babies quit their crying.
I hear soldiers quit their dying, one and all." - OCMS

EnergyUnlimited · Fusion Joined: May 15, 2006 Posts: 3307

seldom_seen · Fission Joined: Apr 12, 2005 Posts: 2038

I think this gov policy of super mega bailouts and guaranteeing everything is just driving us deeper in to the depths of doom. Have you seen Peter Schiff on TeeVee rail about this stuff? I worry that he's going to punch the camera.

What's next?

New York, NY (AP) - Wall Street had a modest rally today after the Federal Government declared that is "guaranteeing everything." You heard it correctly everything. Your cat, your shoes, your neighbors booze. Your hat, your mat, your socks, all rocks. Your car, your boat, the castle's moat. Toast, tangerines, even tarantulas. Sand and sun, moon and wind. The house on the hill and all your bills. Including everything not listed here will be fully backed up and guaranteed by the full faith and credit of the United States Federal Government.

heroineworshipper

It's a familiar roar of pancaking concrete, but it isn't skyscrapers collapsing. It's mobs of people running for the bank.
_________________
People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.

Loki · Expert Joined: Apr 08, 2006 Posts: 1298 Location: Cascadia

Hmmm, I think it's time to make a bank run, er, run to the bank.....

My state had its senatorial debate last night. The Republican incumbent is repeating his party's "tax cut for everyone, even your dog" mantra---this from the guy who voted for the trillion dollar Iraq War, the $700 billion Wall Street welfare bill, the recent $500+ billion "defense" appropriation (which doesn't include the foreign adventures in the Middle East), tax breaks for the ultrarich, etc., etc., etc.

So sure, the feds can go ahead and "guarantee" trillions more, why not? The house of cards if falling anyways, might as well make some more empty promises....
_________________
"A little stored food and Bob's your uncle." --TT

Sys1 · Intermediate Crude Joined: Feb 25, 2005 Posts: 678

When a politic man speak, you just have to translate in negative version to know the truth.

So the translation here is :
"US won't guarantee any bank debt."