September 30, 2008

BREAKING : Dodd says "We're looking at expanding FDIC"

As part of a stop gap measure after yesterday's failure of the recapitalization package (which the media is STILL calling a bailout though they never quite explain exactly who will be 'bailed out'. I'm certain it's not shareholders. It never is), Chris Dodd is looking at expanding FDIC's role and allowing them to take a more active role in all this, including taking over whole banks. Which is what they did during the S&L crisis.

This solution will cost us a cool $1 TRILLION vs. making money off the recapitalization plan that you guys hated.


I'm excited, y'all! You thought you knew everything and fought this tooth and nail. You won. Now, it's time for me to vulture your ass because you're obviously too stupid to help.

I missed out on the first S&L party so I'll be happy to join in on this one at taxpayer expense. I know a lot of people who got hella rich buying RTC's underpriced assets. I personally can't wait! And it was handed to us by the braindead masses.

Morons. But even you guys pale in comparison to some of the Republicans...

Representative Jeb Hensarling, a Texas Republican, said most Republican conservatives oppose the idea of Treasury purchasing troubled assets, because it puts too much of the expense on taxpayers.

``That is a model that House conservatives feel is fundamentally flawed,'' said Hensarling, the chairman of a group of more than 100 House Republican conservatives called the Republican Study Committee.

Oh, Jeb. You and the House conservatives are stupid and completely out of your depth when it comes to modern finance. Let's see here, Jeb. You and the connie's think that the government backstopping losses, without having a pre-existing premium cushion, is cheaper than actually buying the hard assets and recasting them?

Really? Jeb, seriously, there's politics and then there's just plain stupid. You and your fellow conservatives know less about finance than a box of hair and you certainly wouldn't know the first thing about fixing this problem.
Some of you think these assets are like a disease and they have to be purged (shades of Andrew Mellon, one of the architects of the Great Depression). Can't even begin to work through that one.

Seriously, you are all so far out of your league it's truly scary. Frank and Dodd are the only two who REALLY seem to get it and they are doing yeoman's work to keep this all from really going off the rails.

Posted by mcblogger at September 30, 2008 11:17 AM

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Relax...there will be a bailout or whatever you want to call it.

Posted by: YouKnowYouHeartDallas [TypeKey Profile Page] at September 30, 2008 12:14 PM

I'm honestly thinking at this point I don't want it. Let the Republicans have their way and then I can get rich.

Posted by: mcblogger [TypeKey Profile Page] at September 30, 2008 12:50 PM

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