Wednesday, March 11, 2009

It's Not Insurance - It's Just A Sticker in The Window


Hey...remember the good ol' days when the banks were making money hand over fist and everything looked like sunshine and blow@#$%'s for as far as anyone could see?

Yeah, well the FDIC didn't collect premiums for 10 years between 1996 and 2006. Banks said our money was "insured" when it was in fact no such thing. It was guaranteed by the FDIC, sure. But it sure as hell wasn't insurance.

No worries, they'd reached the Congressionally mandated limits and heck...banks dont fail all that often. The banking lobby argued that the premiums should stop and their lapdogs in Congress were only too happy to oblige.

I'm speechless.

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