September 30, 2008

Obama suggests expanding FDIC coverage to save bailout plan

"The majority of American families should rest assured that the deposits they have in our banks are safe," Obama said in a statement put out by his presidential campaign.

"That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package — a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system."

Yes, because the everyday Joe has $250,000 in the bank.


This is smoke and mirrors being used to hide the fact that he's in the back pocket of big business and is trying to protect the wealthy.

Look, I don't want my tax dollars going to bail out banks that made risky loans and are now going under. Why protect stupidity? What incentive is there to not make risky loans if the government is just going to bail you out?

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