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Old 09-30-2008, 02:27 PM   #161
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FDIC has formally requested permission to raise FDIC limits on savings. Lots of Government now talking about it. New limit would be $250K on single owner account.
Expect CD rates to plummet.....
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Old 09-30-2008, 02:44 PM   #162
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I can't help but wonder if the House of Representatives might be more in tune with their constituencies than the President and news media. Might they have canvased their boroughs and voted accordingly?

It seems the media gave this proposal a poor chance by entitling it "bailout". Just a trans-Atlantic view.
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Old 09-30-2008, 03:05 PM   #163
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what else was it?
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Old 09-30-2008, 03:06 PM   #164
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Expect CD rates to plummet.....
good
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Old 09-30-2008, 03:07 PM   #165
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FDIC has formally requested permission to raise FDIC limits on savings. Lots of Government now talking about it. New limit would be $250K on single owner account.
after the defeat of the bailout someone from the House was talking about this. supposedly there is an old law that gives them the authority. this should help stop the run on the banks.
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Old 09-30-2008, 03:07 PM   #166
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Best case is since most Americans don't save and don't have stocks they don't care about the market as much as others. Throw a 5 percent tax on all stock holdings (can give them a share of a goverment preferred dividend to get back the money in the future on this great profitable deal) and let all stock holders pay for their support and see if their demands change.
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Old 09-30-2008, 03:08 PM   #167
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Expect CD rates to plummet.....
Why would that happen? The cost of the insurance (which they have not had to pay for years) is not that much. Besides I tend to use Credit Unions whose fees are IMO always lower.
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Old 09-30-2008, 05:11 PM   #168
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Do not be fooled. The $700 billion (ultimately $1 trillion or more) bailout is not predominantly for mortgages and homeowners. Instead, the bailout is for mortgage-backed securities.
Yup, just like Secretary Paulson said . . . buying "securities".
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Old 09-30-2008, 05:16 PM   #169
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Must be some reason something this simple won't work.
Because setting up an infrastructure to buy and administer millions of residential properties is not simple . . . we'd still be working through the backlog when Chelsea Clinton runs for her first Presidential term in 2020.
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Old 09-30-2008, 08:18 PM   #170
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Because setting up an infrastructure to buy and administer millions of residential properties is not simple
Yep, and the Paulson plan will probably do a good job of employing all the bank employees who get axed. Probably a lot of the same folks that helped create the mess.

I hear some banks are already forming outsourcing capabilities to take on the task.
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Old 09-30-2008, 08:19 PM   #171
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I hear some banks are already forming outsourcing capabilities to take on the task.
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