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Originally Posted by SteamWake
Quote:
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Originally Posted by AVGWarhawk
Correct me if I'm wrong, are not IRA FDIC insured? If so, you are covered.
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Whom insures the insurers? The money isnt there. All the FDIC will do is print more money.
The money is not there. |
The Fed pays the money. FDIC is the Federal Deposit Insurance Corporation. This was created so banks would feel more at ease in granting loans to those who might be on the edge in paying them back. So, the Fed figures a handful might default...not the magnitude we see here today. Sleeping Giant? Yep! Ultimately in the case, the tax payor is the insurer for the insurance provided by FDIC because as you stated...the money is not there....not enough to cover this magnitude of defaulted home/personal/auto loans. Now, the Fed has extended the extorsionist banks ideals here on the American people. We are being extorted because if we do not go ahead with the bailout, we are screwed. Of course, this is how Bush sees and tells it not only once but twice in two days. Some fear mongering tactics from the Fed and the bank.
Personally, I do not care if I loose every cent in my 401K over this. I do not want to pay for someone elses problems. It is not right nor fair. There is no reward for me no matter how you cut it. Not only that, it sets precident with other companies who wish to pull the same BS as these banks did.