Tuesday, September 30, 2008

Yet Another Stupid Idea

I used to think we lived in the capitalist U.S. of A. Now every time I pick up the newspaper I read of another attempt to get the government to intervene in the economy. The most recent involves increasing the limit on deposit insurance coverage by the FDIC:

Republican presidential candidate John McCain and his Democratic rival Barack Obama both pressed for a deal from the campaign trail, announcing separately their backing for an increase in the U.S. federal deposit insurance limit to $250,000 from $100,000 -- a plan that some House Republicans had pushed earlier. The candidates hope such a move would reassure nervous Americans. U.S. House Financial Service Chairman Barney Frank (D., Mass.) told committee members the Federal Deposit Insurance Corp. intends to seek such an increase.

This change will have two effects:

(1) Those people who keep between more than $100,000 but less than $250,000 in one bank will no longer have any incentive to monitor their bank nor criticize bank management if they do something stupid.

(2) This will increase the liability of the taxpayers, if any more banks fail and have to be bailed out by the FDIC.

I have had it with people who hold high positions in government, and some of those who work in finance, who feel that they hold title to the wallets of the taxpayers.

I would like for all of the following people to leave their government positions immediately:

George W. Bush

John McCain

Barack Obama

Nancy Pelosi

Harry Reid

Henry Paulson

Ben Bernanke

Sheila Blair

Barney Frank

Charles Schumer

Joe Biden

And many more....

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