Quote:
Originally Posted by noonereal
what a gresat system capitalism is  |
Come on Noon, this isn't capitalism, maybe cronyism, or outright fraud.
The best I remember, the FDIC was set up by the Rosevelt Administration back during the depression. All banks are required to buy FDIC insurance at a percentage of their reserves, or something like that. Effectively punishes the smaller banks.
Least they ain't givin' it to the IMF...like they's much difference. Some of it might go to the home town crooks, who are probably the only honest players of the bunch.
Then again, my banker (small regional) told me he didn't get any TARP funds (probably too solvent), I imagine he'll get screwed on the FDIC bailout too. Probably raise his rates to finance bailing out those who are "too big to fail".
I could go on and on, but I'll wrap it up. The system is rotten from the top down. And the little guys, and the taxpayers are the fall guys.
Chas