Second, we need to protect taxpayers. There should be a path for taxpayers to recover their money, and to turn a profit if Wall Street prospers. - The Principles
I already suggested that principle might be a little out of reach for this crisis, but it has only taken a few days of Republican posturing to get everyone to throw their principles out the window.
Today we find out that upping FDIC deposit insurance is supported ... because it may mean a few more votes, or something.
Did either candidate say how we are going to pay for this, who will bear the cost, ultimately? And what assurances do we have the the FDIC insurance fund is sufficient to the day? Afterall, some have seen that developing into the next multi-billion dollar bailout (as in $150 billion).
People with large amounts of cash money to hold, by and large, should buy their own insurance or let the marketplace work, i.e. let them gravitate to the banks / institutions that are run well and conservatively. Offering insurance, beyond what is sensible and required to protect "small" depositors, is an unwanted market distortion.
SENATORIAL FOOTDRAGGING - FDR WOULD HAVE SO NOT APPROVED
Last, why hasn't anyone come out with some "principles" on what needs to be 're-regulated'? It seems that there are reporters who know more about what is on failing institution's balance sheets that do lawmakers. That's just lopsided, wrong, criminally negligent, and ... well, just make it stop, fast.
