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bundlehqSep 29, 2010
Well, they didn't want to let the big boys have all the fun -- or, rather, funds.
neotechniSep 30, 2010
It means, where the f**k is my bury as spam button?
logandurgenSep 30, 2010
I am grabbing my COSTCO 275 serving 20 year shelf life tub-o-food and heading up into the woods with a swiss army knife and a pair of short shorts. IT'S ARMAGEDDON!!
Closed AccountSep 30, 2010
For the record, the FDIC does not have enough money to "guarantee" backing for a major collapse. The reason it is trusted is because it is backed by the government. So if the FDIC can't pay up, the government will, often by printing more money.
So if the credit union had ACTUAL insurance with no federal backing and they simply defaulted, insurance covered this and they are fine, that's ok ONLY if they had the choice to pay into it.
I suspect this works similar to the FDIC however and saying no taxpayer money was used in this is completely bogus.
kaelyiestaSep 30, 2010
"The loan shark is willing to spot me some cash when I slip up so I can get a rock from the crack dealer. Without the loan shark and the dealer, I'd go into withdrawal and end up dead. Therefore the loan shark and the crack dealer are both helping me."
Now replace loan shark with FDIC/NCUA and crack dealer with modern day bank/credit unions and the drug with unsustainable, easy, investment risk-free money and you know how absurd and beside the point all of these articles are.
It is absolutely insane how many peoples heads are buried in the sand of fascistic controls. Praising these bailouts as the salvation of consumers while ignoring the harm it causes(or worse, using it to justify the bailouts) is so utterly irrational that I sometimes wonder if I've been put in the twilight zone. I understand the urgency of not losing ones life long savings, but this system of theft and coercion is not actually solving any problems. It is exacerbating them.