Repuke Customers of IndyMac Refuse To Take Government Handout from FDIC

[orleans]

and are willing to lose their money, no questions asked. up to $100,000 in checking/savings accounts plus 50% of whatever is above that amount. or the $250,000 in cd accounts. true to their word and standing on republicon principle--it's the price they are willing to pay for the free market rule--the market has decided and the bank went under and they don't believe in government bailouts/handouts. because they are not hypocrites and detest government involvement in business they will not be accepting any fdic money.




:sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm: :sarcasm:


HA! YEAH, SURE!

i bet these republicon motherfuckers are glad as hell that they are fdic insured for at least the amount that is being offered. maybe they should learn from this real life lesson, thank their lucky fucking stars they have this "federal deposit insurance corporation" to rescue their ass and imagine what the hell they would have done without this "socialist" program there to pull their sorry asses from the well.

[BlooInBloo]

1. Because they believe so strongly in the "free market".

[orleans]

2. yes. exactly. they are pillars of republicon example--all those refusing that

insurance money. wow. so impressive.

[notadmblnd]

3. I'll bet that they're just going to pull themselves up by their bootstraps

:sarcasm:

[BlooInBloo]

5. They're so much better than those welfare queens.

[gratuitous]

4. One thing's for darned sure

There won't be any whining about it from Republicans!

[zeemike]

6. Well you knew they would didn't you?

They are always true to there ideology ain't they?
I never doubted it for a minute...

:sarcasm: :sarcasm: :sarcasm: :patriot:

[dems_rightnow]

7. FDIC Insurance isn't government money

They get all their income from assessments of banks and interest earnings. The banks essentially fund the insurance pool, not our taxes.

[ingac70]

8. ....

Then why did the S&L crisis in the late '80's cost US taxpayers $150 billion?

http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation

[dems_rightnow]

10. It was overwhelmed...

.... by the catastrophic number of S&L failures, and did have to get tax money just to pull itself back up to "insolvent".

That might possibly happen to the FDIC, if things get much worse. The FDIC is considering raising its assessment level on banks due to the expected losses from Indymac. But thus far, it's been banks footing the bill.

[orleans]

12. hum...

http://www.fdic.gov/about/learn/symbol/index.html

a .gov website not a government agency. i didn't know anyone could get a .gov web address.

[dems_rightnow]

14. Sigh....

I didn't say the FDIC isn't a government agency.

I said the FDIC collects assessments they make on banks, and that banks fund the FDIC insurance, not the government. Seriously, it's that easy.

[checks-n-balances]

16. Hmm...S&Ls fail under GHWB, banks fail under GWB...

Like father, like son...

But son definitely outdid father exponentially in terms of national debt and economic failure...

[exothermic]

11. Uh, your own link explains it.

:shrug:

[SlipperySlope]

15. This is correct

Effectively the FDIC is a government owned and managed insurance company, funded by contributions from the member banks.

i.e. - FDIC money is not taxpayer money. It is bank money that was set aside to pay for bank failures.

[exothermic]

9. The 50% in excess of the limit is simply what they can take out RIGHT NOW.

There is no reason they cannot get it ALL in the near future...unless, perhaps, every depositor is as fucking stupid as the ones who didn't know how it works.
:grr:

no sarcasm

[KharmaTrain]

13. Just Imagine What Would Have Been If They Had Privitized

Social security...indexed it to the market. We'd have thousands of elderly on the streets by now with more on the way.

GOOpers feel they are entitled to EVERYTHING and not have to be responsible about anything. If they have money, it's THEIR money and no one should touch it. It doesn't matter how they earned it, just leave it alone and let them earn even more. It's the "American Way".

Many people good hoodwinked with the game that your savings are safe and that once you earn the money it will always grow. And 2% isn't good enough, they wanted 10% or more...c'mon, they're entitled. So when the system collapses, they now feel they are entitled to their money back...even if it comes from everyone elses pockets...especially Democrats.

[crimsonblue]

21. 2% growth can't keep pace with inflation

one purpose of long term investments is to outpace inflation growth.

[underseasurveyor]

17. Oh I dunno about that.. I can hear my republican brother now

'WHY SHOULDN'T I KEEP IT? IT'S MY GODDAMNED MONEY!!!!1!1111!!"

That's the first thing he'd say and if he had his money in that bank and he'd be first in line to get it out.

[Kansas Wyatt]

18. I'm sure they are very offended by this sort of SOCIALIZED banking protecting them.

How dare the government look after their well being.
:sarcasm:

Republicans are ALWAYS the very first in line demanding that the government pay them what they are DUE first, because they deserve and need it so much more than the 'little people.'

[Zomby Woof]

19. The FDIC is one of the great New Deal legacies

Since it's so rarely needed (and known mostly by those ubiquitous stickers in the bank window), it is taken for granted. I would rank it up there with Social Security as one of FDR's enduring accomplishments. The insurance pool wasn't his preferred method, but the Glass-Steagall Act of 1933 - which birthed the FDIC - was a compromise he was willing to take if it restored some semblance of confidence in the banking system.

[crimsonblue]

20. Not to mention

that the FDIC is the organization that monitors and audits banks to ensure that sound business practices are followed. The FDIC, through regular 18 month reviews, has kept banks in check, prevented them from making stupid decisions, and protected the American people. A good regulatory infrastructure is crucial for ANY well functioning democracy.