Tuesday, September 30, 2008

Headline of the Morning

WE'VE MOVED! Democratic Convention Watch is now at http://www.DemocraticConventionWatch.com

McCain at dead end as House rejects bailout plan - AP

Meanwhile, Obama announced this morning:

The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government.

While that guarantee is more than adequate for most families, it is insufficient for many small businesses that maintain bank accounts to meet their payroll, buy their supplies, and invest in expanding and creating jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation.

That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package – a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system.

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Karen Anne's avatar

Karen Anne · 858 weeks ago

Don't forget, IRAs are ensured up to $250,000.

My worry is, can the FDIC run out of money? And I hope he is planning on credit union insurance also going up.

A candidate who addresses fears, proposes a solution, what a guy :-)
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norrisboxer's avatar

norrisboxer · 858 weeks ago

Yes. It is crucial to remind those less conversant in economics that their bank money is safe for now.

Also, having not seen the "at," I got a little guilty thrill when I misread the AP line.
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1 reply · active less than 1 minute ago
Karen Anne's avatar

Karen Anne · 858 weeks ago

Then it would be Pres candidate Palin...
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