Wednesday, October 1, 2008

More insanity for the bailout

From CNNMoney's report on the Senate version of the bailout:
The bill adds provisions to the House version - including temporarily raising the FDIC insurance cap to $250,000 from $100,000. It says the FDIC may not charge member banks more to cover the increase.... Instead, the bill allows the FDIC to borrow from the Treasury to cover any losses that might occur as a result of the higher insurance limit.

The Fed's already going to print 700B to cover the bailout, why not print a few billion more....

I think Congress has lost their minds.

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