Government doesn't collect FDIC premiums for lat 10 years.

bmulligan

bmulligan

CAGiversary!
Feedback
25 (100%)
Whoops. Guess my money, and everyone else's, isn't safe after all. If you can't trust the government, who CAN you trust ? I guess Mr. Frank doesn't really believe in regulation, or at least enforcement of regulation, for his friends in the banking industry. And let's try to be post-partisan here and find a third way to rise above petty indifferences and learn to work together to solve this to-big-to-fail problem.

http://www.boston.com/news/nation/washington/articles/2009/03/11/now_needy_fdic_collected_little_in_premiums/?page=full?ref=fp1


And you thought none of this crisis was orchestrated...
 
I'm still waiting for some evidence that, at some level of government, there was some action, some behavior, some...anything, really...that hasn't been monumentally fucked right the hell up.

:lol: @ post-partisan
 
Hmmm. The banks had insurance for several years and didn't pay any premiums.

It sounds like they owe premiums for several years and they don't have anything to complain about.
 
You know there are Credit Union's you can put your money in which are not for profit to begin with. Bank's were trying to get them taxed, nonsense if you ask me.
 
[quote name='Sarang01']You know there are Credit Union's you can put your money in which are not for profit to begin with. Bank's were trying to get them taxed, nonsense if you ask me.[/QUOTE]
NCUA
 
Yeah, i belong to a credit union actually, i have my dental insurance through them in fact. Oh and i'm gonna have to say no to being "post-partisan," last time i ended up with post-partisan depression.
 
[quote name='bmulligan']I guess Mr. Frank doesn't really believe in regulation, or at least enforcement of regulation, for his friends in the banking industry.[/quote]
Barney Frank didn't chair shit from 1996-2006. Why did you single him out?
 
Another great job by Congress. Yes, Barney Frank is to blame, but only as one of many. Republicans were in the majority, as speedracer correctly points out, and they could easily have ignored the lobbying by banks and kept the fees coming in. That they didn't is damning evidence against them. That the Democrats didn't make any to-do about it whatsoever, and indeed agreed with the Republicans in helping banks shaft the system, is damning evidence against them as well.
 
Why don't we, at cag, start our own currency. It could be anything. Say, maybe... bottlecaps?

Who knows, maybe it will catch on, and i'm pretty sure bottlecaps are less plentiful in the world than U.S. dollars are now.
 
[quote name='thrustbucket']Why don't we, at cag, start our own currency. It could be anything. Say, maybe... bottlecaps?

Who knows, maybe it will catch on, and i'm pretty sure bottlecaps are less plentiful in the world than U.S. dollars are now.[/QUOTE]
Or, you know, we could choose something that isn't so easily made. ;)
 
No. Bottlecaps won't be worth anything in 200 years. My descendants will have to drive between New Reno and Broken Hills four or five times for that stupid ghoul.
 
[quote name='fatherofcaitlyn']No. Bottlecaps won't be worth anything in 200 years. My descendants will have to drive between New Reno and Broken Hills four or five times for that stupid ghoul.[/QUOTE]

Don't you mean ride horses on overgrown highways?
 
[quote name='Quillion']1996... Who controlled congress from 1996 to 2006?

Not that I think only one party is to blame.[/quote]

But who was President from 1996 to 2000? That matters more in the big picture I'm afraid.
 
[quote name='thrustbucket']Don't you mean ride horses on overgrown highways?[/quote]

Maybe after I run out of fusion cells, but that won't happen for a while 'cause I'll have a fuel regulator.
 
[quote name='KingBroly']But who was President from 1996 to 2000? That matters more in the big picture I'm afraid.[/quote]

I believe it was a sex crazed hillbilly who was effectively turned into a lame duck in 1994.
 
[quote name='fatherofcaitlyn']Maybe after I run out of fusion cells, but that won't happen for a while 'cause I'll have a fuel regulator.[/QUOTE]

40-mr_fusion.jpg
?
 
[quote name='fatherofcaitlyn']I believe it was a sex crazed hillbilly who was effectively turned into a lame duck in 1994.[/QUOTE]

It was also the era of banking 'de-regulation' pushed by then Senate banking chairman Phil Graham for his buddies in the financial industry and dutifully made law by Mr. Clinton. This is not a democrat/republican thing. This is a fleecing of the American people thing.
 
[quote name='KingBroly']But who was President from 1996 to 2000? That matters more in the big picture I'm afraid.[/QUOTE]
Why is that? I was under the impression that the FDIC was wholly overseen by the legislative branch and is supervised directly by the respective Banking committees.

I'm tryin pretty hard to not make this a partisan thing either. Sure, Clinton signed Gramm's piece of shit bill. But the Banking committees of the House and Senate (or just the Senate?) are directly tasked with federal oversight of the SEC, FDIC, etc. That's a legislative function along with enforcement. This is an oversight problem with the rules not being enforced. Not only that, but let's be real here: Republicans are the party of less government. During their last prolonged stay in government, that translated in bigger government with significantly less interest in oversight. The timing of their control matches exactly the time that there was an oversight problem. It seems pretty obvious to me.
 
I always assumed that the FDIC didn't really cover anything anyway and that it was just there so that people don't pull their money out of banks and cause them to fail.
 
[quote name='speedracer']Why is that? I was under the impression that the FDIC was wholly overseen by the legislative branch and is supervised directly by the respective Banking committees.[/quote]

Okay, recent example:

People blame Bush for the economy tanking in the last 2 years. Another way to look at it is to blame the Democrats for the economy tanking because they took over Congress 2 years. Quite a coincidence, isn't it? But that's not the way people look at it. When you blame Government, people look at who's running the show. Not who's running Congress. Why? Because the perception is whoever the President is runs all branches.
 
[quote name='KingBroly']Okay, recent example:

People blame Bush for the economy tanking in the last 2 years. Another way to look at it is to blame the Democrats for the economy tanking because they took over Congress 2 years. Quite a coincidence, isn't it? But that's not the way people look at it. When you blame Government, people look at who's running the show. Not who's running Congress. Why? Because the perception is whoever the President is runs all branches.[/quote]

Broly, just because others are ignorant, doesn't make your argument any the more valid.


While the legislative branch does assign the power to the Fed, the executive branch appoints members to the board of governors who have a 7 year rotation.

edit: Didn't mean for that comment to be confrontational. Its just, we have a corrupt 2 party system. No matter what both party's are to blame. Personally, I like the democrats more because at least they pretend to give a shit about the average person. But, at the end of the day they are nothing more than scam artists. I'm sure there are great politicians, that truly want to do good. The system though, doesn't seem to be geared to promote the right ones.

edit #2 So basically for 10 years they didn't collect any insurance because of congress, but congress also in the same time table approved the Fed paying the banks interest on their required and excess reserves? Gotta love it.
 
Last edited by a moderator:
[quote name='homeland']Broly, just because others are ignorant, doesn't make your argument any the more valid.[/quote]

I'm throwing out the possibility of an alternation explanation, nothing more.
 
[quote name='bmulligan']It was also the era of banking 'de-regulation' pushed by then Senate banking chairman Phil Graham for his buddies in the financial industry and dutifully made law by Mr. Clinton. This is not a democrat/republican thing. This is a fleecing of the American people thing.[/QUOTE]

Therefore a Democrat + Republican thing.
 
[quote name='elprincipe']Therefore a Democrat + Republican thing.[/quote]

No, it has to be a Democrat OR a Republican thing.

It is like walking into your house with two people removing your property. Only one can be a burglar. The other one has to be a cop.
 
[quote name='fatherofcaitlyn']No, it has to be a Democrat OR a Republican thing.

It is like walking into your house with two people removing your property. Only one can be a burglar. The other one has to be a cop.[/QUOTE]

"We're from the government and we're here to help."
 
You must log in or register to reply here.
bread's done
Back
Top