Ready for the backwards bailouts?

[Kleptocracy]

Seems they're finding new ways to rip us off...

nytimes.com/2009/09/22/business/22bailout.html?_r=2

"WASHINGTON — Tired of the government bailing out banks? Get ready for this: officials may soon ask banks to bail out the government.

Senior regulators say they are seriously considering a plan to have the nation’s healthy banks lend billions of dollars to rescue the insurance fund that protects bank depositors. That would enable the fund, which is rapidly running out of money because of a wave of bank failures, to continue to rescue the sickest banks.

The plan, strongly supported by bankers and their lobbyists, would be a major reversal of fortune. "

[Chunes]

From the FDIC's own website:


The FDIC receives no Congressional appropriations – it is funded by premiums that banks and thrift institutions pay for deposit insurance coverage and from earnings on investments in U.S. Treasury securities. With an insurance fund totaling more than $17.3 billion, the FDIC insures more than $4 trillion of deposits in U.S. banks and thrifts - deposits in virtually every bank and thrift in the country.

To call it the bankers bailing out the government is quite a stretch.


The plan, strongly supported by bankers and their lobbyists

'Nuff said. The journalist is a dumbass.