FDIC weighs extraordinary steps to shore up fund - Yahoo! Finance: "WASHINGTON (AP) -- The Federal Deposit Insurance Corp. is weighing several costly -- and never-before-used -- options as it struggles to shore up the dwindling fund that insures bank deposits.
The agency is considering borrowing billions from healthy banks. Alternatively, it may impose a special fee on the banking industry."
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Let me get this right here--instead of the FDIC bailing the banks, the banks are going to bail out the FDIC? At some point doesn't this just amount to nationalization?
Yep. When the private sector is broke, we nationalize it. When the public sector is broke, we privatize it (i.e. HOAs.)
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