Flimsy Sanity: FDIC Insurance

Flimsy Sanity

In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. - Friedrich Nietzsche

Thursday, July 24, 2008

FDIC Insurance

Thanks to Clinton, commercial banks have not been paying fair premiums to the FDIC insurance. Nader warned about the FDIC Insurance scam in 2002.

Do you know the real meaning of "moral hazard"? Just a cute way to say: private profit, social loss.

The conservatives always talk about personal responsibility. William Buckley's son Christopher wrote the book Thank You for Smoking that was made into (in my opinion) a pretty funny movie. Is responsibility only for individuals or is it time we let the big guys be responsible and let the market work - even if it means economic collapse? The last time laissez-faire economics was king, we had the great depression which led to reform and then a spell of prosperity. Seems we have to have the death of one to usher in the other and then that eventually succumbs to greed again and on and on it goes.

Sometimes I have the radio on and all I hear is that we have to maintain our confidence as though the only thing that can destroy the dream is if we just stop believing. At the same time NBC is telling us to "keep the faith", their Mom and Dad (GE) is moving offshore with a "strategy of shifting its financial operations away from volatile segments such as those influenced by U.S. consumer spending toward areas of higher growth". Probably too late to make the big guys suffer for their greed - they are already going, going, gone.


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