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Washington plans for big bank failure
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Colin Barr
Fortune
March 10, 2009
The government is bracing for a big bank failure.
A bill introduced in Congress would give the FDIC, the agency that stands behind Americans’ bank deposits, temporary authority to borrow as much as $500 billion from the government to shore up the deposit insurance fund.
- A d v e r t i s e m e n t
But the Dodd-Crapo bill acknowledges what the financial markets have been signaling for the past month — that the government must take the lead in a costly cleanup of the mess in the financial sector.
“I think it’s a commendable start,” said Simon Johnson, a former International Monetary Fund chief economist who tracks the crisis on his BaselineScenario.com blog.
Dodd said he introduced the legislation at the behest of other regulators, notably Federal Deposit Insurance Corp. chief Sheila Bair, Federal Reserve Chairman Ben Bernanke and Treasury Secretary Tim Geithner. All three recently wrote Dodd to support an emergency expansion of the FDIC’s capacity to borrow from the Treasury.
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March 10th, 2009 at 2:38 pm
Economic collapse will usher in the NWO.
Chump Reply:
March 10th, 2009 at 7:47 pm
THE ONLY COLLAPSE I SEE HERE IS THE DESTRUCTION OF THE ILLUSION
Please recall folks, this is all a house of cards built with monopoly money. It is the illusion that is collapsing. Like Cypher’s matrix steak, it IS NOT REAL.
Oh sure, the heartache is real enough- no doubt. The unemployment is real enough. The foreclosures are certainly real- but the system is entirely illusory- smoke and mirrors.
“It is a system Neo…”
I say we celebrate the destruction of this version of the MATRIX. Instead of “reloading” the same system under an international umbrella, WE GET OUT INTO OUR COMMUNITIES AND OFFER ALTERNATIVES TO THE “GLOBAL ECONOMIC ORDER.”
“Fight, and you may die. Run, and you’ll live… at least a while.”
The time has come to whip up the tempest, and call forth the grand juries. A time of state’s rights. A time for liberty’s brilliance in the light of day. And if necessary, a time to exercise our “right, our duty, to throw of such government” as they have become despotic, throwing us under the bus of jurisdictions foreign to our own Constitutions, housing soldiers amongst us, and denying us petition to even the Law That Never Was.
Light the torches boys, for they come both by land and sea.
Death to the NWO!
ScaldedFrog Reply:
March 11th, 2009 at 12:35 am
Well Said!
March 10th, 2009 at 2:46 pm
when it happens the patriots will make sure
that lots of them DIE
Say What! Reply:
March 10th, 2009 at 2:59 pm
You american patriots sure talk alot of talk! I sure hope when the time comes you act on your words.
Signed,
Friendly neighbor to the North.
canuck rage Reply:
March 10th, 2009 at 4:16 pm
I hope we are the same
BobLeeSwagger Reply:
March 10th, 2009 at 9:59 pm
well canucks, jump on board aand lets get the train rollin
Brian M. Reply:
March 11th, 2009 at 2:37 am
I agree, as Mark Koernke says “I’m not getting any younger. “
Theywontchipme Reply:
March 11th, 2009 at 7:49 am
START SPROUTING YOUR SEEDS INDOORS NOW!!!!!
GET READY FOR LARGE VICTORY GARDENS!!!!
IT IS WORK, BUT IT REAPS GIANT REWARDS
March 10th, 2009 at 2:59 pm
Just what exactly does the statement mean, “wouldn’t change the status of individual bank accounts, which through the end of this year are insured up to $250,000.”
Am I led to believe that the FDIC will no longer insure bank accounts and all will be lost in 2010?
Is it time for a run on the banks?
March 10th, 2009 at 3:10 pm
Citi is now in the Pump an’ Dump cycle.
Your PPT at work ~
ZOMBIE !
wickersham1 Reply:
March 10th, 2009 at 3:26 pm
Yep. Amazing how a leaked memo stating that this POS bank finally made some profits after 18 months of massive losses (98.5% of value wiped out since 2007) caused the DOW to rally 380 points.
These fools are looking for any shadow of hope or good news to through their money away.
March 10th, 2009 at 3:25 pm
FUCK THE FRENCH IN THE NORTH!!!
trex Reply:
March 11th, 2009 at 10:07 am
and fuck you ,you dumbshit hillbilly inbred Uhmerican redneck, Keyboard warriors
March 10th, 2009 at 3:48 pm
Anyone else find it interesting that the federal reserve backed great depression that began in 1929 with the stock market crashed but ended towards the beginning of World War II, or at least the beginning when America entered it. After all, American companies were profiting from the war by supplying England and later the USSR with war supplies. World War II brought much change to the world, including the development of the United Nations. Many top scientists and elite from Europe immigrated to the United States, Like Einstein and Von Braun. Many of the situations and challenges we face during and after world war II helped shape the situation we are in now. The baby boomers, the creation of a higher standard of living among americans, a booming economy that greated larger banks and more credit lending.
We are now in a recession with many believing will lead to the next depression, its looking terribly bad. World War II helped to enact much of the policy changes the world order needed. A new depression and a new war will push the world to its knees, causing the final push for a new world order. Im not going to assume how this will happen but read your history books, study life and how our society adopted much of its foundation as to the way it is set up today. History will repeat itself, it has a cycle and the Mayans knew about it. I think it was called like the sixty year cycle. Makes sense right. World war II 1941-1945, today marks 64 years after the end of world war 2. Except the cycle ends, the world starts a new era and all past rules are exempt. We will soon experience the changes into a new era, there will be another war like WWII mark my words. We will slide into a depression, followed by a great war that will be a repeat of our histories past and mark the way for a new cycle unlike our previous 60 year cycles, this will be a new era. I dont believe in all that 2012 end of the world crap, what I do believe in is the fact that a new depression and new war will bring about the new world order that will carry us into a change and shift of power. We will see the evil forces lurking in power fall, but we will have a struggle, count on that. Many people will feel the blame placed on them and many will cast stones but soon we will realize the stones we had cast were on those trying to save us.
Cheers.
truth Reply:
March 10th, 2009 at 9:38 pm
it’s a cycle. this cycle has been going on when civilization was born. Nuclear power will end it all. Other nations that have been able to harness nuclear power are itching to prove their power and cause. Realistically, the NWO will not win because of Einstein.
Steve Reply:
March 11th, 2009 at 3:26 am
We are attacking Muslims while they are the only ones who openly fight the New World Order.
March 10th, 2009 at 4:42 pm
It’s time for the New Age to begin.
Time to push out the old and being in the New. A New World Order in invetiable. It will come, no matter you or I or anyone does.
We are the beginning of a New Zodiac age, the Age of Aquarius. The Age of Pisces drawing to a close. Funny how it Started right around the time of Jesus. All that Fish sysmbolism surrounding him. Christianity will fall much like how the Jewish faith has eroded away. Moses ushered in the Age of Aries(Ram). And why he was so mad at people for worshipping the golden calf(symbol of the previous age of Taurus).
In the upcoming century we will see a new Mesiah arise with a new relgion that will sweep accross the world.
The New World Order is coming…no matter what we do. Just accept it and move on with it. Or Oppose it and be crushed under it.
rob Reply:
March 10th, 2009 at 8:32 pm
By the way, your “messiah” has already come and been judged… the Antichrist John Paul II.
too much timeto think Reply:
March 10th, 2009 at 9:40 pm
get a life.
BenRod Reply:
March 11th, 2009 at 6:27 am
…Better call Mulder and Scully…
March 10th, 2009 at 4:47 pm
Those fucks are working over time on failures, I swear.
March 10th, 2009 at 7:41 pm
They work you like a dog, chew you up then spit you out. Assholes!
Brian M. Reply:
March 11th, 2009 at 2:51 am
Slavery never ended. States rights did though. Banks have fooled us countless times over these last 9 decades. “GET YOUR GD FIAT FEDERAL RESERVE NOTES OUT OF THERE, NOW!!!”
I WONT BE FOOLED AGAIN, lyrics from one of the Who songs.
March 10th, 2009 at 7:53 pm
I agree with Webster Tarpley who was Alex Jones today that Obama has said through his worded speeches that he will give them all they want.
I also was calling for a run on the banks. I still think we should even though they will keep robbing us to make sure the banksters never lose money.
They got their shit together today when people said let them fail..Amazing!!
They got their man into office and have a blank taxpayer check and military to back it up.
I also enjoyed how Tarpley pointed out where were the banks when it came time to loan the automakers money that we gave them??
They don’t seem to care about their record in future history books.
Imagine you telling a business you are going to have to write them a bad check and them saying things like this Simon Johnson…what a commendable action!!!
They insult me the more they take.
And then they pass bills to tax us for carbon footprints, but cannot do it themselves at the House and make statements like it is harder than people think. No Shit!!! But why is it different for you than me?
March 10th, 2009 at 10:05 pm
I would like to know, what if any plans, Washington has set in place for payment in the event of a collapse for government employees. Does anyone know how (firefighters, policemen, soldiers, federal prison employees, etc.) were paid in the depression?
Brian M. Reply:
March 11th, 2009 at 2:42 am
Like in the movie “Logan’s run”, Michael York said ” THERE IS NO SANCTUARY!!!” (that is here on earth)
trex Reply:
March 11th, 2009 at 10:14 am
Well in the depression the $ was backed by GOLD (redeemable for GOLd ) and was strong as hell , was not Fiat ,
trex Reply:
March 11th, 2009 at 10:15 am
and back then the System didnt collapse , only yhe middle class not industry as whole , now there is nothing to pull us out , but also Government was making surpluses , now you are in debt 12.8 trillion i beleive , now its real time collapse
March 10th, 2009 at 10:24 pm
The fucks are big fucks who think they have their little evil plans all bagged up and ready to go. Well fuck them ; and maybe something will intervene….food for thought ass wipes
March 11th, 2009 at 3:23 am
Money Changers in Israel used the Christian world to invade and torture the Muslim world. Next they will enslave us all by chocking and then starving us financially.
No wonder England banned them from entering their country for over 300 YEARS !!
March 11th, 2009 at 10:00 am
Stop all immigration (2mil. a year legal) round up all the illegals and march there asses across the border and then CLOSE IT DOWN ! Anything we can,t make ourselfs tax the hell out of the shit! Go to wall street and drag out about 50 or 60 banker and hangem /then go to D.C. and do the same ! How fast do you think it would take to get the assholes in DC and WALL ST. to get there minds right ????