U.S. Government And U.S. Banks In Collusion To Rip-off Consumers?
Apr 29, 2009 in We Think
“Say it ain’t so, Joe” was a popular saying during a baseball scandal back in 1919. The same can be said today in reference to the current banking scandal.
Last fall it was announced, among other proclamations pertaining to the economic crisis and the banking industry, the Federal Deposit Insurance Corporation-FDIC, would increase by double the amount of money covered in the event a bank defaulted. Everyone cheered. Bankers, government officials and the banking public were delighted and relieved.
Every week, since last October, banks continue to default .
We have been told up to $250,000 U.S. in our accounts would be protected. This change in policy was received as wonderful news, and the general public is confident without knowing it is a temporary condition. It is a false confidence. (more…)
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Pennsylvania Senator Arlen Spector resigned from the Republican Party to join the Democrats.