My StumbleUpon Page
U.S. Government And U.S. Banks In Collusion To Rip-off Consumers?
Wednesday, April 29th, 2009 @ 9:24 am | 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.The fact is this fantastic insurance benefit is not perpetual. It is a limited time offer good only through the end of 2009.
We’ve been convinced it’s a pretty good deal, and it is at first glance a unique selling proposition designed to lure customers into making deposits into those greedy, sleazy banks that continue to mishandle our tax dollars and our personal money.
And the U.S. government is in on the campaign that is only “good until December 31, 2009.” It’s something not many bankers nor government officials are talking about.
Recently