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Today's little reminder

Submitted by Ironman on Fri, 03/06/2009 - 20:26
in

 

Dodd does not expect ‘many more’ banks to fail

By Jessica Holzer
Posted: 07/14/08 11:45 AM [ET]
Senate Banking Committee Chairman Chris Dodd (D-Conn.) on Monday said he does not expect “many more” banks to fail, in the wake of last week’s implosion of IndyMac Bancorp.

Dodd, interviewed on CBS’s “Early Show,” said that Federal Deposit Insurance Corporation head Sheila Bair “has indicated there are problems” with other banks. The senator added that he is “more optimistic” about mortgage giants Fannie Mae and Freddie Mac than he is about some lenders that engaged in these “very, very bad mortgages.”

This was from a post last summer I wrote entitled

Reality v. Chris Dodd

Now, back to today's reality

Washington prepares for big bank failure

A bill introduced in the Senate would give FDIC chief, Sheila Bair, a huge loan to handle 'emergency situations' in the banking sector.

NEW YORK (Fortune) -- 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.

The bill -- the Depositor Protection Act of 2009, backed by Senate Banking Committee Chairman Chris Dodd, D-Conn. and Sen. Mike Crapo, R-Idaho -- wouldn't change the status of individual bank accounts, which through the end of this year are insured up to $250,000.

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.

Looks like reality won, my friends. Let this be a lesson the next time a liberal tries to pretend our problems are already behind us. They are still trying to tell us TO

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REMAIN CALM!!!!!

P.S. Why IS Dodd still Chairman of the Banking Committee?

 

 

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Comments

Not listening to

Submitted by T D Williams on Sat, 03/07/2009 - 15:00.

wisdom earlier means paying the price later.  You and Kudlow were right last year.  Dodd wasn't.  We're paying the price.  Elections have consequences.