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The Government Has $700 Billion For Bailout But Not $300 Billion To Insure Washington Mutual?

Posted by Job on September 28, 2008

Now I grant you, the $700 billion is to be raised over time with terms negotiated to facilitate the speedy repayment of the money. After all, the savings and loans bailout that had to be done under the LAST president Bush (the Keating scandal that implicated our NEXT president John McCain) was paid off rather quickly. Still, the very fact that we are talking about a $700 billion bailout when this article says that the government seized the assets of Washington Mutual (apparently something that they have the right to do at any time according to their prerogative, which is, you know, interesting in a free market capitalist society THAT DOESN’T EXIST!) because they didn’t have the funds to ensure Washington Mutual’s $307 billion in case they collapse. And keep in mind: the government isn’t even responsible for the entire $307 billion, since FDIC only insures up to $150,000. This adds to IndependentConservative’s thesis that it is all just funny money. See, the money that FDIC needs to ensure is somewhat tangible and real, because people worked for, invested, and saved it. So that needs a level of government protection. But the money that the government talks about … monopoly money, a figment of the imagination, that isn’t worth the number of zeroes that it takes to type it into a computer screen. 

Or at least that is one way of looking at it. I am still interested in the possible fact that the government can seize the assets of any bank at any time for any reason that they wish to contrive and that there is apparently nothing that anyone can do about it. And this makes us different from a socialist – or fascist – government how?

WaMu becomes America’s biggest bank failure

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