Not So Much
by Demo Dan in Dayton, Wed Oct 01, 2008 at 01:09:02 AM EDT
I've already called my Rep and Senator to insist that they vote the new crap down, as well as voting the old crap down if that comes up for a vote.
See me on the flip.
The Senate proposal is just garbage, period.
There is no "crisis" as the stock market proved yesterday.
The Fed and FDIC can take care of this just as they are doing now .
It is quite obvious that we are not going to get a real solution to this. The Fed has been loaning billions to all kinds of financial intitutions since they opened the window to almost everyone, and yet we have a credit crisis? What in the hell are they doing with all that money? They are holding on to it to increase their cash holdings. The Fed can stop that tomorrow if they wanted. New rule, you can't borrow from the Fed unless your interbank lending is within 10% of your historical totals. The Fed has this authority and that would solve a great multitude of problems. The banks will loan money rather than go out of business. I can't stand how the American public is being screwed here.