Obama Shows More Leadership - Proposes Raising FDIC Limit To $250,000

[jefferson_dem]

Obama Statement on Moving Financial Legislation ForwardStatement of Senator Obama on Moving Financial Legislation Forward

“Yesterday, within the course of a few hours, the failure to pass the economic rescue plan in Washington led to the single largest decline of the stock market in two decades.

“While I, like others, am outraged that the reign of irresponsibility on Wall Street and in Washington has created the current crisis, I also know that continued inaction in the face of the gathering storm in our financial markets would be catastrophic for our economy and our families.

“At this moment, when the jobs, retirement savings, and economic security of all Americans hang in the balance, it is imperative that all of us – Democrats and Republicans alike – come together to meet this crisis.

“The bill rejected yesterday was a marked improvement over the original blank check proposed by the Bush Administration. It included restraints on CEO pay, protections for homeowners, strict oversight as to how the money is spent, and an assurance that taxpayers will recover their money once the economy recovers. Given the progress we have made, I believe we are unlikely to succeed if we start from scratch or reopen negotiations about the core elements of the agreement. But in order to pass this plan, we must do more.

“One step we could take to potentially broaden support for the legislation and shore up our economy would be to expand federal deposit insurance for families and small businesses across America who have invested their money in our banks.

“The majority of American families should rest assured that the deposits they have in our banks are safe. Thanks to measures put in place during the Great Depression, deposits of up to $100,000 are guaranteed by the federal government.

“While that guarantee is more than adequate for most families, it is insufficient for many small businesses that maintain bank accounts to meet their payroll, buy their supplies, and invest in expanding and creating jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation.

“That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package – a step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system.

“I will be talking to leaders and members of Congress later today to offer this idea and urge them to act without delay to pass a rescue plan,” said Barack Obama.

http://thepage.time.com/obama-statement-on-moving-financial-legislation-forward/

[Coexist]

1. Thank you for acting, Senator Obama

this is a great idea.

[scheming daemons]

15. I think you mean... President-Elect Obama

[BumRushDaShow]

2. Interesting idea...

I have heard this suggested, but mostly as asides from business pundits. I would expect that it would cost the banks more to do it though.

[Coexist]

3. its Federally insured.

[fasttense]

4. More help for the wealthy?

How about raising the minimum wages to $10/hour right now?

If that were attached to the bailout of billionaires, I think congress would get a lot less calls against it.

Sometimes I think Obama is tone death.

[elkston]

6. Naah. Its too much to impose that on businesses at the moment

Raises to the minimum wage should only be done after careful economic analysis.

[Curtland1015]

10. What, and pinch small businesses even MORE?

They're already getting raked over the coals on this bullshit.

[MindMatter]

17. $100,000 in saving is not "wealthy"

For a person in his or her 20s, that probably seems like a lot of money. It isn't so much money if a person tries to save throughout their lifetime so that they won't become a burden on society in old age.

[mcg]

31. It certainly isn't, not enough for retirement, and can be wiped out

quickly by a serious illness.

[blondeatlast]

21. That would lkead to MASSIVE unemployment. Very bad idea until this economy shakes out.

Massive layoffs in the low-wage sector would be a disaster.

[judasdisney]

5. Roosevelt's FDIC is yet more FDR-era "socialism" the Neocons want to destroy

[flpoljunkie]

7. Strengthen our banking system, rather than focusing on bailing out greedheads on Wall Street.

[flpoljunkie]

11. And, the $100K FDIC limit set in 1980 is worth $261,650 in today's 2008 dollars.

So, $250,000 sounds about right for today, Senator Obama.

http://www.minneapolisfed.org/index.cfm

[Kahuna]

12. The senoir citizens will love this along with many others.

:thumbsup:

[Mariana]

24. I hope he makes that point very clearly.

[Kahuna]

8. It's also a stroke of genius from a political standpoint. McStunt is saying..

dang, I shudda thought of that.

On edit: If Obama can corral some more supporters of the bailout with his proposal he comes out as the savior of the economy.

[1776Forever]

9. With Buffett by his side I have confidence he is proposing the right course - Thank you!

Thanks for posting this.

http://www.huffingtonpost.com/2008/05/19/warren-buffet-backs-obama_n_102451.html

[nc4bo]

13. Why does McSillyPutty keep stealing Obama's economic ideas?

On CNN right now - mentions raising FDIC limits to 250k.

I'm really good and sick of his slimey asshole.

[slipslidingaway]

14. Why not address one of the causes for this mess - derivatives...

:shrug:

[WeDidIt]

16. If they fund it I'll put my savings back in the bank. n/t

[BrainStorm]

18. This is a good idea in the short term

I hope it passes.

[firedupdem]

19. thanks for showing leadership.....that slime ball is about to steal

your great idea...better get on it!

[ClarkUSA]

20. How long will it be before McCain says the same thing as if he came up with the idea to save us all?

After all, he's the "change agent". :eyes:

[TexasLady]

22. HE JUST DID in his Town Hall just now...

stole it and made it his own. THAT didn't take long. Way to give our Man credit, you copycatting prick.
:mad:

[ClarkUSA]

23. McCopycat is nothing if not predictable... I'm sure Obama will mock him for it, too.

What's he doing in Iowa anyway? He's behind there by double-digits. Must be fundraising and/or trying to placate
the uber-evangelical Iowa Republican Party who's been whining for him to drop by. He looked like a zombie at
his "townhall" which looked more like a photo-op designed to step on Obama's 11 a.m. Reno, NV rally start.

[tpi10d]

25. this should be well-received by seniors

Mom is in her '80s. She has her savings in at least 4 banks because of the 100K limit. Raising the limit would result in more convenience to her-not having to manage as many accounts. She's a reliable Democratic voter, but this would be well-received by her and her friends.

[slipslidingaway]

26. And that is all it is...Convenience, the underlying problems are

not being addressed.

[slipslidingaway]

27. And Larry Kudlow is pushing the same idea as a sweetener to

pass this bill.

:puke:

[chitty]

28. AP Radio News This Morning................

Says McCain proposes raising the limit to $250,000, then they play a clip of Grampy saying so.

THEN.................

They say challenger Barack Obama agrees with this proposal.

What the fuck is this?

WHY do they get away with this shit?

[uponit7771]

29. McNoNewIdeas is trying NOW to take credit for it or say "me too"

[mcg]

32. McCopycat is claiming he phoned Bush this morning with the idea independantly,

and Bush is playing right along with it. That's my take. I doubt that both Obama and McCain coincidentally called Bush in the same morning with the same idea and the same figure of $250,000. The problem is, if they are lying, and I think they are, how do you prove it? Now technically, they could be sort of telling the truth. After Obama's call, Bush calls the McCain campaign and says "Quick, have McCain call me with this idea.". Something like that. Then they can deceive with a straight face.

Obama and McCain Call for Increase in Deposit Insurance
http://voices.washingtonpost.com/the-trail/2008/09/30/obama_proposes_increase_in_dep.html?hpid=topnews

[slipslidingaway]

30. 40 Billion in dividends paid out to shareholders by the 20 largest

banks, also mentions the stocks buy backs.

Peter Boockvar - Will Bailout Help
http://www.youtube.com/watch?v=zP7ZvzDqaTM


Why aren't any other ideas being discussed?