richcash8

The Pelosi Factor - Cramer's Mad Money (8/25/08)

This just in:

CNBC reports the Schumer IndyMac closing cost FDIC not $8 B as previously reported, but $32 B, leaving FDIC reserves below legal mandates. A CNBC commentator claims FDIC funds are less than 1% of Federally Guaranteed deposits, that FDIC will raise premium assessments on surviving banks. What insurance company would insure highly leveraged financial institutions today? Berkshire Hathaway and Korea apparently passed on Lehman, and Merrill investments trashed Singapore's Retirement Funds. In 1933 FDR, a one-time banker, and leading bankers opposed FDIC for fear of moral hazard.

plus ça change, plus c'est la même chose!