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First of all, I am proud of our onthewilderside readers, because we got a lot of hits on the post with the text of the bailout proposal. I am hopeful that people are studying what was really in that thing, and thinking about what needs to be taken out. And, I think people are.
Here is the next, ridiculous measure to prop up rich people as supported by the Democratic Presidential candidate and Republican Presidential candidate: Raising the federal assurance/insurance on deposits from $100,000 to $250,000. Another measure for the wealthy.
How many people reading this post have more than $100,000 savings in one bank?
Barack Obama and John McCain are both supporting putting measures in a new financial rescue plan that would have deposits federally insured up to $250,000 instead of $100,000. For those of you that do not know, the federal government ensures a person’s money in each bank up to $100,000. (So, even a person with $150,000 in savings, could help their money be covered simply by having a savings account in two different banks.) What kind of people are Obama and McCain worried about changing our laws and burdening our federal government with protecting? People that have over $100,000 in money in the bank, and not only that, but people who have so many sets of $100,000 in the bank, they don’t even have time to open separate bank accounts to keep them safe.
Here is a link to the Yahoo News story: here. And an excerpt below:
<blockquote>The rescue package and the nation’s faltering economy was also Topic A on the presidential campaign trail as both Republican McCain and Democrat Obama addressed the subject. Both called for raising federal deposit assurance on deposits, savings accounts and bank certificates of deposit from the present $100,000 to $250,000.</blockquote>
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