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March 27, 2009 2:14PM
Obama and Bankers “Work Together” to Continue Stealing From Depositors
By Cody Willard
Last night on America’s Nightly Scoreboard with my mentor David Asman, I put up the following graphic on the telestrator and went all John Madden on it:
The upshot is this — we’ve spent more than $10 Trillion protecting people who were rich enough but stupid enough to risk their own money:
1. owning bank stocks that have the rights to profits from the banks,
2. buying worthless real estate and derivative insurance as alpha-seeking bets or as hedges against the money that they were risking in the real estate markets
3. lending stupid bank executives and their companies trillions of dollars to make those risky real estate bets and get paid lots of interest for taking those risks
But we’ve spent less than 1/10 of 1% of that much money (less than $50 billion so far) guaranteeing that the people who simply didn’t want to risk their money and instead have been saving their money at the bank at below inflation rates…and I thought those were the only people were actually supposed to be protecting? And only the FDIC is designated to protect anybody’s money, right?
And here’s the kicker…again, we’ve already spent more than $10 trillion in outright welfare capital infusions and welfare debt guarantees and welfare counterparty payoffs and they still say they’ve got to have access to more welfare. You know how much the TOTAL deposits in banks insured by the FDIC is? Only $7 trillion.
Meanwhile, those idiot bank executives got to sit down with the President of the United States to “work together” to continue these policies of protecting their asses with welfare diapers from the US taxpayer.
PS. If you’ve watched the show, you know the drill. If you haven’t watch any of the Big 3 videos down the right side of this page and check it out.
At any rate, my first two bullet points tonight will be taken from questions from you guys. In 40 words or less — ask me anything. (Let’s keep the questions to mostly about the economy, politics, business, stocks, investing, please!) http://cody.blogs.foxbusiness.com/2009/03/27/obama-and-bankers-work-together-to-continue-stealing-from-depositors/