Ad Terras Per Aspera

First, I’d like to thank those in Congress who voted against the $700 billion bailout. You have saved not only the American economy but the entire world economy. I have sent these heroic Representatives emails thanking them for their actions in yesterday.

Congress is now talking about raising the FDIC rates to $250,000, up from the current $100,000 we have now. I support this action… in fact, $250,000 may be too low: it should be closer to $1 million because this limit also effects small businesses and personal accounts alike.

Putting money in a bank is not an investment, even if we get paid interest. Americans put money in a bank for safe keeping alone. We should not have to look at how a bank runs it’s business because all banks should be 120% safe.

Due to inflation, $100,000 is not what it used to be… $265,881 today has the same buying power as $100,000 in 1980 when the current insurance limit was enacted.

WaMu failed because business customers got wind of the impending doom, and removed $16 billion from their accounts to get under the $100,000 limit… that $16 billion was the nail in the coffin.