Another Fed Agency with a fancy logo runs out of money for the first time ever.

[rjwjr]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

Slavery.
Tennessee Valley Authority.
Amtrak.
Resolution Trust.
Airport Security.

Yes, you can.

I'm not so sure about your examples (there are better examples in Russia, Venezuela, etc), but I agree with your premise. So, allow me to restate my point...

I don't care to support leaders who believe that you can simply take/steal profits from an industry.

[medved]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

I'd support Kucinich. I'd support a Kucinich/Paul ticket.

I also suspect most honest capable folk would rather gouge out their own eyeballs than go work in DC.

This is an oxymoron. Kucinich wants to take power from the FED and give it to the government. He also wants the gov't to run the economy. So whatever dishonest and incapable people are coming to DC, they will be running all of it (OTOH, of course, you believe Kucinich will create "the good government").

Paul wants to take power from both the FED and gov't, period. Granted, he may be a bit extreme in his ideas, and in reality we will need more regulation, than he admits, but the direction he points in is the correct one (unlike Kucinich).

[lurker]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

Marshall Plan.
Germany.
Japan.

Yes it does.

That's nation RE-building. Rebuilding what was previously an advanced society that temporarily went off the rails. A very different proposition.

Nation building, starting out with a country like Iraq or Afghanistan will not work. It's a pipedream.

[dcarrigg]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

I think that 'Re-Building' as you put it may apply to the Afghanistan case. I do not think you could call Iraq 'un-advanced' in relation to 1930s Japan.

Iraq had infrastructure.

For the record, I am not one for nation building either. Just pointing out holes in arguments - and a little punchy today.

[dcarrigg]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

I'm not so sure about your examples (there are better examples in Russia, Venezuela, etc), but I agree with your premise. So, allow me to restate my point...

I don't care to support leaders who believe that you can simply take/steal profits from an industry.

True - I stuck with American examples - there are much better foreign ones.

As to your second statement, you may be right.

But insurance has always been a strange industry - and always needs to be bailed out every time there's a black swan.

Regulate it to be capitalized against black swans (Collapse in CDOs, Katrina, Great Chicago Fire, 1906 San Francisco, 9/11 etc.) and I'll be in agreement with you. Have the government keep bailing out insurance (socializing risk) while privatizing profits, and I will not.

How long until H1N1 - or something similar - forces a government bail-out of the health insurance industry?

I leave you with a (rather long) quote from Daniel Defoe:

Nay, some People that pretend to understand their Business better than I do, having been of their Number, have affirm'd, it is impossible to be honest in the employment.

I confess when I began to search into the Conduct of these Men, at least of some of them, I found there were abundance of black Stories to be told of them, a great deal known, and a great deal more unknown; for they were from the beginning continually Encroaching into all sorts of People and Societies, and in Conjunction with some that were not qualify'd by Law, but meerly Voluntarily, call'd in the Moon by a hard long Word, in English signifying PROJECTORS these erected Stocks in Shadows, Societies in Nubibus, and Bought and Sold meer Vapour, Wind, Emptiness and Bluster for Mony, till they drew People in to lay out their Cash, and then laught at them.

Thus they erected Paper Societies, Linnen Societies, Sulphur Societies, Copper Societies, Glass Societies, Sham Banks, and a thousand mock Whimsies to hook unwary People in; at last sold themselves out, left the Bubble to float a little in the Air, and then vanish of it self.

[BuckarooBanzai]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

Marshall Plan.
Germany.
Japan.

Yes it does.

The Marshall Plan was 90% myth, 10% reality.

Germany and Japan built themselves up after WW2. We had very little to do with it.

[MulaMan]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

Plutocracy - rich gaining power and control over society through a kind of intergenrational compound interest spiral - the key concept our founding fathers fought so hard against and drove their concepts of freedom and liberty.

It is NOT capitalism, nor is it socialism, nor is it communism, if you need an 'ism' then facisim is perhaps closest

It is plutocracy as two of our great founders Jefferson and Franklin both feared.

The rich have taken over congress while Americans looked the other way and changed laws so as to enable intergenerational wealth and power and the destruction of the America dream.

GW Bush is the perfect example of inter-gernational wealth taking him into the president's office rather then starting from scratch and building himself up through hard-work.

In Capitalism - we all start equal when born and then compete.

If you have a class that starts at the top and one the starts at the bottom, then it is no longer capitalism.

The rich want to you believe that this "evening of the playing field" is socialism.

[cjppjc]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

Well stated and poignant remarks.

But, there's no way we ever stop arguing about capitalism vs socialism, republican vs democrat, or liberal vs conservative IMHO. It's a pleasant thought, however. It brings to mind this terrific diddy...

"Great minds discuss ideas. Average minds discuss events. Small minds discuss people."
-- Eleanor Roosevelt

Love that quote rjwjr.

A noble man compares and estimates himself by an idea which is higher than himself; and a mean man, by one lower than himself.

Marcus Aurelius

[pwcmba]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

Back to the original thread topic-

http://finance.yahoo.com/news/FDIC-c....html?x=0&.v=9

FDIC considers borrowing from banks to replenish dwindling insurance fund

WASHINGTON (AP) -- Regulators have approached big banks about borrowing billions to shore up the dwindling fund that insures regular deposit accounts.

The loans would go to the fund maintained by the Federal Deposit Insurance Corp. that insure depositors when banks fail, said two industry officials familiar with the conversations, who requested anonymity because the plans are still evolving.

Regulators also are considering levying a special emergency fee on all banks, charging regular fees early or tapping a $100 billion credit line with the U.S. Treasury, the officials said.

FDIC spokesman Andrew Gray said that while borrowing from the banks "is an option, it's not being given serious consideration." The board meeting where the plans will be discussed is scheduled for next week.

But a government official familiar with the FDIC board's thinking said earlier Tuesday that the plan was being considered. He requested anonymity because he was not authorized to discuss the matter.

The fund, which insures deposit accounts up to $250,000, is at its lowest point since 1992, at the height of the savings-and-loan crisis. Ongoing losses on commercial real estate and other loans continue to cause multiple bank failures each week.

More….

[Starving Steve]

Re: Another Fed Agency with a fancy logo runs out of money for the first time ever.

More than one of the posters here objected to my use of the term, "cowboy capitalism".

Let me show what cowboy capitalism is by examples:

Cowboy capitalism is capitalism with an SEC that sleeps and does absolutely nothing. It is capitalism practiced by an oligarchy of insiders, in the dark markets, after 4PM Eastern Time when the public is forbidden to trade stocks. It is capitalism where corporations pay donations to the re-election campaigns of members of the U.S. Congress. It is capitalism where bankers walk-away with $50 million dollar pay bonuses. It is capitalism where money flows upward to the top executives, regardless of their performance or worth. And it is capitalism where bankers pass privileged information onto Goldman-Sachs, and visa-versa, thanks to the repeal of the Glass-Steigel Act.

I don't understand how American capitalism can be called anything else to-day but "cowboy capitalism". And let the entire world now see this jungle for what it is.

The lesson here is that unregulated capitalism has dragged the entire world into depression. Alan Greenspan was completely wrong: unregulated markets do NOT self-correct their excesses. Such markets are inheritantly (sp?) unstable and lead to bubbles and busts, exactly as we all have witnessed in this latest debacle, 2008 thru 2009.