To keep the engine in this fantasy hot-air blimp running, you occasionally have to steal some petrol from the passengers, and then paint “Complaint Office” on the door that leads out to thin air and a 9,500 foot drop. Oh, and you have to borrow a bunch of cash to pay the landing crew.
The U.S. Senate on Wednesday approved a measure to expand a government credit line for the Federal Deposit Insurance Corp in case the agency’s reserves prove too small to deal with a growing wave of bank failures.
The legislation would also shield mortgage finance companies from investor lawsuits if those firms ease monthly payments for troubled homeowners.
The FDIC, which guarantees bank deposits, has been able to tap the Treasury Department for up to $30 billion since 1991. That credit line would be increased to $100 billion under the new bill.
Of course, we all hoped that gassing up the FDIC like an Indy 500 pit crew wasn’t going to be necessary, but that was a pretty fantastic hope as well.
Look on the bright side: Sure, no one believed that the FDIC’s participation in the PPIP’s was “riskless,” but now that the administration has demonstrated what cooperation with the government means, and a variety of government attorneys have pointed out that salary caps likely will apply to PPIP participants, there really is no risk as there will be no guaranteeing. FDIC cash can, therefore, go where it was meant to go. To backstopping the Treasury’s expanding balance sheet. (What? What do you mean that’s not what it’s for?)
Senate expands credit lines to FDIC reserves [Reuters]
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Blimpy@dgfd.com
Dead Guy From Delaware
formerly known as:
The Guy From Delaware
Release the Lycans
I prefer the Administration capitalized, thank you very much.
-G. Bastianini
Why do we even bother with this? Haven’t you heard? All of the banks are not only solvent, but most of them could weather an unimaginable economic downturn!
Cramer just told us, insolvency is off the table!!!!
This is the start of the greatest bull market of all times!!!!
Banks are going to lead us straight to 14,000 in the DOW!!!
Yay. Does this mean we can go back to getting bottle service?
@1 douche, STFU with TDGFD posts, mmkay?
Stupidly unfunny and I’m not even a TGFD fan.
Go get my car, boy.
@2 douche, STFU about the Lycans already. They are played out and you haven’t had a positive response to it in longer than that faggot strumper has had to his posts.
FUCK! People might have *allegedly* giggled *once* at your stupid schticks but seriously? DB doesn’t like you that way. At all.
now ep sounds like a populist
@1= Dill weed & Putz
The Other Guy from Delaware
Still blocked at Wellsovia.
“Given the size and scope of the struggles too many Nevadans and Americans endure, it will take more time before housing normalizes again,” said Senate Majority Leader Harry Reid, D-Nev. “But with this bill, we are working to hasten that day so that no family will ever accept losing its home as the way it is.”
NO FAMILY WILL EVER ACCEPT LOSING ITS HOME AS THE WAY IT IS.
@8 – TOGFD
Yeah, DGFD sucks ass!
The Other Dead Guy From Delaware
@5, @6
You sound a bit constipated? Did the butt pounding (with strap-on) your wife gave you last night turn you into a rabid internet bully this morning?
Hey! It’s not our fault you fail to pleasure your wife! Which means she has to seek pleasure from using the strap-on to humiliate you. Which means you hide behind a “guest” posting from where you proceed to verbally assault in the “tubes”.
Step your game up in the sack, fag.
-TGFH