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Katwoman
16th December 2009, 00:24
WASHINGTON – The Federal Deposit Insurance Corp. said Tuesday its 2010 budget will jump to $4 billion from $2.6 billion this year, and announced plans to hire more than 1,600 mostly temporary employees as it continues to grapple with a rising number of bank failures.

LETMYSILVERGO
16th December 2009, 00:55
WASHINGTON – The Federal Deposit Insurance Corp. said Tuesday its 2010 budget will jump to $4 billion from $2.6 billion this year, and announced plans to hire more than 1,600 mostly temporary employees as it continues to grapple with a rising number of bank failures.

THAT MEANS EACH TEMP GET TO SHUT DOWN ONE BANK ALL BY THEM SELVES.

beach miner
16th December 2009, 01:11
Is your Cat Robbin Banks, or Shuttin them Down.

LETMYSILVERGO
16th December 2009, 01:30
Is your Cat Robbin Banks, or Shuttin them Down.

SHE/HE IS GIVING TESTAMONY AT THE FED HEARINGS

akak
16th December 2009, 02:42
SHE/HE IS GIVING TESTAMONY AT THE FED HEARINGS

As long as the barrel is pointed in the direction of Bernanke (or Bawney Fwank, or both), then I am totally fine with it!

gottago
16th December 2009, 08:38
WASHINGTON – The Federal Deposit Insurance Corp. said Tuesday its 2010 budget will jump to $4 billion from $2.6 billion this year, and announced plans to hire more than 1,600 mostly temporary employees as it continues to grapple with a rising number of bank failures.

I was talking to a friend of mine[a prominent businessman who is partners with some high ranking banking officials] and he told me that the FDIC anticipates shutting down another 160 banks this year.

take it with a grain of salt if you like, but I trust this man as I have known him for over 10 years...


Let me clarify that I meant the year of 2010

Katwoman
16th December 2009, 09:12
THAT MEANS EACH TEMP GET TO SHUT DOWN ONE BANK ALL BY THEM SELVES.


I was talking to a friend of mine[a prominent businessman who is partners with some high ranking banking officials] and he told me that the FDIC anticipates shutting down another 160 banks this year.

take it with a grain of salt if you like, but I trust this man as I have known him for over 10 years...


If your friend is right then it sounds like they will need 10 employees to oversee shutting down just one bank......now that's government efficiency at is best!!

Or is it another ploy to pay more government workers huge salaries to help filter all the new fiat currency they printed this year into the system next year. Talk about an eleborate "counterfiating" and money laundering scheme:rolleyes:

No wonder they could not just fire Bernanke in the middle of this madness.....he knows too much and having him fitted for cement shoes at this time would be too obvious. Poor Benny how did a nice boy like him get mixed up in organized crime? It makes you wonder what this world is coming to!!

Relayer
16th December 2009, 22:58
Volcker's Wake Up Call: Spread the Word

By Simon Johnson

The guiding myth underpinning the reconstruction of our dangerous banking system is: Financial innovation as-we-know-it is valuable and must be preserved. Anyone opposed to this approach is a populist, with or without a pitchfork.

Single-handedly, Paul Volcker has exploded this myth. Responding to a Wall Street insiders‘ Future of Finance “report“, he was quoted in the WSJ yesterday as saying: “Wake up gentlemen. I can only say that your response is inadequate.”

Volcker has three main points, with which we whole-heartedly agree:

1. “[Financial engineering] moves around the rents in the financial system, but not only this, as it seems to have vastly increased them.”
2. “I have found very little evidence that vast amounts of innovation in financial markets in recent years have had a visible effect on the productivity of the economy”

and most important:

3. “I am probably going to win in the end”.

Volcker wants tough constraints on banks and their activities, separating the payments system – which must be protected and therefore tightly regulated – from other “extraneous” functions, which includes trading and managing money.

This is entirely reasonable – although we can surely argue about details, including whether a very large “regulated” bank would be able to escape the limits placed on its behavior and whether a very large “trading” bank could (without running the payments system) still cause massive damage.

But how can Mr. Volcker possibly prevail? Even President Obama was reduced, yesterday, to asking the banks nicely to lend more to small business – against which Jamie Dimon will presumably respond that such firms either (a) are not creditworthy (so give us a subsidy if you want such loans) or (b) don’t want to borrow (so give them a subsidy). (Some of the bankers, it seems, didn’t even try hard to attend – they just called it in.)

The reason for Volcker’s confidence in his victory is simple - he is moving the consensus. It’s not radicals against reasonable bankers. It’s the dean of American banking, with a bigger and better reputation than any other economic policymaker alive – and with a lot of people at his back – saying, very simply: Enough.

He says it plainly, he increasingly says it publicly, and he now says it often. He waited, on the sidelines, for his moment. And this is it.

Paul Volcker wants to stop the financial system before it blows up again. And when he persuades you – and people like you – he will win. You can help – tell everyone you know to read what Paul Volcker is saying and to pass it on.