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FDIC Quandary Could Stick U.S. Taxpayers With the Tab for the U.S. Credit Crisis
The “Bailout Bens” are at it again.
I’m talking, of course, about U.S. Federal Reserve Chairman Ben S. Bernanke, who’s clearly decided it will be “bailouts for all.”
Why is this problematic? Federal Deposit Insurance Corp. Chairman Sheila C. Bair last week said that the government agency “may need to tap into [short-term] lines of credit with the Treasury for working capital,” but “not to cover our losses,” The Wall Street Journal reported.
After all, why hit up Treasury when you can have the taxpayer cover your losses?
Story continues below…
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Creating Feds Like It’s 1913
I received an email from a Washington, D.C. advocacy group urging me to urge my U.S. Senators to “support the Climate Security Act.†Climate security? This is legislation to set up emissions trading or a “Cap & Trade†system for carbon-based energy supplies.
Basically, the government sets up a national limit for carbon emissions. This is meant to slow the changes that are supposedly occurring to the atmosphere, and by implication threatening the long-term health of the earth’s climate systems.
Under the national Cap & Trade limits, industry has to obtain rights to emit carbon dioxide (CO2) or find another source for…
20Jun2008 | The Penny Sleuth | Comments Off | Continued
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