“The American people will never knowingly adopt Socialism. But under the name of ‘liberalism’ they will adopt every fragment of the Socialist program, until one day America will be a Socialist nation, without knowing how it happened.”

Socialist Party presidential candidate Norman Thomas

Monday, June 01, 2009

Who bails out the bailers?

If you don't think America's economic apocalypse is upon us, take a look at this graph. The organization(FDIC) that insures every penny in every bank account belonging to every American, against bankruptcy of the bank, is about to go bankrupt itself. No doubt Obama will appropriate still more countless billions or trillions or ?-illions, to save it but, at what cost? The financial costs will be staggering but, what about the cost in terms of confidence in our banking system. Who'll trust the safety of investment, or savings, or bonds when the institutions that secure those entities are suspect? Good grief!!!

Hat tip to BusinessInsider for the chart.

1 comment:

Angie Lee said...

They already should not trust them - look what he did to the bondholders at Chrysler, in direct violation of the contracts clause of THE CONSTITUTION OF THE UNITED STATES.

Reassuring to see him "upholding" that document he claimed he would during his swearing in.