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Post #330159

Author
lordjedi
Parent topic
What's up with all the right-wingers on this site?
Link to post in topic
https://originaltrilogy.com/post/id/330159/action/topic#330159
Date created
12-Sep-2008, 2:26 PM

I know I said I was done with this thread, but these really can't be let go and I plan to research every single one of them.

FanFiltration said:

Its noon time, Joe needs to make a Bank Deposit so he can pay some bills. Joe's deposit is federally
insured by the FSLIC up to $100,000 because some liberal wanted to protect Joe's money from greedy, unscrupulous bankers like the ones who ruined the banking system before the depression.

I'm starting here because you obviously don't know anything.  I think you meant FDIC.  FSLIC is the, now defunct, Federal Savings and Loan Insurance Corporation.  Anyway, here's the Wikipedia article on the FDIC:

http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation

You'll notice that the cap ($100,000) was put in place by a Republican, Arthur Vandenberg.  It was originally a temporary cap of $2500 using temporary funds.  It had to be funded by banks, so there was really no money in it at the start.  You'll also notice that even though it was not supported by the banks, soon after it passed nearly all of the 19,000 bank offices in the country had signed up for it.  The liberal you might be referring to was the President, FDR.  What's interesting though is that he was opposed to the insurance and only agreed to support it due to overwhelming congressional approval.  So much for a liberal coming to save the day.  So much for the evil bankers since it was one of those bankers that lead the charge to getting all the banks on board.

That's all I have time for now.  It's really easy to write something like this up without having any of the facts, but the facts are really easy to come by too.