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lquadland10 (< 20)

To the congresonal House members who are acting like morons.

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October 03, 2008 – Comments (2)

Don't you even fricken know your own laws?????????????? No apprently not.    If you are so concerned about the pensions and 401K and what not JUST DEMAND THAT GEORGE W BUSH DO HIS JOB AND DO AN EXECTIVE ORDER FOR THE FDIC TO COVER THE PLANS AND PAYROLL ACCOUNTS UP TO 5 MILL. WITH HOWEVER MUCH IN COST. Then you will have time to go over the bill. Ech........ Are you trying to sell this country to the higest bidder?  YES is what I think. All right time to start the call and teleagraph AGAIN.......... They just don't listen. Now I will do some homework on CBI and Fslr.

2 Comments – Post Your Own

#1) On October 03, 2008 at 11:01 AM, lquadland10 (< 20) wrote:

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#2) On October 03, 2008 at 8:22 PM, rd80 (98.07) wrote:

I'm pretty sure it takes congressional legislation to up the FDIC limits or put other assets under FDIC insurance; the President doesn't have the authority to do it by executive order.

The concern over pensions and 401k's is market risk, for example a drop in stock price, that is not and should not be covered by the FDIC.  Things like bank savings accounts or CDs held inside an IRA or 401k plan are typically insured by FDIC under the current system, but again a change in limits would require legislation.  The President doesn't have the power to do that on his own.

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