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Desc:60 Minutes clip on what happens when a Bank fails
Category:Educational, News & Politics
Tags:60 Minutes, banks, fail, Credit Crisis, FDIC
Submitted:longwinded
Date:03/11/09
Views:1342
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Comment count is 6
HURF BLURF DUH
It's nice to know that people are protected from bank failures, but that lady sitting there with a totally straight face and saying the FDIC is fail-proof because "it's backed by the full faith and credit of the American Government" strikes me as way too similar to people saying five years ago that home values would never fall.
Smellvin
I'm glad I wasn't the only one that giggled at that.

simon666
Yeah, hopefully the World Bank and or any of our creditor nations don't call on their loans.

ProfessorChaos
Or, hopefully the fact that the FDIC has failed to collect premiums on the insurance from banks. Not for want of trying, mind - attempts to pass a bill to give the FDIC the teeth to force payment did not pass congress.

Congress didn't think it was necessary to hassle the banks.

Because they could never fail.

baleen
"simon666
Yeah, hopefully the World Bank and or any of our creditor nations don't call on their loans."

http://en.wikipedia.org/wiki/Dollar_hegemony
simon666
Cheers.

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