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First of all, is it true the receivers of bailout money did not have to account for what the money was used for? The 'no questions asked' characteristic about them?
Because I'm wondering why taxpayer money used for the bailouts didn't relieve taxpayers from debt they may have with any of the institutions that received bailout money.
The Depository Institutions Deregulation and Monetary Control Act, a United States federal financial statute law passed in 1980, gave the Federal Reserve greater control over non-member banks.
* It forced all banks to abide by the Fed's rules.
* It allowed banks to merge.
* It removed the power of the Federal Reserve Board of Governors under the Glass-Steagall Act and Regulation Q to set the interest rates of savings accounts.
* It raised the deposit insurance of US banks and credit unions from $40,000 to $100,000.
* It allowed credit unions and savings and loans to offer checkable deposits.
* Allowed institutions to charge any interest rates they chose.
Originally posted by GreenBicMan
reply to post by Psynarchist
Well I am one of those people.
I mean, im sure not everything was kosher but we did what needed to be done.
We need to keep the printing presses running right now, we are in a deflationary environment, no matter what anyone says right now.
We had half of our wealth destroyed over the past year, we need to "magically" reflate what we lost
Yes, maybe the money went into the pockets of big money and banks, but you are starting to see that money flow into the market (look at the close on friday) now there are a few opinions on why that happened, but call it whatever you want to.. the market is telling you what is going to happen down the line 6-18 months from now..
I think we saw the best buying opportunities of our lifetime 2 months ago, it was hard to act on, but buying at the bottom always is
Originally posted by GreenBicMan
I think we saw the best buying opportunities of our lifetime 2 months ago, it was hard to act on, but buying at the bottom always is