In order to grease the wheels and get Monday's failed Wall Street bailout bill to pass in the House of Representatives, look what's been added to Senate's version of the bill:
- Increase the FDIC coverage for bank accounts up to $250,000 (up from a mere $100,000 And wasn't FSLIC deposit insurance part of the cause of the savings and loan debacle?? This will just drive us into another reckless investing spree)
- Force insurance companies to cover mental illness just like physical illnesses (Huh? Next they're going to throw in some free movie tickets)
These completely ridiculous amendments just go to show how far Washington is from main street, and how close Wall Street lobbyists are to your "representatives" in congress.
As yourself this question: How many people do you know now that have (or are even close to) $100,000 in the bank? Keep in mind, IRAs are already covered up to $250,000 and have been since 2006.
Why not add in something to provide FDIC insurance to working people's 401(k)? After all, since were bailing out other investors and going completely socialist, why stop just short of the dissaperaing middle class (and growing lower class)?
On the flip side, I bet there are a lot of Wall Street robber barrons who need that extra $150,000 in cash coverage right about now.
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