This must be stopped!

[central scrutinizer]

I believe this is the most frightening item I have read.

http://www.ft.com/cms/s/0/136a27d8-82d0-11dd-a019-000077b07658,dwp_uuid=11f94e6e-7e94-11dd-b1af-000077b07658.html?nclick_check=1

The Fed added that it was suspending a rule that normally prohibits deposit-taking banks from using deposits to help finance their investment banking subsidiaries to allow them to fund activities normally funded in the repo market on a temporary basis until January 30 2009.

end excerpt

If I understand this correctly, all of our savings are now at risk of being thrown down the same rathole that just swallowed up Bear Stearns, Lehman Bros., Merrill Lynch, AIG (maybe). It seems to be an obvious ploy to pump in as much money as possible into the system to stave off the collapse until after the elections to minimize the losses in the House and Senate and influence the presidential race as well. This should be the lead story of the Obama campaign today. Let the public know that the recklessness of Bush/McCain is continuing unabated. This must be stopped!!!

(disclaimer: I am not an economist, so if I am playing Chicken Little here, please let me know)

[gypsylud]

1. as far as I know (and its not much)

The government doesn't back investment banks, if you have savings there, or investments and stocks you're screwed. If your savings is in a "regular" bank, the government backs them, and you wont loose your savings.

[shraby]

2. Your link doesn't work. n/t

[dixiegrrrrl]

3. and the date is very significant also

The plan has always been to post pone the day of reckoning until after Bush leaves office.
Well, actually Bush's den of thieves, since Bush really is not as important as they want us to think he is.

[Ghost Dog]

4. Yeah. See here (and link to Kos diary):

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x3491922#3491955

[DCKit]

5. Good money after bad. Illegal too.

The sky is falling C.L..