[Elites] Sanity Fail

Today is a fail day, apparently.  From the Boston Globe:

WASHINGTON – The federal agency that insures bank deposits, which is asking for emergency powers to borrow up to $500 billion to take over failed banks, is facing a potential major shortfall in part because it collected no insurance premiums from most banks from 1996 to 2006.


It is astonishing what is being revealed about how much banking interests ran the country for the last 15 years. Now, after taking hundreds of billions of dollars from taxpayers, they’re whining about all the burdens the acceptance of public money is placing on them, like executive pay caps and selling corporate jets. Of course, they’re not going to give back the money, just whine about it enough so that Congress loosens the reins. And even if they did return a portion of the TARP money they’d just make an end run to grab their corporate welfare through AIG. Because we wouldn’t want a crisis on our hands by not paying them out.

So when times are booming, the banks want no regulation and won’t even condescend to meet their own financial obligations with the government. When the casino closes up and they’re tapped out, they come back for a handout. Which they get, at massive expense without taxpayers sharing in the upside. But don’t you dare tell them how they can and can’t spend the money. After all, they know best, right?

Sometimes, “fuck ’em” really is the most appropriate response.  The problem, of course, lies in the consequences.

By the way, I can barely wrap my brain around the fact that – even granting that it was really Congress that was responsible – the FDIC did not collect premiums for ten years.  Can you imagine a private insurer doing that because they have so much money?

Yeah, me neither.

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