For anyone interested in how this whole economic mess came about here is a good non-political explanation.
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Wednesday, October 1, 2008
Explanation of the current enconomic events
Posted by Tyler at 11:22:00 AM
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6 comments:
Well, I'm glad I didn't have any money in the banks that failed!
If you did have money in a bank that failed you would be protected. The FDIC (Federal Deposit Insurance Company) would guarantee repayment to you of up to $100,000. One of the parts of the "new" bail out plan that is being proposed is increasing the limit to $250,000.
That said, it is still not comforting to know that such huge financial institutions are going under!
Tyler, Surprise -- This is Nana! Thanks for the "Explanation". I ran off a copy (with Betsy's help) and I will sit down and read it so I'll better understand what is going on. Keep the good information coming -- it's gradually bringing me into the 21st century!
Ditto on Nelwyn's comment. As long as I was helping her print a copy, I printed myself one that I'll read. If I have any questions, I might check with you.
Thanks for the summary. I am still not sure I have a good handle on the problem but at least I have a better understanding.
very informative. Thanks for the link.
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