Article Contributed on: 6/27/2009 6:20:53 PM
As reported in the Denver Post today, the Federal Deposit Insurance Corp has decided how they are going to rescue banks in the state of Georgia, banks which failed due to their heavy investment in "toxic assets". Those toxic assets are the commoditized subprime mortgage loans which government itself convinced the banks to swallow as a means of extending credit to people who couldn't get credit based on actuarial analysis of their means.
You'll
never guess how the FDIC is going to relieve the Georgia banks of the onus of their bad investments. Or if you understand government as we Libertarians do, maybe you will guess:
The FDIC is going to
commoditize the assets of the failed banks and force healthy banks to buy the commoditized assets.
In other words, more banks will have to take a bite of the hay sandwich that is the Two-Party System's management of the self-induced crisis.
Are you ready to vote Libertarian
yet?