Top Economist: Americans Should Worry About Bank Deposits if Congress Doesn't Act

The destructive power of greed and delusion. And now the entire country gets smacked around for a couple of years. Good luck everyone.

more firms like BAC will have to be forced to bail out weak ones like MER. it was terrible for the shareholders of BAC to have this happen to them when BAC could have annouced the deal at the end of today with MER trading at $6 to $8 and saved themselves $25 Billion...

We can't afford to recapitalize the FDIC; we need to spend $10B/month in Iraq instead.

Our financial system has been based on nothing but paper for years. It is only a matter of time till the melt down

Not to mention interest rates are going DOWN, not up; whats the motivation to keep cash tied up in the tentacled system. It's all tied together. housing will not recover; less qualified buyers in a tighter lending environment, more dinged credit reports and far less speculaiton, ruinous inventory, ruinous appraisals keeping prices down with forclosures, the vicious cycle will continue for years. The banks also have the housing inventory as LIABILITES: they have to pay property axes, hoa fes, utility assessments, insurance, etc. I hope these clowns at the new american socialist banking institution bank of america know what the hell their doing; judging by their speculative risks in CFC and MER; they are "overexuberant" regarding a recovery.

Bunch of farking talking heads. They are compounding the problem.

Greed got the best of 'em. I just hope it doesn't trickle down too far.

Hey Fed's I need some cash! Bail me out......?

Bushisajerk1, Very insightfull comment. You are obviously a big shot in the financial world and have the solutions.

Guess who was the leader of the banking deregulation movement. He is a McCain adviser, his name rhymes with ram and he called us all whiners.

what has been lost by bear, lehman and merill must have been gained by somebody else. who? take a guess.

no bailouts. We shouldn't help deadbeats that gambled their money on the market and loss. why should us taxpayers that are well off have to support people that make stupid investments?

I don't get it, what to stop them (treasury) from printing more money when the time come. This does mean that your money in a mattress would be the same value as someone else's money in a FDIC insured account.

I don't get it, what to stop them (treasury) from printing more money when the time come. This does mean that your money in a mattress would be the same value as someone else's money in a FDIC insured account.

WTF am I supposed to do with my money? Put it under my mattress? What are these guys doing? Where did all the money go? These are supposed to be licensed and degreed professionals.

Before you blame Bush for this fiasco, do a little research and reading on something called the Glass-Steagall act. Look at what it was put into effect for and when, then notice who exactly repealed it. Hint, it wasn't a Republican president. One of the major backers of the act's repeal even kept the pen used to sign the repeal.

Can't wait to find another country to retire in! If my US dollar is even worth anything anymore.... The Republicans and the idiots that voted for them are acting like it couldn't have been helped... Thanks but stupid can't be fixed and is never admitted by the owners.

I hope that global panic doesn't make this problem an even bigger one. Naturally, we will panic if those in leadership positions fail us as they have for the past 8 years (Bush Administration). Perhaps, Bush will consider this as a possible recession - his failure to accept the obvious only continues to slope our economy downward.

Dollar is toast! Buy gold while it's cheap.

Anyone that still believes the FDIC will insure their deposits in a bank busting economic is truely whacked out...but, then again, that's their goal.