26 August 2008

And Now Phil "You're All Whiners" Gramm Will Bankrupt the FDIC

It appears that Gramm-Leach-Bliley created an instrument called a Certificate of Deposit Account Registry Service (CDARS) that allows you to deposit money in a one bank, and the CD is divided across a network, allowing for, "FDIC insurance on deposits of up to $50 million."

Yet another way that Phill Gramm is a cancer on the body politic and the economic fabric of America.

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