OBAMA DOES NOT UNDERSTAND THE ECONOMY

Barack Obama doesn't understand the economy, which means his economic advisers don't understand the economy.

Case in point: Obama urges higher deposit insurance

Democratic presidential candidate proposes raising FDIC limit from $100,000 to $250,000 in hope of gaining legislative support for $700B bailout.

Democratic presidential candidate Barack Obama Tuesday proposed expanding federal deposit insurance for families and small businesses as a way to convince lawmakers who voted against the $700 billion federal bailout plan to change their minds.

"One step we could take to potentially broaden support for the legislation and shore up our economy would be to expand federal deposit insurance for families and small businesses across America who have invested their money in our banks.

"The majority of American families should rest assured that the deposits they have in our banks are safe," Obama said in a statement put out by his presidential campaign.

"That is why today, I am proposing that we also raise the FDIC limit to $250,000 as part of the economic rescue package - a step that would boost small businesses, make our banking system more secure and help restore public confidence in our financial system."

Currently, deposits of up to $100,000 are guaranteed by the government's Federal Deposit Insurance Corporation.

Obama said he will talk to leaders and members of Congress later Tuesday to offer his idea and urge them to act without delay to pass a rescue plan.

This is a stupid proposal.

No such legislation to raise the FDIC limit to $250,000 is necessary.

All one needs to do is make sure that one doesn't have more than $100,000 in one bank.

It's hard for me to believe that anyone with that much cash would be so stupid as to not protect it in the first place.

Why have more than $100,000 at one bank?

This is Obama's idea of a rescue?

Furthermore, how many Americans would be affected by raising the FDIC limit to $250,000 anyway?

Stupid.

This is Obama acting let he's proposing something of value when it's absolutely valueless.

Obama is no economic wizard.

RAISING TAXES DOES NOT HELP THE ECONOMY.

Obama the economic emperor has no clothes.
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Stupid.