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What authority does the FDIC have?
On Friday, December 18, 2009, First Federal Bank of California, a Federal Savings Bank (First Federal Bank of California), Santa Monica, CA was closed by the Office of Thrift Supervision, and the Federal Deposit Insurance Corporation (FDIC) was named Receiver.  No advance notice is given to the public when a financial institution is closed.
Surely if the US Congress has the authority to create and fund the TARP it also has the authority to capitalize the FDIC to the tune of one trillion dollars if necessary...

En un viejo país ineficiente, algo así como España entre dos guerras civiles, poseer una casa y poca hacienda y memoria ninguna. -- Gil de Biedma
by Migeru (migeru at eurotrib dot com) on Sun Dec 20th, 2009 at 08:14:36 AM EST
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