McCain Confused (again) About Commercial Banks

Swamp: Among the comments Sen. John McCain has been making in response to the Wall Street carnage has been a curious line that leaves the impression that Americans with plain-vanilla bank deposits are at risk.

On CBS's "Early Show" this morning, McCain said: "We need to make sure that every person whose bank deposit--has made a bank--a deposit in a bank is insured."

On ABC's "Good Morning America" this morning, McCain told Chis Cuomo: "...And we're going to fix -- make sure that every American who has a deposit in the bank that they are -- that they're deposit-insured."

McCain may be leaving the impression with some voters that their deposits in commercial banks aren't insured.

But bank deposits are insured, of course. An individual saver can have up to $100,000 in a single institution and it's insured by the Federal Deposit Insurance Corp. This was one of the most important New Deal initiatives. The savings of those with money in commercial banks aren't at risk.

Bush Admits Drilling Won't Lower Gas Prices

George Bush held a press conference this morning on our "It's a Wonderful Life" situation. 

Banking is sound, he said. Even though some people couldn't get all of their money out of IndyMac bank. Only up to $100,000 per account was FDIC insured. Anything over, too bad for you.

I hate criticizing the president. My mother taught me that was disrespectful so that little voice is still in my head but Americans got shafted with this president. He speaks without saying anything of substance.

Some of the questions: 

Why haven't you called on Americans to conserve?

"They're smart enough to figure out whether to drive less or not," he said. "They can balance their own checkbooks." 

Nice one. That's why we're a nation of spenders in debt. Americans on the credit card to prop up our consumer economy, alas tanking. 

On offshore oil drilling.

"Demand for oil has increased and supply has not kept up with that."

There are new technologies that won't damage the environment, he said. He admitted that drilling wouldn't lower gas prices for a long time but it would change the psychology of the market. 

Americans have to stop going for the easy fix. We need a president who has enough guts to sell us a solution.  

On another stimulus check? He said we needed to wait to see how this one does. 

He claimed success on the GI bill when he opposed it. 

On the economy.

"I'm not an economist. But I do believe we're growing," he said. Then he said "We're not growing the way we should." What the heck is someone supposed to make of that? 

Apparently, Bush chose to speak the same time as Obama. Now on to the next president.