Obama Proposes Raising FDIC Cap To $250K As Compromise - 2 Hours Later McCain Says Me Too!

[Median Democrat]

Here is the story that first appeared regarding Obama's proposal to raise the cap on FDIC insurance, which is what Jim Cramer has been loudly recommending, to limit runs on banks. The proposal is part of an effort to bridge the gap with House Republicans while also appealing to seniors with retirement savings in the bank:

http://blogs.abcnews.com/politicalradar/2008/09/obama-proposes.html

/snip

Obama Proposes FDIC Hike
Email
Share September 30, 2008 6:55 AM

ABC News' John Berman reports: Barack Obama issued a new proposal his campaign hopes will help jump start the financial bailout negotiations and perhaps attract some new voters.

He proposed lifting the current limit on federal deposit insurance from its current limit of $100,000 to $250,000. In a statement, the Obama campaign said it's a "step that would boost small businesses, make our banking system more secure, and help restore public confidence in our financial system."

As it stands, FDIC insurance guarantees deposits in banks of up to $100,000, meaning if the bank goes down, the federal government guarantees your first $100,000 are safe.

In the e-mail statement this morning, Obama says, '“While that guarantee is more than adequate for most families, it is insufficient for many small businesses that maintain bank accounts to meet their payroll, buy their supplies, and invest in expanding and creating jobs. The current insurance limit of $100,000 was set 28 years ago and has not been adjusted for inflation."

The campaign said Obama would make the suggestion to congressional leaders later this morning.

Obama has come under criticism from his presidential rival John McCain for not taking a more active role in the negotiations.

/snip

At 8:40 a.m. McCain joins in Obama's proposal without giving any credit to Obama:

http://www.swamppolitics.com/news/politics/blog/2008/09/mccain_bailout_rescue_not_bail.html

/snip

McCain, like Democratic rival Barack Obama, also is calling for an increase in the insurance that the FDIC provides for the bank accounts of individuals - raising the coverage from $100,000, where it has stood for nearly three decades, to $250,000. This could be one sweetener that makes the rescue bill more palatable to Republicans protesting the measure does nothing for taxpayers.

/snip

[Schulzz]

1. And CNN website says McCain, Obama propose...

But I knew this was coming, he copies every idea that Obama proposes and then goes on to say Obama has no plan...

[Median Democrat]

4. Gets Better - At 9:13 a.m. House GOP Accuses Obama Of Lifting The Idea From House Republicans

The House GOP essentially concedes that Obama proposed the idea before McCain by accusing Obama of stealing the idea from House Republicans! Even better, after complaining that Obama votes with Democrats nearly 100% of the time, the House GOP complains that Obama is "breaking with his colleagues."

You would think the GOP would do a better job of coordinating their attacks and talking points.

http://voices.washingtonpost.com/the-trail/2008/09/30/obama_proposes_increase_in_dep.html?hpid=topnews

/snip

House GOP aides accused Obama of lifting the increase idea from Rep. Chris Shays (R-Conn.), who offered it as a bill, along with other House Republican negotiators who had pressed to include the increase in the final legislation. But Democrats nixed the idea.

"Why is Senator Obama embracing a proposal his colleagues rejected?" said Michael Steel, spokesman for House Minority Leader John Boehner. "Why did Senate Democrats reject the proposal initially? Have they all changed their minds, or is Senator Obama breaking with his colleagues?"

/snip

[uponit7771]

5. WOW!!!!

[medicswife]

6. Ever hear of bi-partisanship, Rep. BONER????? That thing that

McCain likes to brag he has and claim Obama has never shown? What a bunch of hypocritical bastards. I'm sick to death of the Republican party, they've always been stupid and annoying, but now they're just being a bunch of whining babies.

[rucky]

2. Just keep the ideas flowing, Obama!

The parasites can grandstand all they want. We know who wants to fix this and who wants to benefit from it.

[uponit7771]

3. Oh man, I wish Obama would literaly slap McNoNewIdeas

[BigAnth]

7. Yes, and here's how the AP is reporting it:

"Candidates propose big boost for deposit insurance
WASHINGTON (AP) -- Republican John McCain and Democrat Barack Obama proposed Tuesday that the government insure consumers' bank deposits up to....."

The jerkoffs make it sound like it was McLame's idea or that they came up with the idea together. What a load of BS.

[Blackhatjack]

8. Obama should release "I'm Glad McCain Agrees With Our Proposal..."

You have to spell it out for most people