I am convinced Phil Gramm only covorts with bankers and Wall Street brokers. They are the only ones really whining and demanding that the Government save them from their own free market, no oversight, excesses.
Here is a brief video of the recent Indy Bank failure. In the video you will meet Charles Tengeri who had his life savings in Indy Bank accounts and stands to lose over $50,000.
Mr. Tengeri, who has every right to be upset, shows no such emotions. As he says, he has faith that the government will make this right.
Let's hope so. While this lame duck administration continues to spend billions of dollars on proping up financial institutions they have spent virtually nothing on individuals who have lost so much.
Here is an idea: Because Mr. Tengeri and others like him can only get $100,000 out of his failed bank, let's go after all the executives, Board members, company attorneys, accountants and financial consultants who undoubtedly reaped millions in their mismangement and recoup all of the money paid them by Indy Bank except for $100,000. A fair exchange, even if it means selling their houses and beach houses and cars and jewlery and private planes.