If I had $249,999 in a bank savings account, I'd spread it evenly over three banks to stay under the FDIC limit of $100,000.
Barack Obama and John McCain, on the other hand, think that the FDIC should raise it's coverage to $250,000 so that those of us who have $249,999 in our savings accounts do not have to be inconvenienced by taking action to preserve our own wealth.
There are certainly bigger issues, in these times of financial doom, but I disagree. I think this is one of those times when people should be inconvenienced. Inconvenience forces people to think things throug ha little. It's also going to be hard for the FDIC to live up to its existing obligations in the next few months without piling more obligations on top of them. Right now, on this small issue, I think we need to stand pat.
People who are nervous should spread their risk over several banks.
And Congress should get over its bottomless wallet, feel-good bullshit.
If, when the crisis passes, we want to raise the level of insurance, then we should do that, and we can raise the insurance premium banks pay at the same time.
Right now, when no one knows what's going to happen next, I'm in favor of requiring people to be attentive to their own best interests. It seems to me that's preferable to asking our debt-crippled government to take on any more obligations it may not be able to fulfill.