That’s right, according to FOX Business, the FDIC has now taking a bold move in it’s responsibilities and secured 2 billion dollars of Deere & Company (John Deere) debt through the “Temporary Liquidity Guarantee Program”. This program basically shores up bad debt to “senior” companies, in order to help get credit flowing again.
As you can see this program is being used under the FDIC branch in order to bypass Congress and appropriates funds in any way it wants. Things like this should not happen and should be deemed “unconstitutional”. If the Congress controls the money why was this not voted on like the 700 billion bailout and Automaker bailout, sure this isn’t a “bailout” per se of a company but 2 billions dollars in a loan to a private company sure has importance to the people. Things like this should not happen without proper representation.
“The final rule for the program was approved by the FDIC Board of Directors on November 21, 2008.” – http://www.fdic.gov/regulations/resources/TLGP/index.html
Enjoy, this is your government at work.