Austrian Bailout Package—Part A
- Suspend Basil II regulations (to at least 4/2/09)
- Cancel FDIC insurance on all demand deposits after 1/1/09.
- Increase FDIC premiums on short term time deposits of less than one year.
- Make interest earned (starting 1/1/09) on bank time deposits and non-governmental, non-agency, and non-authority bonds tax free (not demand deposits and MMMF).
- Convert Fannie Mae and Freddie Mac’s status from conservatorship into receivership.
- Convert AIG’s status from government owned to receivership.
- Cancel the Primary Dealer Credit Facility (PDCF) and the Term Securities Lending Facility (TSLF) at the end of the announced program (January 30, 2009).
- Announce that the Federal Funds rate will be allowed to “float” at market rates starting January 30, 2009. Announce that the Federal budget will be prorated beginning with the fiscal year starting 10/1/08 including all defense spending and transfer payments.
- Restore constitutional monetary status to gold and silver to act as an alternative medium of exchange (no capital gains taxes).
