(April 15th, 2009) "Republican Burr Encourages Run on Banks" (Huffington Post - Rachel Weiner)

[Tim4Hillary]

And who said the Republican Party was out of ideas? :D

Full post here (http://www.huffingtonpost.com/2009/04/15/burr-encourages-run-on-ba_n_187085.html).

North Carolina Republican Sen. Richard Burr has taken an interesting approach to the economic crisis. He told constituents Monday that when major financial institutions started collapsing last fall, his response was to make a run on the bank before all the money was gone:

Matthew Yglesias expands on the implications if citizens were to follow Burr's lead and pull their money out of the banks.

"Thanks to deposit insurance, there's no actual need for people to be worried. But Senator Burr's effort to whip people into a panic could lead to runs and bank failures. That, in turn, will lead to people losing jobs. People could even lose their business through no fault of their own other than having customers who chose to take the words of a United States Senator seriously. I'm having a hard to imagining what Burr could have been thinking."

I think the answer to that is that he wasn't (thinking that is).

[TheTaoOfBill]

Wow...that is a HUGE no no

[Tim4Hillary]

Wow...that is a HUGE no no

Even I know that and I'm not a congressperson or senator...I feel sorry for his constituents. They deserve better. :rolleyes:

[Jester]

And you had no problem with Obama stirring up the fear last year? I'd imagine his sound bytes were more detrimental than Burr. Or is this bashing only extende to Republicans?

[TheTaoOfBill]

And you had no problem with Obama stirring up the fear last year? I'd imagine his sound bytes were more detrimental than Burr. Or is this bashing only extende to Republicans?

When did Obama tell people to make a run on the bank before their money disappears?

[Jester]

When did Obama tell people to make a run on the bank before their money disappears?

I recall Obama was the first major voice to start setting main st. v. wall st. Our economic foundation was set in a swamp (changed that view about 2 weeks ago, despite being in worse shape than last year). His response to John McCain's cal for the ousting of the SEC chairman (how right he was) was met by Obama's "fire 'em all". Obama was definitely irresponsible on his economic fear mongering last year. To some degree, it hasn't really stopped.

[Jester]

For the record, any politician with a voice should not be encouraging a run on the banks. But I think I've made myself clear on that many times before.

[TheTaoOfBill]

I recall Obama was the first major voice to start setting main st. v. wall st. Our economic foundation was set in a swamp (changed that view about 2 weeks ago, despite being in worse shape than last year). His response to John McCain's cal for the ousting of the SEC chairman (how right he was) was met by Obama's "fire 'em all". Obama was definitely irresponsible on his economic fear mongering last year. To some degree, it hasn't really stopped.

How does saying we're in a bad place economically translate into "let's make a run on the banks?"

You have said we're in a bad place economically before too. Are you suggesting we make a run on the banks? Give me a break

You are really stretching to toss some Obama hate in this thread.

[Jester]

How does saying we're in a bad place economically translate into "let's make a run on the banks?"

You have said we're in a bad place economically before too. Are you suggesting we make a run on the banks? Give me a break

You are really stretching to toss some Obama hate in this thread.

Unfortunately, CNN no longer has the video of the main week of back and forth between Obama and McCain. It was quite a nice rap up of Obama's fear mongering.

Actually, I've said the economy should be recovering faster than it actually is. Claiming I am suggesting a run on the banks is completely ignoring everything I have ever said. Ask supra.

[Tim4Hillary]

And you had no problem with Obama stirring up the fear last year? I'd imagine his sound bytes were more detrimental than Burr. Or is this bashing only extende to Republicans?

Politics is a contact sport. I make no apologies. But I take anyone to task that is doing something I don't like or disagree with that includes Dems. If you look at the upper right hand corner you will see that I left the Democratic Party. And did they get an earful from me. If the Republican Party wants to get their act together I would be happy to see it. In the mean time I will keep the pressure up as I find that in their current incarnation they are detrimental to the progress of this nation.

If it makes you feel better, you can pretend that I'm happy with the Republican Party. But it wouldn't be the truth.

[Jester]

Politics is a contact sport. I make no apologies. But I take anyone to task that is doing something I don't like or disagree with that includes Dems.

Sounds reasonable.

[Wyoming Dem]

It was only a few weeks ago that the "FDIC" informed Treasury (I think but may have been Obama Administration) that they were, for all intents and purposes "out of money". Seriously...this whole money thing is nothing but an illusion. There is no "Actual" money...it is ephemeral money in an amount the government says there is. If they need more, they print more. There is NOT enough gold in our reserves to cover the amount of currency currently floating around. It is a large game of hocus pocus and we all better hope that the "illusion" keeps afloat or it's going to get more than nasty.

All it will take is for 1 bank to "fail" with pictures on the news of angry depositors locked out of their branch office and it's off to the races we go.
Perception (or in this case, illusion) is everything and this Administration better hope to hell that the country as a whole falls for the "pay no attention to the man behind the curtain" Wizard of Oz legerdemain, at least for the foreseeable future. Even then, all arrows point in the direction of "you have not seen anything yet" as regards the tanking of the economy. Hope I am wrong but alas, I think not.

[mavfin]

All it will take is for 1 bank to "fail" with pictures on the news of angry depositors locked out of their branch office and it's off to the races we go.

The current tactic is for the FDIC to close the bank one day at the end of the day, and reopen the next day as a branch of another. They did this with a bank in Kansas recently. Closed it one day, reopened it the next day as a branch of my bank, who now had gotten all the assets/depositors/loans of that bank from the FDIC. Same people working the bank, etc. So, they seem to be having their 'exit strategy' ready before they close it down, so that people aren't left with no access to their money. Probably a good thing.

[Jester]

People forget this was the original point of TARP. The greatest example would be JP Morgan Chase taking over WaMu so FDIC did not have to shell out a one way cash flow. A loan gets repaid (with interest and dividends). Smart move, if the original intent of TARP is followed and not destroyed.

[Tim4Hillary]

Sounds reasonable.

Yes - I am a very reasonable person.

[Tim4Hillary]

oh and as an extra bonus I found out this is the same guy that is holding up Tammy Duckworth's nomination for Veterans Secretary. He has like a 30+ approval rating. Like I said, his constituents deserve better. It has nothing to do with him being a Republican. It has to do with the fact that he is a poor public servant.