GOP Senator Encourages Run On Banks

[Me.]

If I’m Not Mistaken, this is the same guy who’s holding ip Tammy Duckworth’d nomination.

“BURR TALKS UP BANK RUNS.... I'd hoped someone who's been helping write federal law for more than 14 years would know better than to say things like this in public. (via C

Sen. Richard Burr (R-N.C.) says when the financial crisis began he encouraged his wife to withdraw all the cash she possibly could from their local bank.

During a speech on the economy night, Burr related his immediate reaction the week the crisis began.

"On Friday night, I called my wife and I said, 'Brooke, I am not coming home this weekend. I will call you on Monday. Tonight, I want you to go to the ATM machine, and I want you to draw out everything it will let you take," Burr said, according to the Hendersonville Times-News. "And I want you to tomorrow, and I want you to go Sunday.' I was convinced on Friday night that if you put a plastic card in an ATM machine the last thing you were going to get was cash."

Now, maybe Burr was trying to be funny, but his comments don't make any sense. Since the advent of FDIC, Burr's family money was safe, right where it was. Calling home in a panic, and withdrawing the maximum, only serves to make a bad situation worse”…cont…

.http://www.washingtonmonthly.com/archives/individual/2009_04/017751.php

[paparush]

1. Burr is scum. A complete waste of a senate seat for NC.

His sole occupation is serving business interests.

[atreides1]

10. He may be scum

But who elected him? Smaller scum or really stupid people who act more like lemmings then intelligent beings?

[BeFree]

12. What elected him....

...was the electronic voting machines in North Carolina.

Did you know Diebold was chased out of the state in 2005 because they wouldn't supply the code to public eyes? And that the other machines used in that vote were outlawed after 2004? As they were in a number of other states.

Burr was never duly elected and neither was Bush.

[paparush]

13. He was elected during the 2004 cycle, yes, by my fellow NCers being good little sheep.

[paparush]

14. delete dupe

[ananda]

2. And totally insane..

.. as most Reeps are these days.

They have literally gone off the deep end.

Beataggers having their little pea tarties...

[Me.]

15. Pea Tartles?

You do know that tea is a diuretic?

[bdamomma]

3. desperate measures by desperate men.

they will never stop.

[ThomWV]

4. What this moran doesn't understand ...

All the 'money' in all the banks in the country doesn't amount to a pile of shit and a run on the banks would have no particular effect on the country at all.

Ask yourself, what prevents the Government from printing all the dollar bills of all the denominations necessary to cover every dime in every savings and checking account in the country and trucking it out tomorrow? Answer; nothing prevents them. And what would be the effect? Well, a lot of cash would be in a lot of hands, cash that is not particularly good for paying bills (who mails cash?) but is very tempting to simply walk into a store and spend. Spend it and the store will redeposit it in the bank that night.

Then you have to ask yourself, just how much money would that be? Answer; not much. Think about your own wealth - is it all tied up in your savings and checking accounts? For most folks the answer is no. For most of us very little of our 'money' is in those accounts.

[lonestarnot]

5. There that nutjob is again. ackety.

:thumbsdown:

[JVS]

6. Unless she goes into the bank, she'll only be able to get $500

[Vickers]

7. Just what we need in times of crisis: panicky nutjobs.

:eyes:

[marketcrazy1]

9. I do not see a date

for his friday phone call but I do remember a Thursday after watching the markets closely for months and seeing indicators of widescale credit flow disruptions maybe around the time Paulson first asked for TARP or maybe after?.. anyway, what I was seeing scared the shit out of me and I honestly though we might get an emergency bank holiday friday or monday and I took money out of the bank. ( enough to last a month ) just in case.. ( things have calmed down since, obviously and the money has gone back to the bank ) ( for now )......

[Me.]

11. I Remember That

And had several friends who did the same. The interesting thing was one friend who wanted to take out 10K wasn't allowed to. His bank, Chase, said he had to make a request in advance and do paperwork. He solved that problem by making a smaller withdrawal everyday until he had the amount he wanted.

[Warpy]

8. What a dumb bastard, a really worthy successor

to the late ingrate Jesse Helms. He should have a long career ahead of him, flush with tobacco money.

Every time I start to feel a little more kindly disposed to the state I fled in the late 60s, they produce one of these and send it to the Senate.

They keep sending them back because they do such a great job of pissing off all them fancy pants New Yorkers.

P-tooey.

[onetwo]

16. What a loser if he can withdraw his entire liquid net worth from an ATM machine.

LOL!