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Richard Burr is Trying to Start Bank Runs

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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 06:52 PM
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Richard Burr is Trying to Start Bank Runs

Richard Burr is Trying to Start Bank Runs

Via Chris Orr, some irresponsible talk from Senator Richard Burr, who really ought to know better:

During a speech on the economy last night, (Sen. Richard) 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.

Thanks to deposit insurance, theres no actual need for people to be worried. But Senator Burrs 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. Im having a hard to imagining what Burr could have been thinking.



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Democrats_win Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 06:55 PM
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1. The new bank run: angry American chasing banksters down the street!
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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 07:13 PM
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2. Yeah,
it's too bad that's not what Burr was advocating.

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ShadowLiberal Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 07:49 PM
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3. If you have millions (like Burr probably does) then withdrawing with an ATM isn't practical
I mean seriously you can get what, a thousand dollars a day with it? That'll take just under 3 years to withdraw a million dollars from your account.

With the $100,000 insurance on your money at banks (the $250,000 increased limit ends next year I believe, it's only temporary) you'd be a moron to use ATMs to get your money out of the banks in case they collapse.
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ProSense Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 07:51 PM
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5. Are you saying that on top of being irresponsible, he's not that smart?
:rofl:

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blueclown Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 07:50 PM
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4. Remember when the right-wingers were in an uproar over Schumer's comments?
I wonder where the outrage is now.
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xchrom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 09:05 PM
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6. is he related to aaron? nt
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Supersedeas Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 09:10 PM
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7. North Carolina can be so proud of this loser -- The Senior Senator...Senator
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Aloha Spirit Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 09:20 PM
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8. That's exactly like screaming Fire! in the theater. nt
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eridani Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 09:34 PM
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9. I did that 20 years ago--
--and put it into credit unions.
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Danger Mouse Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 09:44 PM
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10. He said ATM Machine.
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Mojorabbit Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Apr-14-09 10:10 PM
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11. I had my husband bring me home
five grand from the bank that friday. I had been following the news and was really concerned. I still keep an emergency fund for just in case.
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