As 100th bank fails in 2009, FDIC Chair Sheila Bair takes to YouTube to tell you your money is OK
Fear not, savings account holding peasants – Sheila Bair, the head of the Federal Deposit Insurance Corporation, is on YouTube to tell you that “We cannot run out of money.”
She did this for the occasion of the 100th bank failure in America in 2009 – Partners Bank, in Naples, FL:
“Absolutely safe,” she promises. For the sake of all the people sitting on savings in their banks, I sure hope so, Madam Chairwoman, I sure hope so.
How weird that Sheila Bair is talking about something on YouTube that the local paper, the Naples Daily News, does not appear to have on its website yet. Although the local ABC affiliate reports today that Newt Gingrich was in Naples to inveigh against government intervention in the marketplace. This is what we can a confluence of events that yields irony. Either that or Newt is the grim reaper of bank insolvency.
Meanwhile, as I am prattling here, news comes in that we have a 101st bank failure, American United in Lawrenceville, Georgia. Only 9 more Fridays to go in 2009!
And if you need something lighter to get you started on the weekend, go read Lewis Grossberger, why don’t you?
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