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This week's reminder

Submitted by Ironman on Sat, 06/27/2009 - 10:02
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Another week, another wave of bank failures....

Regulators shut 5 banks; 45 failures this year

and more to come....

The number of banks on the FDIC's list of problem institutions leaped to 305 in the first quarter -- the highest number since 1994 during the savings and loan crisis -- from 252 in the fourth quarter. The combined assets of those banks rose to $220 billion from $159 billion.

Didn't Chris Dodd say this wasn't going to happen? 

Senate Banking Committee Chairman Chris Dodd (D-Conn.) on Monday said he does not expect “many more” banks to fail, in the wake of last week’s implosion of IndyMac Bancorp.

After what Chris Dodd has done with our financial system, why in Wicca's name would anyone leave him in charge of reforming health care?

 

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Remember Richard Burr's response?

Submitted by NextRightNando on Sat, 06/27/2009 - 11:33.

I have no interest in defending Chris Dodd - I'd be supporting his primary challenger, Merrick Alpert. Nevertheless, I have to say that the prize for the stupidest comment by a Senator in response to the banking crisis goes to Richard Burr, R-GA:

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.”

Dodd was trying the calm the waters - Burr seems to have been trying to make matters worse.

Just like Kevin Bacon in Animal House.....

Submitted by Ironman on Sat, 06/27/2009 - 13:13.

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REMAIN CALM!!!!!!