Richard Burr is Trying to Start Bank Runs

[ProSense]

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, 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.

[Democrats_win]

1. The new bank run: angry American chasing banksters down the street!

[ProSense]

2. Yeah,

it's too bad that's not what Burr was advocating.

[ShadowLiberal]

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.

[ProSense]

5. Are you saying that on top of being irresponsible, he's not that smart?

:rofl:

[blueclown]

4. Remember when the right-wingers were in an uproar over Schumer's comments?

I wonder where the outrage is now.

[xchrom]

6. is he related to aaron? nt

[Supersedeas]

7. North Carolina can be so proud of this loser -- The Senior Senator...Senator

[Aloha Spirit]

8. That's exactly like screaming Fire! in the theater. nt

[eridani]

9. I did that 20 years ago--

--and put it into credit unions.

[Danger Mouse]

10. He said ATM Machine.

[Mojorabbit]

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.