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Richard Burr is Trying to Start Bank Runs

By Matthew Yglesias on April 14, 2009 at 5:54 pm

"Richard Burr is Trying to Start Bank Runs"

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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.

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