This is Absolutely Scary!
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Senator Dick Durbin said something very very irresponsible on the Senate floor. He encouraged a run on Bank of America!
Does he even understand the consequence of his idiocy? Back in Spring of 2008, Senator Chuck Shumer encouraged a run on the Indy Mac bank and within days the bank collapsed.
Folks, it is one thing for ordinary people to say to move your deposits from one back to the other, and quite another for an elected official like a US Senator to say it. It is utterly irresponsible on Durbin’s part.
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If you are a Bank of America customer and used their online services, you would have seen this screen for the last 3 days.
It didn’t matter much to people if B of A’s mortgage division, or brokerage division is accused of committing fraud to the tune of 100s of billions of dollars. But, ever since BoA announced a $5/month debit card charge, customers are very unhappy. I talked to a few people who have their account with B of A. They are so unhappy that they want to move their account to a local bank. I don’t blame them. But, I did not anticipate this much anger over this fee. How mad are people about this fee? Mad enough to cause a run on the bank? For God sake, I hope this report is just an isolated incident.
From what we can gather, according to eye witness testimony, St. Louis PD has barricaded the Bank of America building and is refusing customer access to deposits.
Just pray that this is an isolated incident and not the beginning of a bank run. If it is the beginning of a bank run, God help the USA and the world’s financial system.