Wednesday, July 30, 2008

the pot and the kettle

FDIC Chairwoman: Bloggers “Out of Control,” Government Planning “Public Education Campaign”

“The blogs were a bit out of control,” Sheila Bair, chairman of the Federal Deposit Insurance Corp., told the San Francisco Business Times after a speech in San Francisco this week.

Oh yeah...we're out of control....we're the ones invoking panic....the Fed is perfectly sane.....ok...

That's the funniest fucking thing I think I've ever read.

Wachovia is pumping out fake 100's and she thinks the problem is with bloggers' attempts at warning the public as to just how dire the situation is.

Tell me this, many people walked away from the IndyMac collapse with only half the cash they had in the bank? And we're just brushing the surface with IndyMac...but she has a plan to combat all us Chicken Little Bloggers:

“We’re very mindful of the media coverage and blogs in controlling misinformation. All I can say is were going to continue to stay on top of it,” Bair said. “The misinformation that came out over the weekend fed a lot of depositors’ fears.”

I have some advice for Ms. Bair....instead of launching a "public education campaign" what little cash you have left for the next round of seizures.

I'm curious how her campaign is going to explain how the FDIC's 53 billion dollar cache is going to cover the coming 144.5 billion dollar Citigroup train wreck. She may want to hire this guy to lead that campaign:


Clay said...

On the one hand, if I'd do the exact same thing as her in her shoes. I'd attack the media coverage of struggling banks. Given time, the majority of banks will recover. Too much attention and 100% of struggling banks will fail.

That being said, there's not much she can do. Chomping down on a blogger will guarantee the failure of a bank in question. Nor should anything be done about reporting on struggling banks.

Clay said...

Oh yeah, what I'd really worry about if I were her is how much shit I'll have to pick up soon and how few buckets I have to do it with. FDIC is horribly under-capitalized.

Anonymous said...

Pesky bloggers...

Speaking of which here is a blog you may find interesting:

My favorites are the amazing artists for New Orleans. Check them out!!!