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Now You Can Panic: Economist Withdraws All of His Money from Bank of America

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by John Galt
January  31, 2014 

Care to start a bank run?

Uh, no, that’s illegal. But according to an economist at the same school our Illegal Alien in Chief attended, Harvard University, it might be wise to do so. The PBS article from yesterday should cause everyone to take a moment and pause to reflect:

Is your money safe at the bank? An economist says ‘no’ and withdraws his

Excuse me? It isn’t safe? Bush-Bernanke-Bimblette all lied? No way? From the article :

Terry Burnham, former Harvard economics professor, author of “Mean Genes” and“Mean Markets and Lizard Brains,” provocative poster on this page and long-timecritic of the Federal Reserve, argues that the Fed’s efforts to strengthen America’s banks have perversely weakened them. (See our 2005 segment with Burnham below about how “lizard brains” influence our economic decisions.)

Last week I had over $1,000,000 in a checking account at Bank of America. Next week, I will have $10,000.

Why am I getting in line to take my money out of Bank of America? Because of Ben Bernanke and Janet Yellen, who officially begins her term as chairwoman on Feb. 1.

Before I explain, let me disclose that I have been a stopped clock of criticism of the Federal Reserve for half a decade. That’s because I believe that when the Fed intervenes in markets, it has two effects — both negative. First, it decreases overall wealth by distorting markets and causing bad investment decisions. Second, the members of the Fed become reverse Robin Hoods as they take from the poor (and unsophisticated) investors and give to the rich (and politically connected). These effects have been noticed; a Gallup poll taken in the last few days reports that only the richest Americans support the Fed. (See the table.)

continue article here:

http://johngaltfla.com/wordpress/2014/01/31/now-you-can-panic-economist-withdraws-all-of-his-money-from-bank-of-america/ 



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    Total 7 comments
    • owleyone

      anyone with 1000000 in Bank of America after 2008 is not someone who’s opinion should have value.

      • StraightDopes

        basically, this.

        …and i thought the FDIC only insures deposits up to $250,000 per depositor?

    • JettaBlack

      Looking at the Table of the supposed approval rating of Bernanke; I’m not sure why Gallop would divide up the nation as they did with those income ranges?

      • Prudence Wright

        Because there isn’t very many people in between….

    • cece

      Give me the name of the economist and I might believe this story.

      • StraightDopes

        Terry Burnham, former Harvard economics professor, author of “Mean Genes” and “Mean Markets and Lizard Brains”

    • htimsxela

      From TFA “Terry Burnham, former Harvard economics professor”

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