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Have you been in a nationwide bank run?

Wind power
by Jerome a Paris (etg@eurotrib.com) on Sat Mar 17th, 2012 at 12:40:00 PM EST
[ Parent ]
Maybe we should send you on a fact-finding mission to Greece...

There are three stories about the euro crisis: the Republican story, the German story, and the truth. -- Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sat Mar 17th, 2012 at 01:50:02 PM EST
[ Parent ]
If by that you mean people standing outside banks looking to pull their deposits, no, I haven't.  (There were a couple cases of it at regional banks, but not on a nationwide scale.)  I don't accept the premise that this is what a modern bank run looks like.  It's 2012 in Europe, not 1992 in Russia.

I do remember the run on the money markets in 2008.

If you're looking for people rushing to the banks to pull out their cash, you're not going to find it.  We kind of put a whole new section of the federal government together to prevent such things, which worked as it was supposed to even as some of our largest banks were failing.

Do you not think a traditional (as you have in mind) run on the banks occurs as WaMu, Wachovia, et al, fail without the FDIC and others there to back regular people's deposits, and without constant assurances (and demonstrations) from all the relevant players that deposits were secure?

Be nice to America. Or we'll bring democracy to your country.

by Drew J Jones (pedobear@pennstatefootball.com) on Sun Mar 18th, 2012 at 09:20:28 AM EST
[ Parent ]


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