U.S. Senator Encourages A Run On The Banks

[oldiebutgoodie]

Via Washington Monthly, North Carolina Republican Sen. Richard Burr has taken an interesting approach to the economic crisis. He told constituents Monday that when major financial institutions started collapsing last fall, his response was to make a run on the bank before all the money was gone:

"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. 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."

Matthew Yglesias expands on the implications if citizens were to follow Burr's lead and pull their money out of the banks:

"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."

A local blog wonders if the Senator used inside information to protect his family's assets but withheld it from his constituents.

Fortunately, most North Carolinian probably aren't taking advice from Burr. He has a dismal 35% approval rating in the state and faces a rough reelection campaign in 2010.

In fact, the Democratic Senatorial Campaign Committee has already seized on the remarks. "If this is Senator Burr's economic recovery plan for himself, it is no surprise he doesn't have one for the country," said Communications Director Eric Schultz in a statement blasted out to reporters. "Senator Burr, as a champion of the George Bush economy helped create this mess but will not lift a finger to get us out of it. Burr continues to root for economic failure, offering plenty of grim economic assessments but no solutions."

The campaign also inducted Burr into their "Hall Of Shame," an honor bestowed on many current and former Republican targets. (Former North Carolina Sen. Elizabeth Dole, who lost her seat in 2008, is on there.) "North Carolina needs a senator who will work hard to get our economy back on track," the news release reads, "not one whose only 'solution' is rushing to the bank in a panic to withdraw money."

LINK

Okay, this guy is not playing with a full deck but why would he embarrass the Republican Party when the Republican Party needs to build trust and confidence with the American voting public a la Newt Gingrich's "Contract with America" of some years ago? It's almost as if the Republican Party is circling the toilet bowl and this guy has his hand on the flush handle (along with the extremists and other assorted nutjobs who pretend they represent the majority of Republicans who just want to pay their bills and keep a roof over their family's head). This kind of stuff actually hurts the Republican Party's future.

Mind you, it does have some appeal, the notion of having NO political parties, none, nada, zip... and just let the individuals who think they can do a credible job of leading this nation state their case to the American people. However, that's not the reality. We have, for better or worse, two main political parties and the other parties have an impact insofar as stating their point of view on issues but they can't get a candidate elected as President.

So that leaves the Republicans and the Democrats. The Republicans need to do some serious rebuilding and recrafting of credibility and trust. This guy isn't helping that effort (if one is even being made). The wackadoodle frothing-at-the-mouth hatemongering teabaggers screaming to "Burn the books!" and proclaiming your TV cable decoder box is actually a secret brainwashing device from the government and so on may get their jollies that way and because they are so entertaining, will get a few minutes of media coverage, but how is this rebuilding the image of the Republican Party into something credible in the leadership department?

I think Meghan McCain may be on to something. Appealing to normal folks who are comfortable, in a political sense, with the basic aims and philosophy of the normal Republican Party is probably the best way to rebuild. She also is not too fond of the extremists. I'm beginning to think I have a few things in common with her.

[nonesuche]

oldiebutgoodie- The article clearly states directly after the quote that Burr "may have been joking" and indeed I believe he was. This kind of leap toward him hoodwinking his constituents that you've made, is patently unfair.

Let me tell you a few things about Senator Burr that you might not know.

He and his wife Brooke are "normal/average middle class", no he's not a harvard grad but he's also no slouch either. I believe he resides in Winston-Salem which is also the HQ for BB&T which is a significant bank in NC. Trust me, he wouldn't make fun of banking at this point in time, as a republican I feel certain those very bankers helped to elect him. In fact I doubt he would have been elected without that significant base of support.

I'll also share something with you that you cannot know but it's important that you do. When my husband, a Gulf War veteran, was dying we were unable to get one ounce of assistance from SSA for his disability claim or from Veteran's Affairs. I went up the food chain for his melanoma diagnosis was linked by his oncologist to his exposure to the early experimental vaccines given to the first wave of our servicemen to the Gulf, and to his six month direct exposure to the Kuwait oil fires. I began going up the food chain of our elected officials and received absolutely no assistance, until I noted that Burr was sponsoring bills for our veterans and I contacted his office in NC. Please also note due to my location, he was not my elected Senator but that worthless Elizabeth Dole was.

His office leaped out to help me, he assigned an aide to my case and I received a personal snail letter from Burr assuring me he would lend as much support as possible. So sincere was he, that his own aide suggested I visit the SSN office and then call him for assistance in leverage while onsite - which I did and he was wonderful support. His aides made countless calls into high officials at Veteran's Affairs pushing for their assistance also.

I am a registered independent. I measure my elected officials by not how well they 'sell' themselves or how well they give lip service. I want real and vivid sincere support for all citizens instead.

Burr more than qualifies, in fact post my husband's passing I have received four emails from his aides asking how I am and how my children are as well, offering any further assistance that they can.

Thank you for the heads up. Tonight I'll be busy sending in emails and letters to the publications you linked to ensure this elected official gets a fair shake. I'd also suggest you review his sponsor and voting record in the senate, it might surprise you.