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A Sense of Urgency

August 16th, 2009 · 802 Comments

obama-dollar.jpg


“I’m asking you to believe.
Not just in my ability to bring about real change in Washington
I’m asking you to believe in yours.”

- Barack Obama

 

 

Rumors are widespread about a bank holiday being declared later this month, or in September, or even October.  The rumors are probably fueled by the recent bank failures – five just on Friday, including Colonial Bank, the 6th largest banking failure in US history.  

 

You may recall (or not - they don’t teach this stuff in school) that FDR declared a bank holiday in 1933, closing all the banks in the United States and making it illegal for them to do business until the government said otherwise.  According to Wikipedia:

 

“The Emergency Banking Act was introduced on March 9, 1933, to a joint session of Congress and was passed the same evening amid an atmosphere of chaos and uncertainty as over 100 new Democratic members of Congress swept into power determined to take radical steps to address banking failures and other economic malaise. The sense of urgency was such that the act was passed with only a single copy available on the floor and most legislators voted on it without reading it.”

 

That “sense of urgency” sound familiar? 

 

A bank holiday might happen, it might not.  We’ve said it before, but it bears repeating: NOW is always a good time to have a couple of month’s worth of cash hidden in the house, or someplace nearby.  

Tags: Miscellaneous

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