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

July 30th, 2008

Good luck with that.

Via: San Francisco Business Times:

The federal agency insuring bank deposits learned that it can’t afford to ignore the blogs following its seizure this month of IndyMac Bank, the largest bank failure since the 1980s.

“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.

The FDIC plans to pay closer attention to the blogosphere in the future.

“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.”

The FDIC also plans to begin airing public service announcements as part of a public education campaign on the nation’s deposit insurance program.

Although Bair declined to disclose financial institutions on the agency’s troubled-bank list, she said most institutions on the list will survive. Some, though, may decide to team up with healthier institutions. Historically, only 13 percent on the troubled banks list actually fail, she said, adding that disclosing who is on the troubled list would likely boost the failure rate from 13 percent to 100 percent as customers pulled deposits.

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

  1. anothernut says:

    The Homegrown Terrorism Commission should take a look at this. After all, aren’t these bloggers sowing fear, i.e., terror?

    http://www.huffingtonpost.com/philip-giraldi/the-violent-radicalizatio_b_74091.html

  2. dagobaz says:

    Of all the COSMIC EFFRONTERY of the peasants !!!

    We can’t tell the polloi which institutions are not solvent: the sheeple would employ free market economics and pull their funds out. We can’t have that ! WE haven’t finished getting all of OUR puts in place, yet !

    You just have to love the speed with which collapse is coming. Personally, I am always amused by how the people always catapult their own propaganda: to whit, how many people are aware that they themselves are bringing about their own financial doom ?

    – c

  3. Loveandlight says:

    You see, Kevin? The impending collapse of the economy and the financial system is all your fault! Bad irishkev, no cabbage and corned beef for you tonight!

    {/makes “Church Lady” face and shakes index finger reprovingly}

Leave a Reply

You must be logged in to post a comment.