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Sen. Burr Encourages Bank Run

Richard Burr

Mark Wilson / Getty Images

This deserves a teabag, no? Senator Richard Burr of North Carolina said that, when the financial crisis began, he told his wife, “Tonight, I want you go to go 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 Sunday.” In other words, he wanted her to make a run on the bank. Would he have advised his constituents to do the same? His advice was, of course, pointless, since the FDIC insures their deposits, but, had enough people done this, it would have forced banks to fail.