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Thursday
Jun162011

Watch Sheila Bair's Shameless PSA: Skip Starbucks And Give More Money To The Banks

Flashback to earlier this Spring.

---

In honor of Sheila's resignation announced a few hours ago...

Video - Sheila Bair for FDIC's "America Saves Week" - Feb. 22, 2011

Sheila's Message: Skip Starbucks And Give More Money To The Banks

This might be the saddest, most ridiculous and infuriating public service announcement since Bert the Turtle's "Duck and Cover."  For "America Saves Week," Sheila Bair tells Americans to try to sock away just $10 per week. 

"Here's what's amazing," Bair says,  "... even if it earns only 1% interest, you will have more than $2,600 in five years and more than $11,500 in twenty years."  Ok, let's see how that works out... 

  • $10 x 52 weeks x 5 years = $2,600
  • $10 x 52 weeks x 20 years = $11,500

Wow, Sheila, that is "amazing."  In a bygone era, banking officials used to talk about the "wonders of compound interest," but with the Fed holding rates at ZERO, the interest earned on your savings account isn't even worth calculating.  And Sheila doesn't even bother.  That's amazing.  Folks, forget FDIC insured bank accounts, you may as well bury your money in a plastic sack in your back yard.

Here's what an ordinary savings account will earn at today's rates...

1.11% doesn't even make up for inflation -- not even close.  Just take a look at gas prices over the past 12 months:

Or how about food prices?

America Saves...???  We should just rename it "America Saves the Banks Week," because that's what it is.  Artificially low interest rates are for the benefit of the banks, who can take free money from the Fed and then turn around and "invest" it in Treasuries (which we pay off with our tax dollars), or speculate in commodities like oil and food, which we pay for in the form of higher prices at the pump and at the grocery store.

Of course, if we're being honest, we have to acknowledge that every week is "America Saves the Banks Week."  We now know that we subsidized the banks in 2010 to the tune of $130B in bonuses.  Yet here we have FDIC chair Sheila Bair telling Americans to skip their afternoon snack or brown bag their lunch so that they can give the banks an extra $10 with which to drive up the price of oil, food and other commodities.  When ordinary Americans are dealing with the nuclear fallout from the bankers' fraudulent debt bombs, Bair's advice isn't just insulting, it's the financial equivalent of "Duck and Cover"...

Duck And Cover (1951) Bert The Turtle Civil Defense Film


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Reader Comments (34)

Those stupid F'ing teachers' unions. If it wasn't for those stupid criminal teachers lobbying in Washington D.C. the oil industry would be just fine, we wouldn't be at war in two different nations and illegal immigration would be a non-issue.

Thank GOD we have the following groups to lobby/elect our government officials and fight those stupid government workers:
the military industrial complex
the banking lobby union
the Mexican government
the oil industry
Wall Street (nuff said)

All groups that are intertwined with the Republican party.


BYE BYE Middle Class workers
Feb 26, 2011 at 6:07 PM | Unregistered CommenterBenny and the Talibanks
Psst. Banks don't need your money, they get free money from your paycheck via interest free "loans" from the Federal Reserve. That's why they don't need to offer an interest rate to borrow your money.
Feb 26, 2011 at 6:10 PM | Unregistered CommenterBenny and the Talibanks
God she is foul.
Feb 26, 2011 at 8:31 PM | Unregistered CommenterCheyenne
Back to business....

Geithner’s Gamble

http://www.opednews.com/populum/linkframe.php?linkid=127631

[snip]

Geithner is a very smart and experienced public servant. His views concerning the future of finance will help shape what happens. And that is why we are headed for trouble.
Feb 26, 2011 at 8:46 PM | Unregistered Commenterjohn
"very smart"

Says who? Tim Geithner grew up in Asia and majored in a U.S. college in Asian Studies.

"Very lazy" would seem to fit better, no?

Regardless, we are most definitely headed for trouble.
Feb 26, 2011 at 9:08 PM | Unregistered CommenterCheyenne
Does G-man even speak an Asian language? It was "reported" that he speaks Chinese, but there's no video of him doing so. Maybe he knows how to use chopsticks (though I doubt it).
Feb 26, 2011 at 9:20 PM | Registered CommenterDr. Pitchfork
The lack of intelligence exhibited by people in positions of responsibility in this country is truly amazing.

Chairman Bair has - #1(obviously been kidnapped by the banker parasites and brainwashed into trying to suck the last of the cash out of the middle class) or - #2 (She is a complete idiot.) I'm going with #2.

Most of my friends have been eating lunchmeat and peanut butter sandwiches with water at lunch for two years courtesy of those parasite banker buddies of hers.

What a pathetic bunch of bullshit!
Feb 26, 2011 at 11:15 PM | Unregistered CommenterSagebrush
The cadaverous Sheila Bair makes Carter's malaise speech seem positively Reaganesque... I watch her and I truly think all is lost.
Feb 27, 2011 at 12:49 AM | Unregistered CommenterInside the Beltway Survivalist
Hard to believe that the lowlife lying government shill like this piece of -h-t actually begs the good people to put money into a bank that will lose money
Feb 27, 2011 at 1:09 AM | Unregistered Commenterjack nichols
I like zombies, they taste like chicken... Great post Benny.
Feb 27, 2011 at 4:36 AM | Unregistered CommenterS. Gompers
Tell me how I am wrong, the more money we put in banks and not spend is more money taken from vital circulation. Just like the big corporations are doing. So that makes the recession even worse. Secondly you talk about interest rates are lower that inflation. There should be zero inflation all the time anyway, the only reason there is inflation is because of the fractional reserve lending increasing the money supply way beyond the wealth it represents. Government should controlling the money supply interest free not commercial banks. The word interest should be eliminated from our vocabulary. You have to get this or your playing their little interest shell game.
Feb 27, 2011 at 2:08 PM | Unregistered CommenterWalk Like an Egyptian
Pathetic. Sheila Bair is definitely not an A-Lister: http://www.capitalismwithoutfailure.com/p/a-list.html
Feb 27, 2011 at 3:08 PM | Unregistered CommenterJaime
How do these stupid folks get high paying jobs that don't know dicksquat? She forgets to say,each year on the savingings interest--tax must be paid and many banks charge BANK FEES. first $10 invested after one month is 10 cents.try figuring out the mega bucks she predicts :^(
What is forgotten is that the value of the Yankee dollar is tanking every day and the loss is greater than the interest rate given. Just wait when all the countries start dumping their reserve dollars and the Yaun becomes the new reserve currency--your investments will be worthless paper-not even as a@ss wipe :^(
Mar 7, 2011 at 2:49 PM | Unregistered CommenterJoJo
Did anyone happen to pick-up on the irony of her "silver-lining" statement concerning the overall declining state of "our economy"?
Maybe she was sending out some kind of code to those in the financial know that any hope of actually seeing a return on our "savings" doesn't entail putting our money into essentially "no interest" bank accounts - but into one of the few, affordable financial investments out there right now that does provide some kind of a appreciable return - not only in the short run - but over time: Physical Silver!

Thanks Sheila for the PSLV tip. I'm now putting all of my extra fiat paper dollar "savings" into purchasing physical Silver and see its increasing real value "lining" my own pocket instead of the fraudulent bankster's that you represent and financially back.

"Silver Lining Indeed!
Mar 7, 2011 at 3:19 PM | Unregistered Commenterstevielee
TELL THIS WOMAN TO EAT SH*T
Mar 7, 2011 at 5:59 PM | Unregistered CommenterJOHN
THINGS FOR DADDY TO DO TODAY:

1. Give teenage son one less fried baloney and catsup sandwich for dinner and a .25 cent increase in his allowance.

I love Americur.
Mar 7, 2011 at 8:54 PM | Unregistered CommenterMark Janella
Is this woman a bobble head doll? She can't seem to hold her own head up. Must be the incredible weight of her stupidity.
Mar 7, 2011 at 11:14 PM | Unregistered CommenterBailing in BC
She might have made more sense if she had suggested that you buy a $10 roll of quarters and stick it up your ass. The result would be nearly the same--you'd still feel like your getting fucked, but at least there's some intrinsic value to the copper and nickel content.
http://www.coinflation.com/

The paper Sheila, is, on the other hand, is ... uh ... shall we say ... GOIN" DOWN.
Mar 8, 2011 at 9:20 AM | Unregistered CommenterWil Martindale
C-Ya...take the Bearded Clam with ya'.....AB
May 9, 2011 at 8:14 PM | Unregistered Commenterain't bullshitt'n
Just re-read my own posts. Pretty good. I hate you Sheila and I'm glad your the fallperson for Bernanke and Geithner. Now, maybe you can redeam your father's name and tell the truth.
May 9, 2011 at 9:30 PM | Unregistered CommenterBenny and the Talibanks
Your $2,600 saved in Five Years will buy you a week of groceries at the rate of real inflation.
May 10, 2011 at 3:11 AM | Unregistered CommenterOscar_DeGrouch
And the turd still floats...
May 10, 2011 at 1:18 PM | Unregistered CommenterInurface
& they payed her how much for that bull shit......? You can tell who she worked for. Whos ass hole did she just plop out of...? & how long has she been up thAre ? Sounds like back in 1962.
May 10, 2011 at 6:25 PM | Unregistered CommenterTexas Dar
thanks for the links LC...and Benny...who was sheila bair's father...all i could find was mention of his career as a surgeon...
May 10, 2011 at 9:55 PM | Registered CommenterDailyBail
Did I hear her say that this problem is from "citizens" borrowing too much money? I DON'T THINK SO... I watched a very informative video laying out the REAL problem which was investors borrowing money to invest and, in the end, they couldn't pay it back because they took a gamble and assumed that the LAST thing ordinary people would do is default on their house and go into foreclosure willingly. They were actually BANKING on people NOT paying their credit cards and other bills and continuing to keep their house prices current. Another problem is that the companies that RATE these investments were throwing junk into the pile as a CREDIT A investment... So, the fault lies with those investors who got filthy rich for taking the risk! These filthy rich people actually had a person go around and find them things to spend their money on that nobody else had. One of the filthy rich women investors wanted a fighter jet for her front flippin' yard... Unbelievable! If you want to watch it, it is a Google Video and it is called "Super Rich: The Greed Game."
May 12, 2011 at 12:11 AM | Unregistered CommenterWTH
The other stupid thing about her comment that it is the fault of the people that borrowed too much money... Pleeeaasseee... banks lend money and they are supposed to lend money based on their belief that the person borrowing the money can actually pay it back... NOT by giving loans to people who have no credit history, no job, etc. Banks stopped asking the important questions and are now blaming the people for borrowing the money the banks lent to them.
May 12, 2011 at 12:15 AM | Unregistered CommenterWTH
"Put $10 a week in a savings account and even if it only earns 1%, you will have $2,600 in 5 years and $11,500 in 20 years." What she doesn't say is that when you go to withdraw that $2,600 in five years, woohooo, congratulations, you will be able to buy a LOAF OF BREAD because that is what it will be worth if the government keeps spending the taxpayers money the way they are which is going to eventually lead to inflation.
May 12, 2011 at 12:19 AM | Unregistered CommenterWTH
You know who needs a piggy bank? The FEDERAL Reserve and the Treasury... If Geithner and Bernanke put just a quarter or fifty cents in their piggy bank every week when they get their allowance, just imagine how much Timmy and Benny would have! Give me a break... and, not to be critical, but perhaps Sheila, too, could afford not to make a beeline for those vending machines she is referring to in the video?
May 12, 2011 at 12:24 AM | Unregistered CommenterWTH
Ok... since she opened this box, I will just add that yes, you may want to make a sandwich at home or make your salad at home but not for the reasons she gave... for health reasons... at least you will know what you are putting in your mouth and you can minimize the MSGs, High Fructose Corn Syrup, GMOs, Aspartame that the FDA allows in the food.
May 12, 2011 at 12:28 AM | Unregistered CommenterWTH
Super Rich The Greed Game ... WTH, everyone should be made to watch this one 2 times. Sure dose open yr eyes, or for some of us, tell us what we already knew, but with a nice view....! I would like to have the Hughs 500-C Heli at the end.
May 12, 2011 at 5:03 PM | Unregistered CommenterTexas Dar
TRANSLATION: "BEND OVER AND SPREAD YOUR CHEEKS EVEN WIDER."
Jun 16, 2011 at 6:55 PM | Unregistered CommenterWhite Hat
Put yer extra money into silver, guns, bullets, beans, rice, canning jars, soap, whiskey, wood stove, etc. You git the point. Paper money will someday be good for wipin your backside and thats about all. buy something of value now if you got extra.
Jun 16, 2011 at 8:17 PM | Unregistered CommenterDilbert
What is this woman smoking? Great program to help "save" the banks and screw the people. Here's a better plan Sheila. If you had bought silver(bullion not paper) 2yrs ago, it was $9.00 oz. In two years silver is up 400% over your fiat currency. I did my part to help. I pulled everything out of my worthless CDs and purchased siver bullion. For those that stay in the stock market, you can watch your portfolio drop like a rock. Even if you do wakeup and sell, the buck is toast. Thanx Sheila. You have done more good than you realize.
Jun 17, 2011 at 10:03 AM | Unregistered Commenterrobertsgt40

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