Politicians And Pundits Hinting Of A "Bank Holiday" On "Meet The Press"

Mort Zuckerman, Newt Gingrich and Erin Moran (damn what a hottie) have mentioned FDR's 6-day bank holiday during The Great Depression at least 3 times on Meet The Press just now...

Is this a hint to us that this is being considered by the Obama Administration and Congress? I think this can very well happen next week if the market keeps dropping like it is.

We have about 2000 points on the Dow left to lose. If we lose them, bad things will result, as many experts are now already saying.

One is coming. It will be here soon. Yes sir.

erin moran from happy days? oh boy. if the holiday comes it will slow down the bank runs and not allow people to remove their cash. unless the atms dont work. wait, theres a thread on that already....

why would they even mention this??? this WILL cause a run on the banks and they know it. what the hell is going on???

"WE ARE TRYING TO STABALIZE THE FINANCIAL ENTITIES OF THIS COUNTRY, SO WE ARE THINKING OF SHUTTING DOWN THE BANKS"

yeah...that'll do it..either they are as sharp as a marble, really really in trouble, or they want a run on the banks.

On CNN they were talking about how Obama needed to be the psychological cheerleader for the economy to help get the money to flow again. Precursor to another series of Fireside Chats?

If history is repeating itself as I've noticed happening more and more recently, then we should have bank holidays. Look for a major bank to fail, and FDIC to become insolvent, causing bank runs.

The problem here is that with electronic money, many won't worry about getting physical cash unless they know their bank will close. And most others will have credit cards to back those up.

If the banks closed, it will be a psychological bullet to the head. Remember 9/11 when the entire airline infrastructure was shut down? I do, and even though no one had any planned trips during that time, it still affected all of us (ok, we were in high school, but even the teachers were in a state of shock). Just think if something were to happen that was closer to you.

Looks like I'll need to buy extra groceries this week to stock up.

your basing your theory of how a democratic adminsitration will act on the rantings of a crazy out of work actress, a republican and a canadian rich guy dumb enough to fall for madoff's scam?

reply to post by Crakeur


>.> Who should we rather listen to then?

I just see the mention of the possibility of bank holidays as another signpost in the road of our new depression. The fact that it was allowed to air I feel was enough to make it noteworthy for debate.

Originally posted by Crakeur
your basing your theory of how a democratic adminsitration will act on the rantings of a crazy out of work actress, a republican and a canadian rich guy dumb enough to fall for madoff's scam?

Haha... good point. I, for one, think it's definitely a possibility though. I also think if it does happen, to quote Sir Solomon (above) "it will be a psychological bullet to the head."

I'm not saying we should (or should not) listen to anyone.

I merely pointing out that three people on a talk show should not be deemed as speaking on behalf of an administration they don't work with.

Is it possible? absolutely. So are many other things but, until they happen, they are nothing more than theories and possibilities being discussed by people NOT making the decisions.

Joanie Cunningham? How did she even get there? Was Chachi busy?

we are talking about a different Erin Moran, right? Not the one who was drunk and humiliating herself on Celeb Fit Club, right?

check tmz and get back to us on this confirmation.

reply to post by Crakeur


Erin Burnett


way different

www.cnbc.com...

i know one thing, i am NOT taking any financial advice from anyone involved with the show "joanie loves chachi"

reply to post by Sir Solomon


Man, I suddenly felt real old when I read your post refering to 9-11 with a tone treating it as something that happened "back in the day" when you were in high school. Just think, the typical freshman entering college now was what, ten or eleven when it happened? It must seem like ancient history to them, like the man walking on the moon or something. Meanwhile the older and fogey-er you are, the more it seems like something that happened just yesterday, almost still in the "current events" category.

Time sure does fly.

A nbank and market holiday is exactly what we need. We need time to figure out exactly what banks own and who they own. The financials should not even be trading giving the lack of information we have about them. The market needs to be closed until we can put in new regulations to ensure that certian deep pockets cannot manipulate them and that the settlement on each stock is accounted for properly. I have a bad feeling that the street is short 200-300% of all shares in existence. That means that investors own 300-400% of shares outstanding. Meaning that there is huge supply demand inbalance, which of course will send the markets downward. It also wouldn't suprise me if the value of all retirement accounts & pensions is greater than the total market value itself.

I think the street has abused the system so widely that when this is over there will be no more shorting of stocks allowed. After all most americans stock positions are in retirement accounts where you are not allowed to short, thus they start from an uneven position from day one. Shorting is suppose "too risky" for retirment accounts. How about the risk that shorters present to these accounts. Every debate I have ever had about short selling i get a retort that the "stocks would have gone there anyways". If that is the case then what purpose do short sellers actually serve?

Originally posted by Crakeur
your basing your theory of how a democratic adminsitration will act on the rantings of a crazy out of work actress, a republican and a canadian rich guy dumb enough to fall for madoff's scam?

Absolutely astute observation. Some people just don't consider the source *cough* geraldo *cough* rivera *cough* sensationalist *cough*.

Always consider the source.

[Edit] Oops I need to follow that advise too. =)

[edit on 3·8·09 by DrMattMaddix]

reply to post by windwaker


I'm not sure that this isn't being offered more from the republican side that the obama administration. But my question is do we need it and is this the right time? Back then there was about a 30 day run on the banks that we really aren't seeing now. Very interesting to see what the effect of that would be today though. I think it would be minor at least as of now.

How would the other global markets react to a Bank Holiday,

If NY takes a week off, the market could be dead before they show up for work in a week

Laugh if you will but believe it or not a great way to stimulate the economy is by scaring people into thinking there will be a bank holiday!

Dry and durable goods sales would increase, so would some electronics, hunting and fishing stores, military surplus stores, hardware stores, grocery stores and others as people tried to prepare for what ever their budget, time and particular level of paranoia and response would all for.

That they might actually close the banks too…possible? Here is a way to beat the Mexican Drug Cartels and most black market economy endeavors, a cashless society where all exchanges are only through preauthorized electronic funds transfers. Every last form of transaction would just be a computer entry.

Talk about control. It might be coming. I might have even figured out why! That would be cause for a holiday in and of itself! I think?

reply to post by silent thunder


Ouch, I hadn't even realized that I'd had that tone. But we use the experiences we have to equate what are gong to experience, and for most of us in college or just about to enter into it, 9/11 is the moment that defined our transition from being blind to the world to being able to see.

And you know, I got to thinking about what some of you have been saying about how the market as a whole would crash before markets reopened a week later. I'm going to throw out a wild idea and just see what happens.

Imagine it, the G20 standing together, each speaking in their own tongue a copy of the same document which has been sent to the broadcasters whom is airing this moment. The point of this speech is to announce a global shutdown of all banking and market systems in order to restructure regulations and insure that the major banks are stable.

Back to the real world. There have been many calls for major global banking reform (Gordon Brown I think was the big kahuna on that one), and by putting a freeze on everything, you've got the entire world by the pants and everyone will listen. Of course if this happens some countries currency may be found to be "insolvent" and be merged with others over a planned period of time, but that's an even more radical idea I just had.

Bank Holidays, if implemented will not be a single nation thing, having had time to think about this issue I'm convinced of this. It will either be all the major financial powers as one, or none at all for that very fact that markets are still going after we are closed for business.

Originally posted by ProtoplasmicTraveler
Laugh if you will but believe it or not a great way to stimulate the economy is by scaring people into thinking there will be a bank holiday!

Dry and durable goods sales would increase, so would some electronics, hunting and fishing stores, military surplus stores, hardware stores, grocery stores and others as people tried to prepare for what ever their budget, time and particular level of paranoia and response would all for.

That they might actually close the banks too…possible? Here is a way to beat the Mexican Drug Cartels and most black market economy endeavors, a cashless society where all exchanges are only through preauthorized electronic funds transfers. Every last form of transaction would just be a computer entry.

Talk about control. It might be coming. I might have even figured out why! That would be cause for a holiday in and of itself! I think?

Cashless society..... Here mr John Doe, this little chip in your arm lets you access your credits

reply to post by Sir Solomon


you just described the NWO, all acting as one