90 Miles From Tyranny : OKAY, NOW YOU CAN PANIC: Harvard Economist Withdraws All of His Money from Bank of America

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Sunday, February 2, 2014

OKAY, NOW YOU CAN PANIC: Harvard Economist Withdraws All of His Money from Bank of America

Terry Burnham, former Harvard economics professor, author of “Mean Genes” and “Mean Markets and Lizard Brains,” provocative poster on this page and long-time critic of the Federal Reserve, argues that the Fed’s efforts to strengthen America’s banks have perversely weakened them.

Last week I had over $1,000,000 in a checking account at Bank of America. Next week, I will have $10,000.

Why am I getting in line to take my money out of Bank of America? Because of Ben Bernanke and Janet Yellen, who officially begins her term as chairwoman on Feb. 1.

Before I explain, let me disclose that I have been a stopped clock of criticism of the Federal Reserve for half a decade. That’s because I believe that when the Fed intervenes in markets...read the rest HERE

2 comments:

B said...

I call bullshit.

No one keeps a million bucks in a CHECKING account.

they invest it, they buy CD's etc.

Mike Miles said...

Hmmm... maybe there is a girl he is trying to date and was trying to impress her with stories of cold, hard cash...