Campbell Brown, host of CNN’s “No Bias, No Bull,” must not listen to the news she reports. They may need to change the name of her program to “No Listen, No Learn.”
Brown delivered the following commentary on her “Cutting Through the Bull” segment on Monday night:
“As we focus on your money this week,” Brown said, “we think it’s important to remember one area that should not be a source of panic, the Federal Deposit Insurance Corporation, better known as the FDIC.”
“That’s the government agency created during the height of the Great Depression, now fully insuring your assets for up to $250,000 at every FDIC insured bank or savings and loan you put your money in.”
Hold on just a second, Campbell. The following story was reported on Sunday, the day before your commentary:
“The head of the Federal Deposit Insurance Corp. has warned that the fund insuring Americans’ bank deposits could be wiped out this year without the money the agency is seeking in new fees from U.S. banks and thrifts.”
“‘We also recognize that assessments reduce the funds that banks can lend in their communities to help revitalize the economy,’ (FDIC Chairman Sheila) Bair wrote. But given the accelerating bank failures that have been depleting the deposit insurance fund, she said, it ‘could become insolvent this year.’”
In summary, your money is safe. Unless your money isn’t safe.
And Campbell Brown is right. Unless Campbell Brown is wrong.
Source: Clevalnd Palin Dealer
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