Thanks for the tips, Sheila Bair!
Thursday, March 3, 2011 at 8:12PM I just arrived in Mexico City, staying the night here before moving on to Toronto, tomorrow, for the PDAC conference.
Mexico City can be quite cold and rainy as it is at such high altitude, but today was a perfect day. 80F (27C) and sunny.
I am staying in the beautiful Polanco area. Polanco always reminds me of Beverly Hills. I used to live in Santa Monica and often went into Beverly Hills for lunch or dinner and Polanco is like a Mexican version of Beverly Hills. Very, very upscale. Every second car is a chauffered vehicle. And some of the best restaurants in the world.
I have had the pleasure of knowing a few of the actresses from some of the top Telenovelas (soap operas) in Mexico (which are unbelievably popular not only here but across the Spanish speaking world) and going out here is also like going out in Beverly Hills... you see all the TV and movie stars out and about.
I had been enjoying my day quite thoroughly and then somehow I stumbled across this video from Sheila Bair, the Chairman of the Federal Deposit Insurance Corporation (FDIC). Boy, she can really take a smile off of someone's face!
First, do American tax payers realize they are paying to have these videos made? Seriously. If you break it down to its most basic level it is a ludicrous concept. Basically the government is saying the following: "Give us your money" (in taxes) and if you were to ask what they were going to do with it, one of their answers would be the following:
We're going to make some videos from time to time. The videos will be completely hypocritical because the government hasn't saved even a penny since 1960 and the FDIC itself is already completely bankrupt, several times over. But, in the video, we are going to put this smarmy, unbecoming woman who will talk to you like you are a child and tell you that it is tough shakes you are so down on your luck (you being everyone in the US) and maybe you should take a sandwich in to work instead of eating out or you should fore-go some snacks to try to save a few dollars so you can deposit it into Sheila Bair's bankrupt banking system.
The kicker comes near the end, where Sheila babbles, "Now here is what's amazing, put $10 per week into a savings account and even if it only earns 1% interest you will have more than $2,600 in five years!"
Wow, Sheila! That is amazing! I would never have thought that $10 x 52 weeks per year x 5 = $2,600. That's the power of multiplication! Want to hear something else amazing, Sheila? If you put $100 per year into a savings account and did that for 1,000 years, you would have $100,000! It's a-m-a-z-i-n-g!
Sheila doesn't bother to mention that $2,600, five years from now, will likely buy you the ketchup packet for your french fries at McDonalds, but maybe that's for another instructive video in the future from the amazing Sheila!
With gold and silver hitting all-time highs yet again we think we'll keep our savings in the free market monetary system for now, Sheila. Thanks anyways!
Reader Comments (3)
Wow - 11.5K after 20 years on 10.5K saved - what a deal. FAIL....
Why don't you give that same advice to our ''leader'' to do with ''our money'' collected as taxes? he needs your advice more then us, Shelia! Maybe he should pack a lunch rather then spend a grand or so of our money for his.
What is up with the way that bitch can't keep her fucking head straight. Her head is bobbing and swaying side to side like Ray Charles. Jeff you hit the nail, Bair is one unbecoming woman. She looks like a Lunchroom Lady. How did society degrade to a point where someone like this could have a position of power? I think the answer is probably complex: lots of mercury, flouride, pharmaceuticals, "bad" street drugs, destruction of the family unit, lots of TV, and a media complex that would make Pravda proud.