This page has been archived and commenting is disabled.

Multiple Choice Trick Question of the Day: Sheila Bair A) Does or B) Doesn’t Believe 500 Banks Will Fail

Benjamin N. Dover III's picture





 

According to Senator Jim Bunning of Kentucky, Bair told lawmakers at a private meeting on July 16 that 500 more banks are at risk of failure “unless something dramatic” happens. An FDIC spokesperson, though, quickly denied that Bair ever made the remark, claiming that Bair gave “no estimate” of the number of anticipated bank failures. (See: http://www.bloomberg.com/apps/news?pid=20601103&sid=a8SeuFzxr6I8)

While Tyler, Marla and this blog's other naysayers were busy stroking each other’s negativism with yellow dishwashing gloves, this important positive economic news went practically unreported unblogged at Zero Intelligence for more than a week.  Why?  Because as a healthy manifestation of the creative destruction of capitalism, the hundreds of upcoming bank failures don’t comport with ZI’s glass-entirely-empty perspective.  As more banks are destroyed, more opportunities are created for the offshore arms of private equity firms to recapitalize the banks and flip them for a quick profit – the essence of capitalism in the public interest.  Ergo, the more banks that fail, the healthier our financial system is. Savvy investors realize this, which is why the price of Direxion’s 3X Financial Bull ETF (FAS) has skyrocketed recently from $8 to over $51 (reverse 1:5 split, schmeverse 1:5 split). 

ZI, is it any wonder you don't matter to CNBC?

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 07/24/2009 - 15:06 | Link to Comment Artemis
Artemis's picture

Ben Dover - Pleased to see your name pop up on ZH....wondering where you went.  Looking forward to more of your satirical genius.

Fri, 07/24/2009 - 10:00 | Link to Comment BoeingSpaceliner797
BoeingSpaceliner797's picture

Satire.  Bravo Tyler!

Fri, 07/24/2009 - 09:41 | Link to Comment Ben_the_Bald
Ben_the_Bald's picture

That was not me.

Fri, 07/24/2009 - 09:32 | Link to Comment Veteran
Veteran's picture

Glad to see the inimitable Ben Dover contributing to ZH, (can't get into the ZI thing, even though I bought the damn shirt). 

 

 

Fri, 07/24/2009 - 08:50 | Link to Comment brandy night rocks
brandy night rocks's picture

Fuck this site AND its cadre of perma-bulls!

Fri, 07/24/2009 - 09:49 | Link to Comment Anonymous
Fri, 07/24/2009 - 08:30 | Link to Comment Tyler Durden
Tyler Durden's picture

For all confused about the basis/nature/sarcasm content of this article, Zero Hedge would like to welcome Ben Dover to the contributor pool.

Fri, 07/24/2009 - 08:40 | Link to Comment Anonymous
Fri, 07/24/2009 - 08:36 | Link to Comment lizzy36
lizzy36's picture

should have let it run all day.

do we get a bio on ben dover (in video)?

Fri, 07/24/2009 - 08:35 | Link to Comment Dixie Normous
Dixie Normous's picture

You blew it.  Should have let it run all day.

Fri, 07/24/2009 - 08:03 | Link to Comment Anonymous
Fri, 07/24/2009 - 08:35 | Link to Comment lizzy36
lizzy36's picture

Sweetheart, an important skill set in life is recognizing sarcasm. 

His name (google ben dover) might have been the tip off. 

Fri, 07/24/2009 - 09:50 | Link to Comment Anonymous
Fri, 07/24/2009 - 07:32 | Link to Comment Anonymous
Fri, 07/24/2009 - 10:20 | Link to Comment Jim_Rockford
Jim_Rockford's picture

Anon #13835 - you rock dude.  Tyler, send the brother a ZI shirt.  He earned it!

Fri, 07/24/2009 - 08:06 | Link to Comment Anonymous
Fri, 07/24/2009 - 07:59 | Link to Comment Anonymous
Fri, 07/24/2009 - 09:47 | Link to Comment Anonymous
Fri, 07/24/2009 - 11:46 | Link to Comment texpat
texpat's picture

I think I heard a sonic boom.

Fri, 07/24/2009 - 07:36 | Link to Comment Gilgamesh
Gilgamesh's picture

woosh...

Fri, 07/24/2009 - 09:32 | Link to Comment Gilgamesh
Gilgamesh's picture

After I got in the car, I almost turned around and came back to delete the 'whoosh' comment in hopes that this would go on all day - with how many not knowing who was generally outraged at the topic, and who was playing along.

Fri, 07/24/2009 - 07:58 | Link to Comment FischerBlack
FischerBlack's picture

Right over his head...

Fri, 07/24/2009 - 09:02 | Link to Comment Cindy_Dies_In_T...
Cindy_Dies_In_The_End's picture

Picard Facepalm

Fri, 07/24/2009 - 06:53 | Link to Comment Anonymous
Fri, 07/24/2009 - 06:33 | Link to Comment Anonymous
Fri, 07/24/2009 - 07:29 | Link to Comment Dixie Normous
Dixie Normous's picture

Exactly, the guy on Bloomberg this morning was absolutely giddy that more S&P 500 companies have beaten estimates than ever before in history.

What a tool.

Fri, 07/24/2009 - 02:49 | Link to Comment Anonymous
Fri, 07/24/2009 - 02:20 | Link to Comment Anonymous
Fri, 07/24/2009 - 03:20 | Link to Comment Miles Kendig
Miles Kendig's picture

500b @ 15:1 get you the money needed to take care of ECB/CCE, CMBS and next wave global infection with the assistance of an PRN 550b currency swap line and QE stop loss at 4%.... BTW, the discussions between Bair & Dodd on this started in the time before TARP.

Fri, 07/24/2009 - 13:40 | Link to Comment Anonymous
Fri, 07/24/2009 - 02:13 | Link to Comment Anonymous
Do NOT follow this link or you will be banned from the site!