MJ DeMarco
I followed the science; all I found was money.
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I heard a commercial on the radio today that disturbed me. For most people, I'd think they wouldn't think twice about it, but I did.
Guess who the commercial was for?
It was radio commercial for the Federal Deposit Insurance Corporation, or the FDIC. It was an institutional ad that raved about the "safety" of your bank deposits.
Now take a moment and think about this. The FDIC is near bankrupt and this is the FIRST TIME I'VE EVER HEARD THEM ADVERTISING.
So think about the corporate implications of this. Why advertise? As FDIC executives sat in the boardroom, who thought "advertising" was warranted and WHY? I can hear the FDIC executive
FDIC Exec #1:"Guys, the FDIC is nearly insolvent, we need to improve deposits or we are going to have a total financial meltdown ... how can we attract more money to stave off insolvency?"
FDIC Exec #2: "Lets do a massive institutional ad campaign raving about the safety of bank deposits"
FDIC Exec #1: "Great idea"
This scares me and reminds me of the ad campaigns I heard for Washington Mutual just weeks before they went insolvent.
Remember, advertising is done to serve certain objectives ... what is the FDIC's objective? To avoid insolvency? And to add mud to the pigpen, Slowlane poster child Suze Orman is now advocating putting money in banks VS shoeboxes.
All of this makes me want to have all my money out of the banks.
Guess who the commercial was for?
It was radio commercial for the Federal Deposit Insurance Corporation, or the FDIC. It was an institutional ad that raved about the "safety" of your bank deposits.
Now take a moment and think about this. The FDIC is near bankrupt and this is the FIRST TIME I'VE EVER HEARD THEM ADVERTISING.
So think about the corporate implications of this. Why advertise? As FDIC executives sat in the boardroom, who thought "advertising" was warranted and WHY? I can hear the FDIC executive
FDIC Exec #1:"Guys, the FDIC is nearly insolvent, we need to improve deposits or we are going to have a total financial meltdown ... how can we attract more money to stave off insolvency?"
FDIC Exec #2: "Lets do a massive institutional ad campaign raving about the safety of bank deposits"
FDIC Exec #1: "Great idea"
This scares me and reminds me of the ad campaigns I heard for Washington Mutual just weeks before they went insolvent.
Remember, advertising is done to serve certain objectives ... what is the FDIC's objective? To avoid insolvency? And to add mud to the pigpen, Slowlane poster child Suze Orman is now advocating putting money in banks VS shoeboxes.
All of this makes me want to have all my money out of the banks.
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