- Banned
- #41
In the military we were REQUIRED to get direct deposit on our pay checks. Have to have a bank account for that. (said too many sailors were getting rolled after payday)One prominent investor says he foresees this regulation on the horizon...
Hendry said that he could imagine the instatement of a new regulation that might prevent people from withdrawing their money.
“My fear -- and I do not say this lightly -- given the present peril with regard to the magnitude of losses on security portfolios held within predominantly the regional banks, you have to cast your mind back to 1934 and the Gold Reserve Act,” Hendry said. “I can actually conceive of a federal or treasury rule coming in and saying ‘for the next 180 days, you can’t pull your money out of the banking sector.’”
From a certain perspective I can see the utility of this kind of regulation. People are panicky...and just rumors of a collapse can become self fulfilling prophecy...
On the other hand...seems awfully authoritarian...
What are your thoughts?