Remarks From Remarksman

April 10, 2009

NPR Reporting Continues To Disappoint

Filed under: Uncategorized — BrianB @ 3:35 pm
Tags: , , ,

I heard this story about how the banks that are still in business are whining about big increases in the FDIC premiums they must pay on NPR this morning.

I kept waiting to hear as the story neared its end that many banks have not been paying any premium for the past ten years. The Boston Globe has a story that explains the situation with much more context.

Instead of providing the important historical information, the NPR story interviews a bank manager who says:

“We were very angry that we were paying for the sins of others,” Marranca says. “Obviously, the cost of this was because other people were doing silly, imprudent, criminal things. We never got involved in subprime loans. We would never do a loan with no documentation. We didn’t cause this problem. Imagine if you had to pay for your neighbor, or your competitor screwed up somehow, and you had to pay for it.”

Then the reporter makes this lame joke:

Yes, taxpayers, close your eyes and try to picture a scenario where you pay for the mistakes of others.

Bank managers whining about increased premiums that will cut into their profits really does seem lame in the face of the massive debt incurred by the government bailout that taxpayers will have to pay off. But the NPR story doesn’t even mention that this is the way insurance works! When hurricanes or other natural disasters destroy lots of property, our State Farm/Generic Brand Insurance rates go up.

Thanks for nothing on this story, NPR!

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