Grady Means is a former advisor to Vice President Nelson Rockefeller, a former economist at the U.S. Department of Health, Education and Welfare, and has managed multi-billion dollar firms over his career. Back in October of 2012 Means penned a commentary and analysis for the Washington Times in which he noted that “America’s fall will take global economies with it.
Former Harvard Professor of Economics Terry Burnham fears starting a “run” on Bank of America after he made public his decision to withdraw $1 million dollars from his checking account as a protest against Federal Reserve head, Janet Yellen. In addition, he points out that the FDIC, which guarantees to insure deposits up to $250,000, only has about $41 billion in reserve against $6 trillion in insured deposits.
Burnham’s words are sure to send a chill through markets already beset with paranoia following a drop of 1000 points on the Dow Jones since its height in December.