Still waiting for a bank/financial services holiday.

With less than 3 weeks until the beginning of the Obama administration I renew my request, as stated in my blog unlikelybanter.blogspot.com in March and October, for a national bank holiday. Our nation would benefit immediately from an even broader bank/financial services holiday than the one FDR imposed in March of 1933.

Students of US history know that Roosevelt's dramatic action, which started the FDIC (auditing the books and insuring deposits of banks) effectively saved the banking system. Consumer banking along with the economy as a whole was teetering on collapse at the end of Hoovers administration. FDR's dramatic action arguably saved the US economy and the capitalist system.

It should be noted that the circumstances are somewhat different in 2009. The real crisis is not so much in the banks as it is in all the other financial institutions that act some what like banks; but for sake of escaping regulatory oversight aren't considered banks. Its time, with the collapse of Madoff's fund and Petter's investment scheme, that all investment funds have their books opened to a more powerful SEC. Its time for to shutter the doors, just like FDR did with banks in 1933, until regulators are clear about the basis for each fund.

published simulatneously at newsvine.