Yet Another Unconventional Stimulus

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Yet another unconventional stimulus for the U.S. economy.  In November, 2010 I wrote about economic stimulus from unlikely sources.  Those included people who are not paying their mortgages ($2.6 billion per month), bad management, and the Microsoft Kinect.  Recently another item caught my attention.

According to Reuters, Ronald Page of Detroit was able to withdraw $1.5 million from his checking account via ATM. This despite maintaining an actual balance of about $100. Apparently the Bank of America ATM dispensed hundreds of thousands of dollars at every withdrawal. Missed it by that much! ($1 to Maxwell Smart)

Mr. Page, being a good U.S. citizen, gambled the money away.  That’s $1.5 million in additional spending!  Mr. Page copped a plea and faces 15 months in prison.  He should get a medal from President Obama instead.

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About Tony Lima

Retired after teaching economics at California State Univ., East Bay (Hayward, CA). Ph.D., economics, Stanford. Also taught MBA finance at the California University of Management and Technology. Occasionally take on a consulting project if it's interesting. Other interests include wine and technology.