Ralph Nader Was Right (Again)

Editor's note: The following is an excerpt from a press release from the Nader campaign.

In a letter to Congress on July 23, 2008, Ralph Nader warned that the federal government's bank insurance fund may be insufficient to handle the developing crisis in the banking industry.

The day after Ralph sent out his warning, he was ridiculed in Congress.

One member, Spencer Bachus, at a Congressional hearing, mentioned Ralph's letter and said point blank "Our banks are well capitalized, our deposit insurance fund is sound. There's absolutely no factual basis for saying that there's not money there to pay."

Fast forward to September 17, 2008, today, less than two months after Ralph sent his letter.

And now we have an Associated Press story, featured prominently right now on the Drudge Report, with the headline "Federal bank insurance fund dwindling."

Here's the opening sentence from the AP report today: