FDIC chair: “”The blogs were a bit out of control”

Sheila Bair, FDIC chair, promises to keep a better watch over those pesky bloggers claiming that bloggers  spread misinformation about the IndyMac collapse something which, y’know, could panic people. The “misinformation” in question was factual reports of people standing in line at banks. Goodness, the FDIC can’t have people reporting the truth, now can they?

She concluded her remarks with a Happy Smiley Face report that all is and will continue to be well, and to just ignore minor speed bumps like major financial institutions collapsing because, darn it, everything really is just peachy keen.

From Mish.

When I first saw the headline “The FDIC plans to pay closer attention to the blogosphere” I thought, WOW the FDIC is going to watch the only people that have called the housing bubble and banking problems accurately: blogs.

Indeed, blogs like Mish’s, Calculated Risk, and Naked Capitalism, to name just a few, have reported accurately and early what was happening as the subprime debacle spread. They’ve been way ahead of mainstream media on this.