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FDIC Chairwoman Sheila Bair was on CNBC tonight answering questions from Erin Burnet, crazy Jim Cramer, and an audio in a town hall style meeting. Here's what she had to say.

Bank of America CEO Ken Lewis says that Merrill Lynch and Countrywide are things of beauty and that they will become major profit centers over the next year. Ex BofA CEOs Hugh McColl and Thomas Storrs defend the acquisition. I prefer the market verdict - over $40 billion in government funds and a stock price of $4.

Regal Financial, a community bank based in Seattle, WA is offering a 12 month CD for 4% APY.

A "select" number of American Express customers are being offered $300 to close their accounts. How can you become such a customer?

Aside from being completely awol, Geithner is obviously indecisive.

The problem is now that the entire economy dried up in January. Everything stopped.

The charts are scary and this is unprecedented, but it is real and it is happening.

Stock dividends account for 70% of after tax income since 1900 after inflation. So when dividends get cut, equities don't look nearly as attractive as bonds.

A year after the collapse of the auction rate security market, investors are still stuck in an estimated $176 billion of the securities, despite regulators forcing banks to buy back up to $50 billion.

The current scenario is becoming one that would have been unimaginable to many even as recently as October. In so many ways, it is much worse than the Great Depression.

I've written on this site for many months that GE is the ultimate unknowable stock and people should get out. Did you?

When you include the impact of inflation, savings account rates today are actually yielding more than they were one year ago. Inflation is the scourge of savers but deflation is the friend of those who hold cash.

The news that Certificates of Deposit sold by Stanford International Bank highlights the importance of making sure the bank you deposit money into is FDIC insured and regulated.

Geithner is a very hard guy to understand. He may also be clinically disabled. It is made far more difficult to understand him by his most unusual speaking mannerisms. He speaks with his hands; his words just interpret the motions of his hands. It is unlike anything I have ever seen.