In a sweet farewell line up to bancorp and IndyMac, Californians send a clear message, we want our money enough is enough.
Pick and IndyMac branch and head down if you want to get some nice crowd shots. Hundreds of people began lining up five hours before the regulator seized bank opened Monday morning.
The bank, now in the hands of the Federal Deposit Insurance Corp after customers withdrew $1.3 billion over the previous 11 days. But this banks were already collapsing, the bank run was just the final straw.
But unlike bank runs of previous decades this time people aren't doing it because they are afraid of financial collapse they are doing it because they understand now that the Fed is a complete failure. It is a failure in regulating the banking industry, it is a failure because it is run by the banking industry and most certainly it's a public relations disaster.
Far from being able to stabilize financial markets, it's further eroded American confidence by bailing out the top percentile and trusting them to filter this stability to the foundation. If the foundation gives the structure will fall.
Californians are sending a clear message to Bernanke, Paulson and the FDIC, you are not trusted.
Pick and IndyMac branch and head down if you want to get some nice crowd shots. Hundreds of people began lining up five hours before the regulator seized bank opened Monday morning.
The bank, now in the hands of the Federal Deposit Insurance Corp after customers withdrew $1.3 billion over the previous 11 days. But this banks were already collapsing, the bank run was just the final straw.
But unlike bank runs of previous decades this time people aren't doing it because they are afraid of financial collapse they are doing it because they understand now that the Fed is a complete failure. It is a failure in regulating the banking industry, it is a failure because it is run by the banking industry and most certainly it's a public relations disaster.
Far from being able to stabilize financial markets, it's further eroded American confidence by bailing out the top percentile and trusting them to filter this stability to the foundation. If the foundation gives the structure will fall.
Californians are sending a clear message to Bernanke, Paulson and the FDIC, you are not trusted.
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1 comment:
Now that IndyMac is the first of many banks to fail, I think we're going to see a lot more banks, not only close for the weekend, but close for good and go bankrupt. Rumors talk about 90+ banks, I think that's a little exaggerated, but very well possible. I would guesstimate around 30+ banks will close shop.
I'm an investor in the stock market and have started to build a position in Bank of America. One of the few 500 lb. gorillas left in the room. Every dip, I pick up more shares. I don't think there going anywhere, but you never know. Investments are all risky.
I never thought I would see this happen here in the USA, but here we are....let's all cross our fingers.
petes2cents.com
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