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Run and take out your money

July 15th, 2008 at 07:57 pm

Just throwing gas on a fire and getting everyone all riled up into a needless frenzy. I say hysteria and chaos is the way to go. It's more newsworthy.

So

Text is LA Times and Link is http://search.latimes.com/search?entqr=3&access=p&getfields=thumbnail_small.author.pubdate&entsp=0&output=xml_no_dtd&ie=UTF-8&client=latimes&q=IndyMac&ud=1&site=default_collection&oe=UTF-8&proxystylesheet=latimes&ip=216.52.228.1&sort=date%3AD%3AS%3Ad1
LA Times has multiple updates everyday in regards the events involving IndyMac Bank. Though with FDIC in place, I am sure it is hard not to panic and let the insurance claims get your money back but who really wants to go through that process. Wouldn't it be better to just get your money while you can rather than dip into the FDIC pool. There are numerous reports of police being called to watch over these lines as people go get their money. Just last week, people were lining up to drop a few bills on the latest iPhone and now people are lineup up go get their life savings. All this news has been intriguing to ignore.

Posted in Consumers | 4 Comments »

4 Responses to “Run and take out your money”

  1. disneysteve Says:
    July 15th, 2008 at 08:11 pm 1216152685
    1216152685

    Our account is with BoA. I think if they fail, we'll all have a lot more to worry about than the few thousand in our checking account.

  2. merch Says:
    July 15th, 2008 at 08:37 pm 1216154244
    1216154244

    As I have been commenting, how did the S&L crisis hurt you?

    Currently, the FIDC is looking at 90 banks across the country. Analysts predict it could be as high as 150. This is very small number compared to 747 S&Ls that failed.

    Also, since the late 80s, banks are more capitalized (that's why you hear of Lehman and Citi raising capital) and banks have been paying higher preimiums to FIDC for insurance.

  3. Broken Arrow Says:
    July 16th, 2008 at 12:55 am 1216169728
    1216169728

    You know, in a way I agree!

    I recently read an article that muses that perhaps because there is NOT enough panic in the markets, it's not causing a normal, abrupt rebound that we've seen in the past. Rather, it seems to be dragging itself out.

  4. gamecock43 Says:
    September 13th, 2008 at 01:48 am 1221270522
    1221270522

    hahaha...thats a pretty firey statement you started that posting with.

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