Bank Collapse
It Begins: My Brother Witnessed a Run on a Bank
Got a message from my brother. He saw the run on the IndyMac Bank in Duarte, California.
Let me introduce this with dueling headlines. From the Pasadena Star-News:
IndyMac appears close to collapse: US regulators may not be ready to protect bank
And from the LA Times:
IndyMac denies that it's close to collapse: "Depositors have been pulling money from the Pasadena-based thrift, whose share price is down 90% this year."
Today, my brother saw a crowd at the Duarte IndyMac Bank desperately trying to get their savings out. Many elderly people were claiming that they are being offered dollar for dollar on the first $100,000...after that only fifty cents on the dollar.
Bank Collapse | economic collapse | Republican Faillure | George Bush | John McCain | Republican Party
