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bank collapse
What are "the markets" looking like today?
That's Lehman and the whole banking industry there. Say buh-bye to any all of what's left of the US as an economic power. Am afraid though, the Wicked Witch is not dead yet and that we will need to go through way more pain than mere melting away.
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. read more »
On This Day
