Cops to IndyMac Customers: Remain Calm or Face Arrest
July 16th, 2008I would not assume that the banking situation will continue to unwind in an orderly manner.
If the herd begins to smell trouble, it will move with astonishing speed and ferocity. Don’t get caught trying to move your money to the exit as millions of zombies attempt to do the same thing.
—EMERGENCY: U.S. GOVERNMENT TO TAKE “UNLIMITED STAKES” IN FANNIE AND FREDDIE
Many eggs. Many baskets. Many countries. Many currencies. Many sectors. Many types of assets.
Via: Daily News:
Police ordered angry customers lined up outside an IndyMac Bank branch to remain calm or face arrest Tuesday as they tried to pull their money on the second day of the failed institution’s federal takeover.
At least three police squad cars showed up early Tuesday as tensions rose outside the San Fernando Valley branch of Pasadena-based IndyMac.
Federal regulators seized Pasadena-based IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC.
Worried customers with deposits in excess of insured limits flooded IndyMac Bank branches on Monday, demanding to withdraw as much money as they could or get answers about the fate of their funds.
When it was clear some wouldn’t get in before closing, FDIC employees apparently took down names and told them to return Tuesday.
Other customers began lining up at 1:30 a.m. Tuesday, and by dawn, tensions escalated because people on the list were getting priority.
By 8 a.m., about 50 people on the list waited in one line and many more waited in another.
Five people were allowed in at a time.
Customers became infuriated, and police told them they could be arrested if they didn’t remain calm.
Police stood by at some other branches around Southern California but there were no other reports of problems.
I don’t know about the rest of ya’ll but I’ve had to medicate myself to a serious degree with red wine, and when that ran out Sauvignon Blanc thanks to Francis Coppola circa 2005 and 2 tablespoons of B vitamins the last couple of days. “Yoi, yoi, yoi, Shigger as a goi,” was one of my dad’s sayings. I think that means my, my, my, I am as drunk as a little boy (but I’m a shiska. Ha.)
Once upon a time about 24 hours ago, I thought that I could transform my tax deferred savings account to an IRA and I was all ready to put it in silver and gold, and then I read the fine print. I have to retire before I can do that.
So I guess I’m screwed to about the tune of, well, lets say more than I will make per year for ten years.
But sheesh, dollars really LOOK LIKE SHIT RIGHT NOW.
The pensions of millions invested in the U.S. stock market have lost their value by 11% or more in the last month. And I can betcha, lots of ‘managed’ pension funds had Freddie and Fannie in their portfolio.
I look for an exestential crisis in millions of people who have previously been blase about their retirement accounts.
I say yippee! Its about time!
There is not one person I know with investments that I haven’t discussed the major issues with, so I feel pretty clean right now.
On another topic:
I don’t know how to react to the FACT that all that we have talked about on this website for the last year or so (since I started reading) is coming to fruition. I guess I just want to acknowledge that FACT.
The issues: well I’m holding Cryptogon and Farmlet as one in my mind – I can’t really separate.
BUT: I am looking at the sidebar to the right, and I am thrilled to see the biggest long line of contributions ever seen by me on this website. I personally feel enriched that so many sent contributions.
Kevin, Becky and Owen are a large portion of my guiding lights. I don’t want to scare them by writing that, but I think it is scary to be a person who is ahead of the times; the curve; the tilt of this swiftly changing planet.
I’ve got to go rock a bye baby.