Financial Woes

Arcángel · #1 (**permalink**) 07-15-2008, 07:48 AM

So as I was flipping around the Internet radio dial today and I tuned into NewsRadio KNX 1070 in California. Looks as if they have one hell of a bank crisis there.

First, the story from KNX 1070's latest breaking news.

Angry Mob at Encino IndyMac
Police have been called in to tame an angry throng of IndyMac Bank customers trying to pull money out of the Encino branch on Day 2 of a federal bank takeover.

At least three police squad cars showed up early Tuesday as tensions got heated outside the San Fernando Valley branch of Pasadena-based IndyMac.

Federal regulators seized Pasadena-based IndyMac on Friday and they opened yesterday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC.

And now, KNX Business Hour 7.14.2008
KNX - KNX Business Hour 7.14.2008

Now, taking all of this into account, the fed is still saying that our financial system is "basically sound". What do you think?

**Opunaya** · 07-15-2008, 08:18 AM

Some blame needs to go with that Senator that released the letters, the bank might've been able to pull through this, but he caused a panic, which basically became a self-fulling prophecy causing the bank to plummet even further.

Arcángel · 07-15-2008, 08:29 AM

I can definitely agree with you. Its a lot like the doctor telling you that you have a terminal disease and that you have a certain amount to live.

But, recovering from the slight veer-off, I closed my account at Bank of America about 4 years ago after a shitload of charges that I disputed. I was going to re-open at another bank around Brooklyn or Queens but after hearing this, I'm kind of hesitating now.

**Opunaya** · 07-15-2008, 08:33 AM

Well, remember, your money up to 100 grand is federally insured, so you should be fine, right?

Arcángel · 07-15-2008, 08:37 AM

I suppose. I'm just still real weary about it though. I'll continue looking around.

**Brother of Yeshua** · 07-15-2008, 08:42 AM

Quote:

Originally Posted by Opunaya

Well, remember, your money up to 100 grand is federally insured, so you should be fine, right?

Unless somehow there wasn't as much money as everyone said there was in circulation...like...from.....you know.....poor monetary policy or something.

Phew! Good thing we don't have to worry about that in America.

Arcángel · 07-15-2008, 08:54 AM

Yea, that wouldn't happen around here... >.>..

**Opunaya** · 07-15-2008, 08:59 AM

Quote:

Originally Posted by Brother of Yeshua

Unless somehow there wasn't as much money as everyone said there was in circulation...like...from.....you know.....poor monetary policy or something.

Phew! Good thing we don't have to worry about that in America.

Then I would resort to looting from government offices until I had been compensated.