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.

This, my friends, was the result of the Harding/Coolidge/Hoover economy...and it is the result of the Bush/McCain economy. Economic collapse. Let us desperately hope that this will be a fairly isolated occurance. Collapse now won't be the same as the Great Depression. I do not forsee food and fuel prices declining, so this time around we aren't going to see cheap prices going along with our high unemployment, failed farms and failed banks. It seems to me was are heading for a bizarre combination of the Great Depression and the Stagflation of the Nixon/Ford/Carter years. To paraphrase "Those Were the Days," the All in the Family Theme Song:

"Mister, we could use a man like FDR again."


mole333's picture

| | | | |


Reply

The content of this field is kept private and will not be shown publicly.
  • Lines and paragraphs break automatically.
  • You may link to webpages through the weblinks registry
  • Web and e-mail addresses are automatically converted into links.
  • Textual smileys will be replaced with graphical ones.
  • Easily link to terms in various wikis. For help, see interwiki.
  • Images can be added to this post.
More information about formatting options

Visit our sponsors

Upcoming events

Fill up our coffee fund

BlogAds

Buy it!


Visit our sponsors

Get our Digestifs du jour

Nibble daily on our brainy goodness with our daily syndication digest. You'll receive an email with a list and links to the previous day's posts.



Powered by FeedBlitz

culturekitchens

The Publisher
Liza Sabater

Daily servings of political dissent
culturekitchen

Grassroots News and
Activism for New Yorkers

Daily Gotham

Feminist Bloggers
Network

BlogSheroes

A new kind of vouyerism
Voogling

Art + Code + Philosophy
Potatoland.blog

Got any dirt, tips, leads or money for us? Then drop us a line or two at editors [at] culturekitchen [dot] com or use our general contact form to reach everybody in the editorial team ASAP.


Member's articles and stories

More stories

Google Ads

The Big Dialog


Who's online

There are currently 3 users and 805 guests online.

Online users

Instant Congress

Don't know your Senators or US Representatives' phone numbers?
Enter your street address and zip code and find out right now.
Street number and name only:
Zip Code (5 digits):


Words to live by

I of all people should know better. The civil rights movement in the U.S. told women to stop talking about gender issues because first the fight against racism had to be won. The feminist movement frowned at women of colour raising their issues, insisting that first the fight against the patriarchy had to be won. The nationalist movements in Africa insisted that feminism was a corrupt and decadent western import, and that first we had to capture our earthly kingdoms, and achieve our panAfricanist Nirvana, before we started looking at "side issues". And those of us who are interested in our contemporary political dynamics have fallen into the same pit of not tackling the prickly, the uncomfortable questions now: we are waiting to win the larger battle before we clean our house. There is always another battle or another issue, and the matters that matter to the foot soldiers are postponed for yet another day. Yet, these issues ARE the battle. We fight for freedom --and do not imagine we are doing anything less--because it is the freedom to live our lives the way we want, from the jobs we choose to the people we fall in love with. If we cannot tackle them, then we are not equipped to tackle anything. What are the lines of difference we draw? For what do we engage, argue, participate and in some heroes' cases, take awful risks? For what?


Subscribe Buttons

Feed IconGoogleDeliciousYahoo!BloglinesNewsgatorMSNFeedsterAOLFurlRojoNewsburstPluckFeedFeedsAdd KinjaMultiRSSrMailRSSFwdBlogarithmSimplify