IndyMac Customers Line Up To Transfer Money To Mattresses

With Federal Reserve Chairman Ben Bernanke reiterating that the U.S. economy isn't in great shape, government-sponsored enterprises Fannie Mae and Freddie Mac the subject of bailout chatter and IndyMac being seized after the bank collapsed somewhat controversially, investors are pretty nervous.

Now, though, they're starting to act in ways we haven't seen much of in nearly a century. Customers at a Pasadena branch of IndyMac, the recently failed bank, lined up to withdraw as much money as they could, fearing the worst.

Watch:

Comments

[SgtLucifer]

The US government can rescue the people of Iraq and Afganistan to the tune of $30+ billion a month, yet its own tax payers won't be afforded any help.

[StarkRavingNakedEmperor]

Hmmmm...no black people involved in this riot?.... Of course not! Not many people of color have neglected bank accounts with balances over 100 grand. I must admit to a wee bit of schadenfreude watching these very well-heeled, overwhelmingly white Republican Ditto-head supporters of McCain/Bush & Co. and their "free-market", no government oversight or regulation, every man for himself brand of capitalism, out there shoving each other around like a bunch of rowdy anarchists and whining for the government to step in now and give them their entitlement of the amount of their fortune that they knew what not insured. They have finally reaped what they have sown!

[Paul]

Went by the Northridge, CA branch of IndyMac today and saw about 50 people waiting outside to get their money.

Shades of 1929!

[Tom95134]

I noted that this has note been seen on any of the national news reports. As long as it's just a few isolated banks then the FDIC can handle it but if this starts a massive and widespread run on banks then the system will fall apart.

[Donnat]

I had a CD with IndyMac last year and cashed it in to do some home repair. At the time I wondered if it was a good idea, but now I'm so relieved.

[HeIsTheOne]

Who were the people that withdrew the $1Billion in two weeks, and why did they? Didn't they know a "run" would occur? Why didn't they do something within the first week, when it reached $500Million?

Maybe Gramm had an account there.

(Gramm often noted in his political campaigns that he had repeated three grades in school but had overcome his academic deficiencies by hard work. )

[StarkRavingNakedEmperor]

It is interesting that the government is keeping its list of the 200-300 other banks that are on shaky ground very close to its vest. I have no doubt the Neocons and other powers that be get forewarning on all of this.Regar­dless of what one thinks of Schumer by now, he comes off as a hero for alerting "the little guy" so we could go and get our money out before this Indy Mac crash came down!