Thursday, July 17, 2008

Angry Bank Runs Have Begun as Federal Regulators Take Over

With this week's seizing of a California bank, it looks like the banking situation is becoming critical as people wait in line overnight for their money. There are also other banks around the country teetering toward take over by FDIC.

But in this footage of a bank run in California, the most absurd part is the news that President Bush, whose approval numbers lend his opinion little credence, is trying to reassure depositors.  The response of one depositor, who had been waiting in line 16 hours to withdraw his funds, to the question of what he thought of the President's advice is priceless.  He didn't seem too reassured.

FDIC is preparing for the worst by trying to lure retired employees back to deal with the growing crisis.

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