Posted by
Old Bill on Monday, July 14, 2008 11:09:28 PM
Today I listened to Americans calling a local radio talk show ('John and Ken' on KFI 640 AM) report their experiences as they attempted to access their own money in their own bank accounts in an American bank in Pasadena, California, USA, ten days after the Fourth of July in our 232nd year of independence. One man, "...over 60 years old, like most of the people there..." described standing in line for over 9 hours in 90* heat waiting to get inside the bank--now operated by employees of the Federal Deposit Insurance Corporaation. They were all given numbers, and told to wait their turn. He was #77. The feds only managed (in 9 hours!) to get up to #68. All the rest were told to "come back tomorrow." But at least, the federal employees brought paper cups of water out to the 'senior citizens' standing in line, waiting to see if they still have their life's savings, and if the federal government will let them get their hands on their own money.
One man--one of the lucky ones who got inside--described attempting to withdraw his savings: an IRA account worth $360,000. He was allowed to withdraw $98,000. He doesn't know what will become of the other $262,000; neither would anyone tell him the tax consequences of his withdrawal. There are reportedly over 10,000 accounts at this bank exceeding the FDIC limit of $100,000 on deposit per depositor.
In 1933, one of the first things FDR did was declare a bank holiday so that the people would know that those banks that were allowed to reopen were SAFE places to deposit their money. It has now become absolutely necessary to duplicate that action NOW.