The New Deal Is Officially Dead
In my lifetime, I’ve seen the disintegration of unions, the peak of oil, and the death of Bob Hope. But I never thought I’d see a return to the 1929 banking scares, with people running to withdraw funds from a cash-strapped bank–especially not at the IndyMac building in Pasadena near my work.
One poor lady even fainted right there on the curb! I’d probably do the same thing if I lost my money due to a collapsed banking institution. Though, then again, in this economy, who can afford the ambulance or the emergency room visit?
These poor suckers must have really wanted some fast cash–unless they had over $100,000 tucked away in their savings, they’ll be covered by the bank’s insurance, and even after that they’ll get a large portion of it back. Still, it makes ya think… about investing in gold! That woman who got $600 for her scrap gold in that TV commercial is probably feeling pretty foolish right now.
More photos, including the aforementioned fainter below…