This has all the marks of a run on the bank

Wachovia Faces Shallow Reserves but Says It Is Raising More Capital –

I know that if I was a Wachovia depositor (as many people in this area who were with SouthTrust before the most recent outbreak of mergeritis are) I’d surely be thinking about pulling my money. This, of course, is why banks fail…


4 responses to “This has all the marks of a run on the bank

  1. I am a Wachovia banker, but I’m not worried. Let’s just say I’m well under the FDIC insured deposit limit.

  2. When I was very young–I think this might have been right before we got married, which was very young indeed–my bank in Louisiana had some kind of trouble. When I got there in the early afternoon, the place was locked up with a cop standing guard over the door and awe-inspiring signs posted everywhere explaining how the Federal whatever had CLOSED the bank until, etc. It was terrifying.

    Then a woman pulled up and asked the cop, or marshal or whatever he was, what was going on. He explained it. She said, “But I can still make a deposit, right?” and he said sure. I remember watching horrified as she dropped her envelope in the slot. Now I realize she probably knew a lot more about the way banks, and the FDIC, operate than I did.

  3. US dollars are fiat currency not worth the paper they are printed on and they are losing their value in relation to other currencies around the world. The blame for this lies at the feet of a non-government entity known as the Federal Reserve, and a government entity known as the US Congress which recklessly spends, like drunken sailors in a cat house, taxpayers’ money that was confiscated by another government entity known as the Internal Revenue Service. The sad fact is that no one in positions of leadership who could do something to correct the growing problem has any knowledge at all of economics and how it affects everything and everyone. Neither of the presumptive nominees to become our next president has a clue either. One the very few in Congress who understands economics, Congressman Ron Paul of Texas, was shunned and/or ridiculed by mainstream media and his own party when he campaigned for the presidential nomination. His advice at this point might well be to withdraw your dollars from the bank and buy gold…….or have a garden if you want to eat well over the next few years.

  4. Ron Paul should be shunned and ridiculed by the MSM because he’s nuts, an isolationist, and a complete Racist and Anti Semite.

    But why let FACTS get in the way of a good drunken, Paul supporters rally…

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