This is what a 'bank run' looks like...

[Rugby]

Quote from marketsurfer:

unfortunately
this is simply not true, luxury items are not plumeting in price, in fact, ferraris in particular are holding or going up in value right now. watches, cars, etc, still the same or higher than last year, note the activity
http://motors.shop.ebay.com/Cars-Tr...ariQ20f430QQ_catZ6001QQ_fromZR40QQ_pcatsZ6000



surf

Yea right. 2 out of 64 Ferraris sold. Not sure if people trying to sell their car with no sales would be considered "luxury activity". Click through completed listing on these cars and you will see what I mean.

Not sure what you are seeing here.

 

[S2007S]

Quote from capmac:

IndyMac borrowers line up in California to withdraw their cash

Mon Jul 14, 2008 12:57pm EDT

By Gina Keating

PASADENA, California (Reuters) - IndyMac Bancorp Inc customers lined up outside a branch at the company's headquarters on Monday, hoping to withdraw their money after regulators seized what was once one of the largest mortgage lenders in the United States.

Several hundred people arrived around 4 a.m., five hours before the Federal Deposit Insurance Corp planned to open that branch.

Regulators seized Pasadena-based IndyMac on Friday after a bank run in which customers withdrew $1.3 billion of deposits over 11 business days, as worries about the company's survival grew, regulators said. The bank has 33 branches in Southern California.

The FDIC said the renamed IndyMac Federal Bank will cover insured deposits, mostly up to $100,000, and initially cover 50 percent of uninsured deposits.

"I have $360,000 in this bank, and I was misled by this bank," said Robert Clark, a Glendale resident who was waiting on line. "I gave the names of my mother, my sister and my brother on the account so I thought I would be insured. I don't know what to do. I really don't know what to do."

http://www.reuters.com/article/topN...?feedType=RSS&feedName=topNews&rpc=22&sp=true

Those pictures are just insane, I cant believe the snowball effect the subprime market collapse has led to. Who would have thought that people would be waiting in line to withdraw money from a bank that at one time they thought was a safe place to park 5k or even 500k. This is going to lead to major problems, what if this causes millions of people to lose trust in our banking system, what problems could this bring to this economy as a whole? Time will tell.

 

[daddyeaux]

gee what a status symbol to buy a Ferrari on Ebay

"yea, I picked up this red horse and out bid the other sucker by $20 with 2 seconds left"

that'll get you laid for sure

 

[blackjack007]

Quote from jasonjm:

even ferraris are dropping?

has it gotten to the point where you can walk into a ferrari dealer, and buy new with no waiting list, and pay sticker or less?

new ferraris and lamborghinis still sell at or over msrp, that will never change. and new models such as the lp560 have a waiting list.

however, used vehicles are dropping hard. i was in the market for 8 months and have seen the depreciation accelerating this year. besides those two makes, i looked at other makes (not necessarily to buy) so i developed a good feel for the exotic market. only the ultra-high end models like veyron and carrera gt are rising. this is due to rich bastards in the middle east taking advantage of the dollar's decline and buying u.s. cars.

i wish i bought a carerra gt a year ago. they're up 25%.

 

[blackjack007]

Quote from marketsurfer:

unfortunately
this is simply not true, luxury items are not plumeting in price, in fact, ferraris in particular are holding or going up in value right now. watches, cars, etc, still the same or higher than last year, note the activity
http://motors.shop.ebay.com/Cars-Tr...ariQ20f430QQ_catZ6001QQ_fromZR40QQ_pcatsZ6000

surf

ferraris are not holding up in value, except the enzo.

you can get a 2007 f430 coupe for about $215k now. they were $240k+ a year ago. i'm a member of some exotic car forums and the softness in the market has been discussed thoroughly.

 

[makloda]

Quote from S2007S:
Those pictures are just insane, I cant believe the snowball effect the subprime market collapse has led to. Who would have thought that people would be waiting in line to withdraw money from a bank that at one time they thought was a safe place to park 5k or even 500k. This is going to lead to major problems, what if this causes millions of people to lose trust in our banking system, what problems could this bring to this economy as a whole? Time will tell.

You sound a little shocked. Weren't you a big fan of 'letting the market sort things out' and 'these banks should all fail and be flushed out of the market so we can start with a sound base'??? Now you're panicking? LOL

 

[GTS]

The people waiting in line / showing up to the bank 4 hours before it opens are idiots.

Clue alert: A bank taken over by FDIC isn't like WalMart on the day after Thanksgiving - its not like they are going to run out of money and then turn you away.

The first person in line isn't getting any more money then the person who waits a couple of days to withdraw his money from IndyMac.

Now how many morons after hearing about IndyMac on the news still have uninsured funds at WaMu? And they will still complain when they lose some of their money because they were above the FDIC limits.

Idiots.

 

[hughb]

Now they are lining up at 1:30 in the morning. And the cops are showing up to keep everyone calm. We are watching history in the making.

LOS ANGELES (AP) — Police ordered angry customers lined up outside an IndyMac Bank branch to remain calm or face arrest Tuesday as they tried to pull their money on the second day of the failed institution's federal takeover.

At least three police squad cars showed up early Tuesday as tensions rose outside the San Fernando Valley branch of Pasadena-based IndyMac.

Federal regulators seized Pasadena-based IndyMac on Friday and reopened the bank Monday under the control of the Federal Deposit Insurance Corporation. Deposits to $100,000 are fully insured by the FDIC.

Worried customers with deposits in excess of insured limits flooded IndyMac Bank branches on Monday, demanding to withdraw as much money as they could or get answers about the fate of their funds.

When it was clear some wouldn't get in before closing, FDIC employees apparently took down names and told them to return Tuesday.

Other customers began lining up at 1:30 a.m. Tuesday, and by dawn, tensions escalated because people on the list were getting priority.

By 8 a.m., about 50 people on the list waited in one line and many more waited in another. Five people were allowed in at a time.

Customers became infuriated, and police told them they could be arrested if they didn't remain calm.

Police stood by at some other branches around Southern California but there were no other reports of problems.

 

[hughb]

I've never given deposit insurance a second thought, I bank with a credit union and my deposit is insured by the NCUA. I went to the NCUA's website to check up on my credit union to see if there are any warning signs, but the only alerts were about phishing emails and child porn. Yep, child porn. Not sure how that applies to credit union deposits, but there it was. How can I check up on my credit union? It's USA Federal in San Diego CA and it's a military credit union. There's another credit union by the same name in Michigan, but they are unrelated.

 

[AMT4SWA]

Skyline GT-R and Audi R8 are the only performance cars I would BUY new at this time and expect the values to hold decent during this downturn (as the bank run years continue....LOL).