Random: Ignorant People Continue To Be... Ignorant

Here I am reading the L.A. Times story this morning...

Police show up at IndyMac Branches in Encino, Northridge as waiting customers clash

I am not surprise that people are taking money out from IndyMac, but here is the question... why?

IndyMac has been taken over by the federal government already. FDIC insured their money up to $100,000. If they wanted to withdraw their money, they should have done so before the OTS has taken over IndyMac, especially those who had over $100K. IndyMac FSB is now a federal bank, in another word a government bank.

These withdraws are IMHO pointless. Their money will not disappear, since it is backed by the federal goverment. If US government can not give you your money, then expect a world economic crisis pretty soon... like tomorrow soon.

Beside the needless shouting and fighting to get their money out of IndyMac, another thing I am worrying about is their financial plans. Are they going to stash $10K to $100K in their homes? Are you putting it in Washington Mutual (another bank that might head south)? If so, they are just simply repeating the same mistake. Are they going to invest? Although, any fool can see that this is not the time. I would not invest in anything at this time unless I understand the company wholly, its goal, its practice, its potential, and its goal.