Monday, July 14, 2008

Real-Time Anecdote on Banking Implosion

For those of you who think that the online finance category will somehow be immune from the broader macro-economic worsening going on, think for a minute about what this means for online finance & related online marketing.

From the Mr. Mortgage blog post:

"I was just out and noticed a line out of my local WAMU branch. I then drove a few miles away and saw another. I talked to someone there and they said the lines started an hour before the bank opened and people are sweeping their accounts.

I could be wrong but I do not think this is to open an account and get a free toaster.

This is exactly why I think they tried to cover up the IndyMac bank seizure by calling it a bank-initiated shut down of the mortgage unit, which was essentially all they were.

This is all visual speculation on my part at this point, but in my 40 short years on this planet I have never seen anything like this."


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