“”The first rule of bank runs: get there first.”
.....that’s the truth....when my old bank failed it went like this:
1.on Monday some customers started lining up to withdraw their money and it made the evening news....my wife says “maybe we ought to get our money out”....I said “don’t be silly; this ain’t the Depression”....famous last words!
2.on Tuesday the line at the bank was around the block...that made the evening news too.
3.on Wednesday the bank send for an armored car full of cash from the federal reserve to try and stem the flow.
4.on Thursday fist fights broke out in the bank’s lobby.
5.on Friday the bank did not open.
MORAL:
1.listen to your wife.
2.no bank can weather a run.
UPSHOT
1.little guys like me got reimbursed in full by the Fed.
2.big guys got $100,000 and an IOU for the rest when the bank’s assests were sold....ended up at 11 cents on the dollar.
You certainly have the “MORALS” in the right order there!