Banks need to have sturdy floors if they are to withstand stampeding recipients of federal largesse — as demonstrated at an Indian reservation in South Dakota:
The floor of the Wells Fargo bank dropped 2 feet Tuesday morning as tribal members rushed to cash trust settlement checks. No one was injured, but the bank is closed indefinitely.
“If you knew the number of people packed into a very small building …” said Lower Brule Chairman Mike Jandreau.
On Tuesday, the Lower Brule Tribe started issuing $750 checks to about 3,800 members as part of a settlement with the federal government over the abuse and mishandling of tribal assets over the past several decades.
The Crow Creek Tribe, based in nearby Fort Thompson, started cutting $800 checks to about 4,000 tribal members Monday.
That’s more than $6 million in checks, and people were in a hurry to cash them. Many members of both tribes used the Lower Brule bank before the floor collapsed.
Would it be politically incorrect to hope they reinforced the floor at the nearest liquor store before the stampede moved on from the bank? I guess so. Forget I mentioned it.
On a tip from Ghost of FA Hayek.