Indymac Bank Collapses - seized by feds

[Smurf-Herder]

This just broke on the news.

No details yet, except it's one of the biggest banks in the US; with tens of billions in deposits.

Now they're worried about Freddymac and Fannymay - which hold literally half the mortgages in the country.

People with up to $100,000 are covered by FDIC. But the stability of the FDIC is now getting jittery, over potential additional large bank failures.

[Smurf-Herder]

Here's an article on it I just found:

IndyMac Bank seized by federal regulators

The federal government said it took control of troubled IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history.

The Office of Thrift Supervision in Washington, the chief regulator of Pasadena-based IndyMac, said it transferred control of the $32-billion bank to the Federal Deposit Insurance Corp.

The FDIC will reopen the bank on Monday as IndyMac Federal Bank, the OTS said.

"Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks," the OTS said. "Online banking and phone banking services will be available again on Monday."

IndyMac's failure had been widely expected in recent days, as its stock has plummeted to mere pennies a share and some nervous depositors have been pulling their funds.

The bank has been reeling from losses on defaulted mortgages made at the height of the housing boom.

"The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors' demands in the normal course of business and is therefore in an unsafe and unsound condition," the agency said in a statement.

IndyMac's failure is second only to the 1984 failure of Continental Illinois Bank, which had assets of $40 billion at the time.

The FDIC said it had opened a toll-free phone line for customers of the bank. The number -- 866-806-5919 -- will operate today from 3 p.m. to 9 p.m. PDT and then daily from 8 a.m. to 8 p.m. thereafter, except Sunday, July 13, when the hours will be 8 a.m. to 6 p.m.

http://www.latimes.com/business/la-fi-indymac12-2008jul12,1,7375643.story

[disrupter]

Essentially this is a run on a bank, causing its collapse.

The banking regulator said it closed IndyMac after customers began a run on the lender following the June 26 release of a letter by Sen. Charles Schumer, D-N.Y., urging several bank regulatory agencies that they take steps to prevent IndyMac's collapse.

In the 11 days that followed the letter's release,

depositors took out more than $1.3 billion, regulators said.http://news.yahoo.com/s/ap/20080711/ap_on_bi_ge/indymac;_ylt=A0WTcXyW9HdIjSEAcyas0NUE

IndyMac had $32.01 billion in assets as of March 31.
. . . . (out of order snippets)
As of March 31, IndyMac had total deposits of $19.06 billion.

Some 10,000 depositors had funds in excess of the insured limit, for a total of $1 billion in potentially uninsured funds, the FDIC said.

Rapid withdrawal of maybe 6% of deposits [ 3% of assets, depending on how accurately one presumes assets are valued] caused it to collapse.

I know even if my funds were insured, but the institution was going to collapse, i wouldn't be terrified but i sure wouldn't want to sit around for months or years while federal regulators went through all the books & finally paid me back. Would they be required to pay even some minimal interest during the interim?
My reaction would be to retrieve my money before it got tied up in red tape with all sorts of unknowns if i was pretty sure an institution was going to collapse.

It seems like it might be based in Southern California [LA Metro?].

The decay of the American banking system?
Corruption has triumphed over integrity, conservatism & honesty.

How can a healthy economy operate without a sound banking system?

It isn't worrying me as much as maybe i should be.

[Cat slave]

Here's an article on it I just found:

IndyMac Bank seized by federal regulators

The federal government said it took control of troubled IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history.

The Office of Thrift Supervision in Washington, the chief regulator of Pasadena-based IndyMac, said it transferred control of the $32-billion bank to the Federal Deposit Insurance Corp.

The FDIC will reopen the bank on Monday as IndyMac Federal Bank, the OTS said.

"Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks," the OTS said. "Online banking and phone banking services will be available again on Monday."

IndyMac's failure had been widely expected in recent days, as its stock has plummeted to mere pennies a share and some nervous depositors have been pulling their funds.

The bank has been reeling from losses on defaulted mortgages made at the height of the housing boom.

"The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors' demands in the normal course of business and is therefore in an unsafe and unsound condition," the agency said in a statement.

IndyMac's failure is second only to the 1984 failure of Continental Illinois Bank, which had assets of $40 billion at the time.

The FDIC said it had opened a toll-free phone line for customers of the bank. The number -- 866-806-5919 -- will operate today from 3 p.m. to 9 p.m. PDT and then daily from 8 a.m. to 8 p.m. thereafter, except Sunday, July 13, when the hours will be 8 a.m. to 6 p.m.

http://www.latimes.com/business/la-fi-indymac12-2008jul12,1,7375643.story

This is another example of things run amuck with the government involved!
Its getting ready to hit the fan.

[Dale escondido]

This administration is running out of band aids.
Someone need to sit Bush and congress down and teach some basic math to these jerks.

[disrupter]

Cat Slave it ran amok because regulators DIDN'T get involved.

This is the very Fruit of reckless deregulation,
and it is naturally rotten.

[Moby]

This is what people wanted when they voted for Bush. Everyone had the opportunity to learn about the S&L crisis and the role that the Bush family played. They made countless millions and we all knew that.

Why South Carlina voters abandoned conservative values in the 2000 primary to vote for Bush is beyond me but we got it.

[disrupter]

They aren't conservatives, they are wishful thinkers,

and not very bright ones i might add.

[doctordog]

This is what people wanted when they voted for Bush. Everyone had the opportunity to learn about the S&L crisis and the role that the Bush family played. They made countless millions and we all knew that.

Why South Carlina voters abandoned conservative values in the 2000 primary to vote for Bush is beyond me but we got it.

Yeah, we would have been much better off with Kerry:lmao2:

[disrupter]

We would probably have been a hell of a lot better off without Reagan.

[doctordog]

We would probably have been a hell of a lot better off without Reagan.

He couldn't recover from Jimmy Carter.

[disrupter]

He probably made a cynical inside deal with the Iranians,

So he could act like a hero.

He was an actor afterall,
and we got a thin tinseltown show & nothing worthwhile or lasting,
just the wreckage of the destruction of the middle class & an endless stream of lies & liars.

[doctordog]

He probably made a cynical inside deal with the Iranians,

So he could act like a hero.

He was an actor afterall,
and we got a thin tinseltown show & nothing worthwhile or lasting,
just the wreckage of the destruction of the middle class & an endless stream of lies & liars.

Surely you don't think Obama is the savior of the middle class, he will destroy it worse than Carter or Bush as he will tax what is left of the work force so bad that unemployment will be a raise in pay.

[Dale escondido]

Surely you don't think Obama is the savior of the middle class, he will destroy it worse than Carter or Bush as he will tax what is left of the work force so bad that enemployment will be a raise in pay.
Worse than that is the lack of any knowledge of what this guy will do, just no history there.
Even the weakest of minds knows believing politicians words are dangerous waters.
But I sure dont see the savior out there either.

[doctordog]

Worse than that is the lack of any knowledge of what this guy will do, just no history there.
Even the weakest of minds knows believing politicians word are dangerous waters.
But I sure dont see the savior out there either.

He is sealing his fate every time he reverses his platform on issues that won the nomination for him.

[Dale escondido]

He is sealing his fate every time he reverses his platform on issues that won the nomination for him.

Hes trying to morph into something conservatives will vote for.
While holding onto his base.
No wonder actors do so well in this trade.

[disrupter]

I don't think Obama is going to deliver much,
the only hope is that he staunches people from suiciding themselves for corporations & their profits.

i will most likely vote for Nader.
If Paul runs there is a very small chance he might get my vote.

[disrupter]

McCain is a positive cheese bag how he shifts & backtracks & then backtracks again on every issue.

He is so busy pretending to be a 'Maverick' with the TV cameras running he hasn't actually taken a stand on anything.

McCain is a squid,

Obama is a squid in training.

LOL, wow, what a choice.

Should i choose Obama because he may be less of a squid for now?
Or do i just trash the whole bucket of shit & go with someone who probably won't get elected, but will, over time, gain credibility because of mine & many other votes?

[Dale escondido]

I don't think Obama is going to deliver much,
the only hope is that he staunches people from suiciding themselves for corporations & their profits.

i will most likely vote for Nader.
If Paul runs there is a very small chance he might get my vote.

WOW, I guess i judge people to quickly. I agree

[disrupter]

I mean, even if you did have [knowable?] good ideas, implementing them on a nation of this scale would be problematic, especially if there are high cultural barriers to overcome.

Good ideas are by their very nature speculative.

I am going to just hang on to the planet & enjoy the ride while i can. LOL.
& hope it doesn't get [too] ugly or painful.

[Smurf-Herder]

I mean, even if you did have [knowable?] good ideas, implementing them on a nation of this scale would be problematic, especially if there are high cultural barriers to overcome.

Good ideas are by their very nature speculative.

I am going to just hang on to the planet & enjoy the ride while i can. LOL.
& hope it doesn't get [too] ugly or painful.


But it will. No matter who gets elected.

[Dale escondido]

But it will. No matter who gets elected.

Seems to me that no matter what posistion held by most the people that post here(not all of course) there are no answers coming from our leadership ,past, present or future.

[disrupter]

What will what? Smurfy?
but it will
I seem to have lost a thread of your reasoning here.

edit:
it will get too ugly or painful?
maybe in the end it always does.
it is just a matter of forestalling the end as long as possible.

Eternity may be forever, i can only try to make my instant as good for me as possible.
Longer instants are better too, lol.

[disrupter]

One likes to think the biggest factor in one's own life is oneself,
but there are some pretty oppressive cultures, religions, politics & economics out there.

I guess it is different for everyone,
and it mostly is constantly changing even for ourselves.

disrupter says: 'swim with the flow.'

[Dale escondido]

What will what? Smurfy?

I seem to have lost a thread of your reasoning here.

I think we are all off subject, me included on these threads.

[disrupter]

Will the thread police bang on our doors & arrest us?

has it gotten that bad yet?

[Smurf-Herder]

What will what? Smurfy?

I seem to have lost a thread of your reasoning here.

edit:
it will get too ugly or painful?
maybe in the end it always does.
it is just a matter of forestalling the end as long as possible.

Eternity may be forever, i can only try to make my instant as good for me as possible.
Longer instants are better too, lol.


A lot of what's happening is beyond our control, internationally.

And in IMO, neither candidate will be a strong enough leader to make a substantial difference.

So do we go with the old Conservative, who has a history of going Liberal; or the inexperienced young Liberal, who's presently sounding Conservative?

America is headed for the Twilight Zone, either way.

[Smurf-Herder]

Will the thread police bang on our doors & arrest us?

has it gotten that bad yet?

Are you kidding?

Bill and Sir Moby usually go with the flow ...... unless we start really tearing each other apart with personal attacks.

It would be nice to stay on topic, just for the sake of being able to find old posts easier - when somebody wants to repeat an issue (over and over again) - but that hardly ever happens.

[Dale escondido]

Will the thread police bang on our doors & arrest us?

has it gotten that bad yet?
No very interested. Just trying to discipline myself as I am guilty of wandering off subject.

[Moby]

Yeah, we would have been much better off with Kerry:lmao2:
In the 2000 primary? Can you just not read?

South Carolina decided that they didn't want traditional conservative values and bought into McCain having a black baby. That elected Bush in the primary which was the single worst mistake made in this generation.

Neoconservatism is not conservatism. I know that you've haven't been programmed to understand that so I don't expect an intelligent response in this or any other subject.

Wait, let's compare it to D Day.:banghead:

[disrupter]

"A lot is beyond our control", Smurfy honey, that is wisdom!

Now can we figure out what is or might be within our affect,
and what speculative affects might most benefit us or mitigate problems?

the first point of wisdom is both reality & the universe are bigger than i/we are.

[Smurf-Herder]

On the original topic:

I just heard on CNN that federal regulators are saying that 90 other financial institutions are in danger of failing - but regulators will not allow the names to be made public, for fear of a run on them, guaranteeing their failure.

[Dale escondido]

90% is pretty close to all huh?
oil is artificially inflated causing economic problems for the whole world
GM and Ford will need govt bail outs next year.
We already spent ourself into poverty bailing out banks, mortgage and dont forget the salmon industry needs our help also.
Its amazing that all the credentials given the economic einstiens running and advising our leadership havent got the basic consept that just cause you have more checks doesnt mean you have more money.
I do understand deficiet spend to stimulate economys or fight wars, but deficiet spending just because you can? Who would of thought there would be no ramifications on the down side of that?

[Smurf-Herder]

90% is pretty close to all huh?
oil is artificially inflated causing economic problems for the whole world
GM and Ford will need govt bail outs next year.
We already spent ourself into poverty bailing out banks, mortgage and dont forget the salmon industry needs our help also.
Its amazing that all the credentials given the economic einstiens running and advising our leadership havent got the basic consept that just cause you have more checks doesnt mean you have more money.
I do understand deficiet spend to stimulate economys or fight wars, but deficiet spending just because you can? Who would of thought there would be no ramifications on the down side of that?

Dale, the more I see what's happening, in multiple sectors, the more I feel a long-term conspiracy aimed at bringing down the US.

Check these people out:

http://www.clubofrome.org/

[disrupter]

That is rich Smurfy.

You want to blame the reckless & even criminal deregulation of neocons on some 'conspiracy'.

Ain't no conspiracy,
we saw it all happen right in front of us, for anyone who has been paying attention.

now, what are we gonna do to kick the neocon bastards out?

[Smurf-Herder]

That is rich Smurfy.

You want to blame the reckless & even criminal deregulation of neocons on some 'conspiracy'.

Ain't no conspiracy,
we saw it all happen right in front of us, for anyone who has been paying attention.

now, what are we gonna do to kick the neocon bastards out?

Dis, you said it yourself a few times on other threads - it's elements of both parties.

IMO, it's the Globalists, who are using their positions; whichever party they decide to label themselves with.

[disrupter]

So you believe in the NWO [New World Order] collective, Smurfy?

It is hard for me to imagine anything this messy being the product of some coherent organization.

I think you have been drinking the koolaid too long or put elsewise, eating the bullshit.

Tangent thinking:
Is evil a relative concept? We seem to think of it or treat it as though it were absolute, i am thinking that it is instead a relative concept in most cases.

[Smurf-Herder]

So you believe in the NWO [New World Order] collective, Smurfy?

It is hard for me to imagine anything this messy being the product of some coherent organization.

I think you have been drinking the koolaid too long or put elsewise, eating the bullshit.

Tangent thinking:
Is evil a relative concept? We seem to think of it or treat it as though it were absolute, i am thinking that it is instead a relative concept in most cases.


Different groups who think they're doing the right thing, each in their own sectors, for the greater good of humanity. But the end result is more poverty and suffering - an acceptible sacrifice, in their opinion, for the goal. And the means to that goal is chaos, to make us beg for and welcome the New World Order.

That's why Obama is given such a free pass - he exemplifies the "change" everyone wants.

[disrupter]

That is not a new world order,
that is the same old chaos.

Where do you think you have been living all this time Smurfy?

Various groups of headstrong idiots going in all different directions.
it is called history.

As for Obama i think he just 'looks' like change.

McCain IS change,
change from bad to worse.

[Smurf-Herder]

That is not a new world order,
that is the same old chaos.

Where do you think you have been living all this time Smurfy?

Various groups of headstrong idiots going in all different directions.
it is called history.

As for Obama i think he just 'looks' like change.

McCain IS change,
change from bad to worse.

IMO, McCain is the same old thing - Obama is change, for the worse.

[Cat slave]

Right on SH...:thumbsup:

[Dale escondido]

Dale, the more I see what's happening, in multiple sectors, the more I feel a long-term conspiracy aimed at bringing down the US.

Check these people out:

http://www.clubofrome.org/
The conspiracy is probably not an overt act. The result of greed being fed by new vehicles opened, allowing money to control markets and not only supply and demand has created an illusion of conspiracy. As these guys learn they can manupilate prices by holding and rolling futures they become more confident and more money joins the rally.
I am not a big govt supporter, but some regulations may be necessary or world starvation will lead to more tensions and war. We will bitch and moan but not starve.

[Smurf-Herder]

The conspiracy is probably not an overt act. The result of greed being fed by new vehicles opened, allowing money to control markets and not only supply and demand has created an illusion of conspiracy. As these guys learn they can manupilate prices by holding and rolling futures they become more confident and more money joins the rally.
I am not a big govt supporter, but some regulations may be necessary or world starvation will lead to more tensions and war. We will bitch and moan but not starve.

It's been going on since the 70s.

In social programs, advocacy groups, financial, environmental, resources, etc. It's not a conscious conspiracy (in their minds); it's conscious networking, by smaller groups and larger umbrella groups and foundations.

It's a long-term thing. But no illusion. The radical left of the 60s are now ACLU lawyers, politicians, professors, financial gurus, etc. And they're influencing, mentoring and supporting the (even more radical) New Left. Or a better way of thinking of it is, the Globalists are using the extreme Left; and have subverted elements of the Right.

[Dale escondido]

It's been going on since the 70s.

In social programs, financial, environmental, resources, etc. It's not a conscious conspiracy (in their minds); it's conscious networking, by smaller groups and larger umbrella groups and foundations.

It's a long-term thing. But no illusion.
Agreed, these guys just see it as legitimate business.
No soul. Just greed. Making money doesnt have to be evil, but it sure can be.

[Smurf-Herder]

Agreed, these guys just see it as legitimate business.
No soul. Just greed. Making money doesnt have to be evil, but it sure can be.

But it isn't just greed.

If you look at Soros, he's pure greed, yes. But he also uses his financial power to create interconnected groups that create social change, to mold events and situations into a society he thinks we should have, internationally.

[Dale escondido]

But it isn't just greed.

If you look at Soros, he's pure greed, yes. But he also uses his financial power to create interconnected groups that create social change, to mold events and situations into a society he thinks we should have, internationally.
Dont want to sound contrary, making money is not evil. Many wealthy liberals are compassionate and contributing indivuals.
I really respect those that walk the walk and not just talk.
I will try to show an example of what I mean.
Say the wall street journal uses its influence to move money in an investment direction. People respect them and follow suit.
Now if they believe this is good strategy because of value they see in the future that an opinion, and just business advice.
If they are moving money to cause an effect on markets and cause added value just because of where the money is ,thats evil IMO.
Its legal and its good business but it creates artificial value which robs money from the middle class or poor by causing their good to be more expensive than the supply and demand formula dictates.
I hope that doesnt sound pedanic, I struggle explaining what I mean at times, I have been in manufacturing 35 years and see the US as strictly a retirement country in the future for the wealthy as workers will have to leave to make a living elsewhere if the value and exchange isnt gotten under control.
Even Soros believed the futures on oil as so inflated as to be a dangerous investment. Yet it goes on because they are now stocks IMO and not futures anymore. They move the prices, the prices do not move their money anymore.

[disrupter]

Smurfy still believes in the right wing nuts,
even in the light of GLARING errors of reckless, psychotic, ruinous actions.

Not only are they allowing destructive forces to destroy all the cherished things the USA had, they are pathologically actively speeding it up.

They aren't patriots, they are nothing less than traitors.

They are suiciding your nation as well as the planet.

If you love your life &/or nation &/or planet you will do all in your power to stop them & the complicit corporate media.

[Dale escondido]

Smurfy still believes in the right wing nuts,
even in the light of GLARING errors of reckless, psychotic, ruinous actions.

Not only are they allowing destructive forces to destroy all the cherished things the USA had, they are pathologically actively speeding it up.

They aren't patriots, they are nothing less than traitors.

They are suiciding your nation as well as the planet.

If you love your life &/or nation &/or planet you will do all in your power to stop them & the complicit corporate media.
Stop the belief in the THEM syndrone.
This is not a right or left issue.
We need a return to sound fiscal policy and hold leaders accountable to it.
Then we can argue who gets and who give what to who, based on social agendas. Thats left and right stuff.

[Moby]

It's been going on since the 70s.

In social programs, advocacy groups, financial, environmental, resources, etc. It's not a conscious conspiracy (in their minds); it's conscious networking, by smaller groups and larger umbrella groups and foundations.

It's a long-term thing. But no illusion. The radical left of the 60s are now ACLU lawyers, politicians, professors, financial gurus, etc. And they're influencing, mentoring and supporting the (even more radical) New Left. Or a better way of thinking of it is, the Globalists are using the extreme Left; and have subverted elements of the Right.
It's all the fault of the left. Nixon didn't want to subvert democracy at all. The religious right doesn't want us to toss out The Constitution and use a holy book instead. The members of the PNAC don't actually exist. Cheney's #1 priority wasn't meeting with oil execs. The Bush family had nothing to do with the S&L crisis or the current economic situation.

Get a grip. The radical elements of both parties are problems. :banghead:

[Smurf-Herder]

Get a grip. The radical elements of both parties are problems. :banghead:

Didn't I just say that?

But it is mostly the GROUPS on the left.

[Moby]

Didn't I just say that?

But it is mostly the GROUPS on the left.
The PNAC had nothing to do with the current issues of banking crisis, open borders, devaluing the currency and trying to get people away from science.

Seriously man, you need reality badly.

[Dale escondido]

It's all the fault of the left. Nixon didn't want to subvert democracy at all. The religious right doesn't want us to toss out The Constitution and use a holy book instead. The members of the PNAC don't actually exist. Cheney's #1 priority wasn't meeting with oil execs. The Bush family had nothing to do with the S&L crisis or the current economic situation.

Get a grip. The radical elements of both parties are problems. :banghead:
I stand corrected, thank you

[doctordog]

It's all the fault of the left. Nixon didn't want to subvert democracy at all. The religious right doesn't want us to toss out The Constitution and use a holy book instead. The members of the PNAC don't actually exist. Cheney's #1 priority wasn't meeting with oil execs. The Bush family had nothing to do with the S&L crisis or the current economic situation.

Get a grip. The radical elements of both parties are problems. :banghead:

The extreme radical views from both sides do this country too much harm causing a constant imbalance.

[disrupter]

The lack of a clear & shared vision is why thieves & murderers thrive & prosper in all the confusion.

Q: is it possible to come up with a genuinely shared vision in a genuine democracy? where at least 70 to 80% of everyone is completely on board?

[Smurf-Herder]

The PNAC had nothing to do with the current issues of banking crisis, open borders, devaluing the currency and trying to get people away from science.

Seriously man, you need reality badly.

I didn't say PNAC. I said elements on the right; as well as the more organized grassroots left.

[Binky]

The conspiracy is probably not an overt act. The result of greed being fed by new vehicles opened, allowing money to control markets and not only supply and demand has created an illusion of conspiracy. As these guys learn they can manupilate prices by holding and rolling futures they become more confident and more money joins the rally.
I am not a big govt supporter, but some regulations may be necessary or world starvation will lead to more tensions and war. We will bitch and moan but not starve.


The whole thing is reminisent of this New World Order we've been hearing about. It wouldn't surprise me that at some point in time, they begin limiting the amount of energy each household can use. I know in CA. they are only allowed to use so much water. (at least in the LA area) And who's to say they would set limits on energy as well? The water thing wouldn't bother me as we use a well. But it takes electricity to make the pump work to give me that water.

[Binky]

Here's an article on it I just found:

IndyMac Bank seized by federal regulators

The federal government said it took control of troubled IndyMac Bank today, in what regulators called the second-largest bank failure in U.S. history.

The Office of Thrift Supervision in Washington, the chief regulator of Pasadena-based IndyMac, said it transferred control of the $32-billion bank to the Federal Deposit Insurance Corp.

The FDIC will reopen the bank on Monday as IndyMac Federal Bank, the OTS said.

"Depositors will have no access to banking services online and by telephone this weekend, but will continue to have access to their funds this weekend by ATM, through other debit card transactions and by writing checks," the OTS said. "Online banking and phone banking services will be available again on Monday."

IndyMac's failure had been widely expected in recent days, as its stock has plummeted to mere pennies a share and some nervous depositors have been pulling their funds.

The bank has been reeling from losses on defaulted mortgages made at the height of the housing boom.

"The OTS has determined that the current institution, IndyMac Bank, is unlikely to be able to meet continued depositors' demands in the normal course of business and is therefore in an unsafe and unsound condition," the agency said in a statement.

IndyMac's failure is second only to the 1984 failure of Continental Illinois Bank, which had assets of $40 billion at the time.

The FDIC said it had opened a toll-free phone line for customers of the bank. The number -- 866-806-5919 -- will operate today from 3 p.m. to 9 p.m. PDT and then daily from 8 a.m. to 8 p.m. thereafter, except Sunday, July 13, when the hours will be 8 a.m. to 6 p.m.

http://www.latimes.com/business/la-fi-indymac12-2008jul12,1,7375643.story


I'm wondering if we're going to see more banks fail. The whole situation we find ourselves in now feels a bit creepy to me. The signs are there and have been for awhile, that we are heading straight into a depression. My parents lived through the last one in the 1930's. I hope it doesn't happen, but banks and more were failing then. There were fewer and fewer jobs. Same as now. Everything skyrocketed in price. Same as now. People were standing in line at companies, as day laborers, looking for a days work to make a bit of eating money. And it's coming! People stood in food lines to get a free meal. That is coming as well. Home foreclosures galore! Already there now! And more coming!

So to say the least, the future looks grim. Unless, of course, we are lucky enough to get a president that will finally do something rather than work on his personal agendas. Even then, this isn't something that is going to disappear overnight. It will take time to get back on the road and move this country in the right direction. We've created a great mess. Now we've got to do the right thing and clean it up before our children and grandchildren have to do it. This country sure has been filled with greed, living for the moment and short sighted as hell. What a mess! A wonderful role model we've been for our young. Just disgusting!

[Moby]

I'm wondering if we're going to see more banks fail.
Oh yes. Many more. The Bush family was deeply involved with the S&L crisis. Dubya profited by running 3 separate companies into the ground. Over spending and borrowing is what he does.

We all knew this in 2000. People voted for it and now we have to deal the bailout that will be 3 to 5 times that of the S&L crisis.

[Dale escondido]

I'm wondering if we're going to see more banks fail. The whole situation we find ourselves in now feels a bit creepy to me. The signs are there and have been for awhile, that we are heading straight into a depression. My parents lived through the last one in the 1930's. I hope it doesn't happen, but banks and more were failing then. There were fewer and fewer jobs. Same as now. Everything skyrocketed in price. Same as now. People were standing in line at companies, as day laborers, looking for a days work to make a bit of eating money. And it's coming! People stood in food lines to get a free meal. That is coming as well. Home foreclosures galore! Already there now! And more coming!

So to say the least, the future looks grim. Unless, of course, we are lucky enough to get a president that will finally do something rather than work on his personal agendas. Even then, this isn't something that is going to disappear overnight. It will take time to get back on the road and move this country in the right direction. We've created a great mess. Now we've got to do the right thing and clean it up before our children and grandchildren have to do it. This country sure has been filled with greed, living for the moment and short sighted as hell. What a mess! A wonderful role model we've been for our young. Just disgusting!
Banks wil continue to fail and be sold at auction by fdic until they are broke
Long before that happens people will start pulling large savings account out of the banks.
There are alot of structures in place to avoid quick market crashes, but its not impossible.
The kids and grandkids have been burdened with debt by our government inability to police themselves since going off the gold standard long ago. Cant fix that its already done.They will work half their lives to pay off these idiots notes.
I am not trying to be pessimistic here, the pain we feel may be in time to get us toghether left right ,black white and whatever.
I say 10 year halt to any deficiet spending should be demanded.
If we want to continue anything it has to be covered just like the states are required too.
If we get toghther no matter who wins the election as a unit we can throw their happy asses out quickly if they dont believe us.
Seems only hate or pain are uniters, we need to get past that one.

[Binky]

Banks wil continue to fail and be sold at auction by fdic until they are broke
Long before that happens people will start pulling large savings account out of the banks.
There are alot of structures in place to avoid quick market crashes, but its not impossible.
The kids and grandkids have been burdened with debt by our government inability to police themselves since going off the gold standard long ago. Cant fix that its already done.They will work half their lives to pay off these idiots notes.
I am not trying to be pessimistic here, the pain we feel may be in time to get us toghether left right ,black white and whatever.
I say 10 year halt to any deficiet spending should be demanded.
If we want to continue anything it has to be covered just like the states are required too.
If we get toghther no matter who wins the election as a unit we can throw their happy asses out quickly if they dont believe us.
Seems only hate or pain are uniters, we need to get past that one.


I couldn't agree with you more. I'm not trying to come off as a doomsayer or pessimistic either. I prefer to think positive but the times have warranted me to be a realist. And there will be more banks folding. And it's going to take more than half the life of a young person to pay off the debt that our government has incurred. I'm afraid they will go to their graves still paying on it.

[Dale escondido]

I couldn't agree with you more. I'm not trying to come off as a doomsayer or pessimistic either. I prefer to think positive but the times have warranted me to be a realist. And there will be more banks folding. And it's going to take more than half the life of a young person to pay off the debt that our government has incurred. I'm afraid they will go to their graves still paying on it.
Amen, I know we will all vote by are parties or whatever motivates us indivually.
BUT, If nothing changes ,we have to start throwing out Presidental and Congressonal idiots like bad fish or we will all be looking for residence elsewhere.

[SeedyROM]

Do we thank Clinton for the stained dress or condem republicans for the deal making Bills Clinton signed in agreement that he would receive politcal censoring for lying about the affair? Many people are wondering about the repeal of mortgage lending laws and the deal making Clinton engaged in to save his arse.

Or was Clinton part of the problem along with dems and reps? Depends on whom you ask, but rest assured Clinton opened the door to fraud when he repealed the Glass Stegal Act. This was issue was discussed on Bloomberg Financial tv recently.

[Dale escondido]

Isnt it funny how we measure government so different than anything else.
If a business fails, we give someone xxxmillion dollars in severence and pass the bad news onto the investors and employees, finish.
With government we dont exspect responsibility, we allow lieing to become an art form and we bitch about the results .
The poor economy should be a wake up to all, get results.
When we hear their economists explain why this didnt work or that etc.
How about president Obama, McCain sorry but your plans didnt work. Your pinkslip is attached to you time card and please clean out your locker, oh and good luck.