U.S. Shuts Big Bank As Crisis Intensifies

Wall Street Journal ^ | July 11, 2008 | Damian Paletta and David Enrich

[politicket]

IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators in one of the largest bank failures in U.S. history.

The Pasadena, Calif., thrift was one of the largest savings and loans in the country with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank and Trust Co., which failed in 1984 with $40 billion of assets.

IndyMac specialized in Alt-A loans, a type of mortgage that can often be offered to borrowers who don't fully document their incomes or assets. ...

[Gondring]

Turn it into cash, stuff it in the mattress and sleep with a shotgun ;-)

Then you'll have something of value with the shotgun...and the money to keep you warm as you burn it on cold nights.

[Misterioso]

I believe that God has "corrected" this country many times since our country's founding - just as a parent corrects a child.

Would you enumerate some of these "corrections" for me? I may have to adjust my prayers.

[silentreignofheroes]

There are better informed people here to ask.Though right now I’d say spread your assets around,but also remember the Gov. borrowed money for this so-called stimulus package,which tells me they can only insure so much.

[FlyVet]

I remember a few years ago, PBS did a reality-type show in which they required the contestants to live as the pioneers did. You wanna talk about some whinin’ and complainin’......

[PugetSoundSoldier]

But then you don’t have an excuse to go to Hong Kong! C’mon, gotta enjoy life a LITTLE bit...:)

[luckystarmom]

We’ve always saved at least 10% of our income. We’ve never spent above our means. We’ve also been lucky with some stock.
We are finally able to relax financially.

We don’t like the public schools, so we really pushed it but we have put our kids in private school.

We finally got a larger house 4 years ago.

We’ve done these things while saving for retirement and kids’ college.

I just worry that something is going to happen where we’ll lose everything. I would hate for us to not be able to send our kids to a Christian school. I’d hate for us to lose our home.

I feel sorry for people living on the retirement funds.

[politicket]

Would you enumerate some of these "corrections" for me? I may have to adjust my prayers.

My laptop battery power is about to go, but I'll give you what I believe to be the top one -

Our "Supreme Court" legalized the murder of unborn children in 1973. Since then, an average of 4,400 babies have been murdered each and every day in this country.

[Lonely Are The Brave]

“The Fed wants you to consume and buy stock. Both Democratic and Republican administrations have screwed this country over by punishing those who actually save money.”

I COULD NOT AGREE MORE with you...

The country lost the belief that those who worked hard and saved were to be rewarded...

It is another step to try and eradicate the Christian and, yes, Puritan belief that hard work, save and believe in God was that all that really mattered...

[luckystarmom]

That’s what I’m thinking is that they can’t insure everything.

[reasonisfaith]

“This all stems from rotten leadership...From the top down.”

That may be partly true. Bush has been reckless with his support for spending.

Obama would certainly continue the trend and indeed multiply it, which is why everyone should vote McCain.

McCain will cut spending.

[dragnet2]

Yeah, that and corrupt leadership...From the top on down local government gang families.

Ya got federally regulated loan companies loaning big bucks to illegal aliens, while those at the top publicly encouraged an illegal invasion of millions during war time no less.

Is anyone surprised by anything anymore?

[silentreignofheroes]

It wants you to consume...

Exactlly right,there wil be a day that if you don’t spend “You’ll be a National Security Threat”.

By the way,You can take that to the Bank.!

[kc8ukw]

That depends on what kind of cash you hold.

Touche.

[rabscuttle385]

But then you don’t have an excuse to go to Hong Kong! C’mon, gotta enjoy life a LITTLE bit...:)

LOL. True to the second part.

[Misterioso]

OK, so things are turning to sh**. Creating panic doesn’t help them. Telling people all the banks are about to fail is a sure way to stir up panic withdrawals in a self-fulfilling prophesy of runs on the banks.

You are beyond naive. Expressing an opinion on Free Republic has absolutely no effect on the worldwide economic debacle just over the horizon.

[PAR35]

UBS is located in Sweden.

No, UBS used to be called Union Bank of Switzerland. Just a few hundred miles off course.

[My Favorite Headache]

Big money goes around the world
Big money underground
Big money got a mighty voice
Big money make no sound
Big money pull a million strings
Big money hold the prize
Big money weave a mighty web
Big money draw the flies

Sometimes pushing people around
Sometimes pulling out the rug
Sometimes pushing all the buttons
Sometimes pulling out the plug
Its the power and the glory
Its a war in paradise
Its a cinderella story
On a tumble of the dice

Big money goes around the world
Big money take a cruise
Big money leave a mighty wake
Big money leave a bruise
Big money make a million dreams
Big money spin big deals
Big money make a mighty head
Big money spin big wheels

Sometimes building ivory towers
Sometimes knocking castles down
Sometimes building you a stairway —
Lock you underground
Its that old-time religion
Its the kingdom they would rule
Its the fool on television
Getting paid to play the fool

Big money goes around the world
Big money give and take
Big money done a power of good
Big money make mistakes
Big money got a heavy hand
Big money take control
Big money got a mean streak
Big money got no soul...

[Misterioso]

Definition of an imbecile: one who is incapable of being enlightened.

[silentreignofheroes]

Your thinking is right,anyone who thinks the Gov. can is probably at DU or some other “We’re from the Gov.,we’re here to protect you” site.Don’t panic,just prepare.