Posted on 07/11/2008 4:18:12 PM PDT by 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. ...
(Excerpt) Read more at online.wsj.com ...
It depends on whether or not the Gubmint went so broke that it could not continue paying protection money to all. There is so much of it, Medicaid, Medicare, Social Security, Food Stamps, Public Assistance, WIC, pensions ....gawd, it’s endless. Hyperinflation would have the same effect. If all that were to collapse, holy cow, watch out.....when people get really hungry and thisty....Donner Party, with guns, clubs, and knives.....
You're forgetting the Community Reinvestment Act of the 1970's which activists used as Damocles sword over the heads of bankers throughout the 80's and 90's to force lending to sub prime borrowers.
Very often the opening of new branches and/or the outcomes of merger deals hinged on the compliance with the Act.
It was sheer blackmail and the banks had no choice but to lend. At least for a while they were able to package that sh^^ into securities and sell it off.
“The DOW will plunge on Monday”
Why?
The IndyMac news was being talked about all day. It was no secret.
“Big money got no soul...”
They might owe me some money,be right back
It might be a little cozy in the condo for chickens and other farm animals- but you can grow more veggies than you think in containers.
People who don’t have much land/yard should look into container and square foot gardening. Whatever you can grow, you are that much further ahead.
I have plenty of land for a garden, but I am just not up to caring for a real garden any more. This year I did the container gardening just to try it- it is working great, I wish now I had planted a bunch more containers.
A few months ago (roughly the time of the Bear-Sterns collapse, as I recall) the FDIC issued some sort of formal notice to a bank to “recapitalize”. As I understood the situation, when a bank gets to that point, it’s generally beyond the point of no return.
Anyone recall that situation and, if so, was the bank IndyMac?
“”””“The DOW will plunge on Monday”
Why?
The IndyMac news was being talked about all day. It was no secret.”””””
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The Indymac story was out as much as three days ago, I spend the mid morning to 4pm trading the stock market, after I get my construction business going for the day, anyway, the Indymac story came across the live DowJones newsfeed three days ago. Heck, three days ago the stock was trading at 70 cents, down from $40 a year ago, everyone knew this baby was toast.
So, I agree, the fact that it made the “lamestream” news today will not tank the market Monday. In fact, I would not be surprised to see the market bounce Monday or Tuesday. The CBOE Volatility Index is getting up into the area that has marked prior bounces.
The fact that the DOW came 125 points off the low of the day today shows you that shorts are nervous and will be looking to cover, which will cause the bounce. Maybe a rally lasts a few weeks, maybe a month or more, but it ain’t the bottom yet, not by a long shot.
The wife just put up around 16 quarts of pickles from three plants (no folks,there are’nt any pickle plants),it can be done.
Depending on where you are, it might not be too late to get some winter squash going - I wasn't going to bother, but I think that's going on tomorrow's schedule after all.
IndyMac is nothing. It’s one bank.
Fannie/Freddie’s health is 100’s of times more important to our economy.
I can't imagine why the DOW would tank in this environment..Hmmm lets see why would that happen????????
Wow. Well said.
I understand, but I'm 65 and sure am able to join in in taking back our country, I think that's what our Founding Fathers would expect us to do.
We are not to roll over and surrender with a whimper, we are to stand as men and take our country back, hell we're Americans dammit! I submit that the Socialists/Marxists are NOT Americans and don't understand the concept, that's why it's necessary to teach them.
Too many girly-men here, the real men are still in Iraq and Afghanistan it appears...
I tried planting some stuff in containers...about half came up, the other half was destroyed by f&@king squirrels digging all over my pots thinking they’ll find something.
I guess the solution is to sit all day out there with a shotgun...LOL...
I still believe strongly in the adage: if there’s going to be a recession, you should simply refuse to participate.
How could you listen to Rush and not learn this important lesson?
Oh please - stop the false posturing. This crap is happening at the highest levels. What, pray tell, is your “plan” to “take back the country”?
What's coming can better be likened to an asteroid impact. The depression occurred while most Americans were rational, moral and un-multicultural. And, there weren't muslim hordes on our shores. We have become a nation of chatterers and dope addicts. I've even turned into a hyperbolic.
The DOW knew IndyMac was going to be shut down today; so it won't be new information to trade on Monday's session.
There is a lot of other news out there that can move the DOW on Monday; but not the IndyMac news, since it was already news today.
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