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U.S. Shuts Big Bank As Crisis Intensifies
Wall Street Journal ^ | July 11, 2008 | Damian Paletta and David Enrich

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 ...


TOPICS: Breaking News; Business/Economy; News/Current Events
KEYWORDS: bank; banks; congress; democrats; fed; indymac; schumer
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To: Altura Ct.

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.....


161 posted on 07/11/2008 6:03:56 PM PDT by FlyVet
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To: TINS
The banks weren’t forced to lend to anybody.

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.

162 posted on 07/11/2008 6:04:04 PM PDT by groanup (Most of my cliche's aren't original.)
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To: Mariner

“The DOW will plunge on Monday”

Why?
The IndyMac news was being talked about all day. It was no secret.


163 posted on 07/11/2008 6:04:31 PM PDT by HereInTheHeartland ("We have to drain the swamp" George Bush, September 2001)
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To: My Favorite Headache

“Big money got no soul...”

They might owe me some money,be right back


164 posted on 07/11/2008 6:07:16 PM PDT by silentreignofheroes (Old Dogs and Children,and Watermelon Wine.)
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To: RockinRight

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.


165 posted on 07/11/2008 6:07:36 PM PDT by Tammy8 (Please Support and pray for our Troops, as they serve us every day.)
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To: Gondring
Indeed, thus the smiley face. If I really thought we were headed for a financial meltdown, I'd probably invest in foreign currency.
166 posted on 07/11/2008 6:09:22 PM PDT by neefer (Big city turn me loose and set me free.)
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To: politicket

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?


167 posted on 07/11/2008 6:10:57 PM PDT by DuncanWaring (The Lord uses the good ones; the bad ones use the Lord.)
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To: HereInTheHeartland

“”””“The DOW will plunge on Monday”

Why?
The IndyMac news was being talked about all day. It was no secret.”””””
______________________________________________________

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.


168 posted on 07/11/2008 6:12:48 PM PDT by jsh3180
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To: Tammy8

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.


169 posted on 07/11/2008 6:12:54 PM PDT by silentreignofheroes (Old Dogs and Children,and Watermelon Wine.)
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To: FlyVet
Do you frequent this website? Backwoodshome.com If not, you'd probably find it interesting.
170 posted on 07/11/2008 6:14:38 PM PDT by neefer (Big city turn me loose and set me free.)
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To: Tammy8
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.

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.

171 posted on 07/11/2008 6:16:25 PM PDT by nina0113 (If fences don't work, why does the White House have one?)
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To: jsh3180

IndyMac is nothing. It’s one bank.

Fannie/Freddie’s health is 100’s of times more important to our economy.


172 posted on 07/11/2008 6:16:28 PM PDT by HereInTheHeartland ("We have to drain the swamp" George Bush, September 2001)
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To: HereInTheHeartland
Why?

I can't imagine why the DOW would tank in this environment..Hmmm lets see why would that happen????????

173 posted on 07/11/2008 6:18:32 PM PDT by dragnet2
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To: Freedom_Is_Not_Free

Wow. Well said.


174 posted on 07/11/2008 6:20:21 PM PDT by joe.fralick
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To: proudofthesouth
I'm 51 years old. I NEVER thought I would live to see its destruction but I probably will. God help the children of this country.

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...

175 posted on 07/11/2008 6:23:09 PM PDT by brushcop (We remember SSG Harrison Brown, PVT Andrew Simmons B CO 2/69 3ID KIA Iraq OIF IV)
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To: Tammy8

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...


176 posted on 07/11/2008 6:26:30 PM PDT by RockinRight (I just paid $63 for gas. An icefield in Alaska is NOT the Grand Canyon. F--- the caribou.)
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To: politicket

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?


177 posted on 07/11/2008 6:27:01 PM PDT by reasonisfaith (Liberalism is service to the self disguised as service to others.)
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To: brushcop; proudofthesouth

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”?


178 posted on 07/11/2008 6:28:16 PM PDT by khnyny (Being Irish, he had an abiding sense of tragedy which sustained him through temporary periods of joy)
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To: Altura Ct.
Agreed. At a time of a not so united country basking in all it's multiculturalism. Very unlike the 1930's.

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.

179 posted on 07/11/2008 6:28:48 PM PDT by Misterioso
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To: dragnet2
“I can't imagine why the DOW would tank in this environment..Hmmm lets see why would that happen???????? “

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.

180 posted on 07/11/2008 6:29:48 PM PDT by HereInTheHeartland ("We have to drain the swamp" George Bush, September 2001)
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