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. ...

[Arkinsaw]

For another reason, too - it was Ronald Reagan and the Republicans who pushed the idea that minority home ownership would spawn a new generation of conservatives, because people with a "stake in America" would forsake their sinful ways and focus on improving themselves and their communities.

That worked well, didn't it? ;)

President Reagan, Jack Kemp, etc. promoted that idea for the purpose of improving people's economic situation and brining them into the middle class fold.

It was changed over the years into another politically correct welfare program and money-making scheme.

Don't slam the original concept or the original good intentions behind it because it was twisted into what it became. There have been many good things twisted around by politically correct agendas. Our whole country basically.

Aim your complaint against the real source of the problem.

[Transformers]

Well those minorities soon won’t be labled as such any more. I don’t think we’ll ever have the numbers to elect a great man like Reagan, nor would enough of the population recognize the greatness of such a man. I think we’ve peaked as a nation. I’m very worried about the future.

[dragnet2]

Who’s that?

[silentreignofheroes]

Deer are’nt moving down here yet.Another 2 months.My grandson is going to take me on a hunting trip this year.He’s a sport,we might not have much , but we have what we need.Good to talk to you Tammy8 ,yall stay safe.

[Hilltop]

She either has a huge cucumber patch or you live in a very small town.

[Misterioso]

In short, there is quickly coming a time when Christian's will have a choice to make - follow God's law - or follow man's law.

Why not just move to Oregon?

[Cacique]

btt

[Lonely Are The Brave]

“What is going to prevent foreign holders of T-bills from dumping?”

You are absolutely right...

What did George Washington warn us against....

Does anybody remember Him...

[Hilltop]

Bartering is counted as ordinary income, I believe.

[Mr. Jeeves]

Don't slam the original concept or the original good intentions behind it because it was twisted into what it became.

Sorry, but I must so slam. That's not the government's business, and trying to buy votes even in such a roundabout way is just as offensive to the concept of republican government as the Democrats' direct cash payments to the same voters.

[Ron H.]

Yes, the Fed should let the market fall. But wait, there is hope, for a Change. Do I see The Magic Negro?

Put the two together and still wouldn't have a clue about the economy.

[dragnet2]

Nobody remembers him.

[Transformers]

In my daughter’s class they spent only one day on George Washington but spent an entire week on Civil Rights icons. And we’re supposed to be in a very conservative neighborhood. ???

[Transformers]

I remeber when I was in college they were starting to really promote the idea that George Washington was an evil racist white man and an all around bad guy. There were fliers all over campus depicting this and events where you could listen to guilt tripped liberals teach on this.

[dragnet2]

Well of course..Bush and his administration are just innocent by-standers here. They have no power to do anything.

[Ron H.]

The Fed's will either need to let them go under, or find a few trillion dollars sitting around for a bailout.

With my tongue firmly planted in my cheek I'll venture that that won't be no problem for our corrupt government, they'll just crank up the old printing press in the basement of the Legislature building and print up a trillion or two more. Problem solved! Right?!

[GOPJ]

How do you think Wachovia will do?

[brushcop]

Not false posturing in the least. It starts on the local level where you know your elected “officials” the best. I find that generally we live in an very polite society (yeah, I know, sometimes you wonder...) and rarely do people actually TALK to their local politicos and express their opinion, they usually mince away. That needs to change, er, excuse me for using that word. You need to know WHY you argue those points, time to be informed.

Rarely do people write. Emails are too easily ignored, written letters aren’t and need to be brief, to the point are best, firm but polite. Phone calls, uncompromising but firm and polite, all this stuff is elementary but most people don’t even do it.

Finally ACTION is necessary (put motions to those thoughts by following through). Challenging your local Democrats and of course there our “our guys” too that need a verbal kick in the pants. At the gas pumps when I hear a grumble about the prices I’ve started saying, “Are you a Democrat? If so, thanks a lot for the do-nothing congress, start drilling!” Challenging? You bet. If they are like-minded conservatives then we have a great blow it off discussion and leave in better spirits. Dems (and RINOs) usually back off and slink away.

The “highest levels” as you say, are supported by the “lowest levels”. There are always those “moments” that present themselves but you have to be ready. Who would’ve thought that Newt’s “Contract With America” would be so powerful? Just words right? That’s where it begins.

[NRA2BFree]

This is "fire in a theater" talk. What rock have you been hiding under for the last year?

This is reality talk. Where have you been hiding? The house of cards is collapsing right before our eyes. IF you can't see it, take your blinders off!

[GOPJ]

What is going to prevent foreign holders of T-bills from dumping?

Higher interest rates -- much higher.