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. ...

[am452]

Agreed. At a time of a not so united country basking in all it's multiculturalism. Very unlike the 1930's.

People in the 30's were also more independent. They could hunt or grow and can their own food....and many did for the most part. Today's metrosexual males would not even know where to start to change their own oil.

[berdie]

Wachovia is offering an unusual high rate of interest for corporate cds. That usually indicates trouble.

[politicket]

You sir is a LUNATIC.

Good evening to you as well. Do you always refer to your Christian brothers as lunatics?

I find it somewhat ironic that the top of your profile page states the following:

And ye shall know the truth, and the truth shall make you free. John 8:32

[Ron H.]

Land: they don’t grow it any more.

I agree with you that land is the best investment in the long term and once in a while in the short term!

Good advice. I have a few acres and am enlarging my victory garden crop for the winter palnt and harvest and canning much of it and have been stocking up on basic commodities and non-perishable foodstuffs and other items to used for bartering purposes for the past several months. I'm trying to prepare for what's surely coming down the road.

One can't go wrong with investing in the basic commodities necessary for my survival.

[rfp1234]

economic collapse is quite feasible in the United States. I also happen to believe that there are those who have been planning for this and would love to see it happen.

Would 'those' possibly include George $oro$?

[REDWOOD99]

CBS Radio News was blaming Chuckie specifically.

[PennsylvaniaMom]

I am trully not versed on who these things ‘work’ but how much money did Shumer’s run to the media actually cost the US taxpayers?

[jveritas]

You are writing about an insane and totally urealitsitc apocalyptic scenario about what is going to happen to us and you are advising people to stock on the ammunition and yet you want to camouflage your crazy ideas with the Christian cover.

[NeoCaveman]

How bad do you think it will get?

I bought the China 25 Ultra Short fund today at 3 pm. (goes opposite of the market). I'm feeling pretty good about it right now.

[NRA2BFree]

I'm not predicting the end of the world. But my understanding of God's Word and the current environment of the United States shows that God has lifted His hand of protection from our country

You're exactly right! The unsaved don't understand what's happening because they don't know the Bible. This is just the beginning of "birth pangs!" America is going down, and we are probably going to pull the rest of the world down with us! We have pushed God out of America so we can't expect Him to rescue us.

[politicket]

The 70’s were horrible. Example: gasoline was expensive for the time and you had to wait in line to get it. In my area, there were massive foreclosures.

Not to barge in to your reply to jveritas, but the 70's were different in a number of ways. There were some very bad financial decisions made in the 70's, such as decoupling the US dollar from gold and moving many of the nation's employees from Defined Benefit Plans to Defined Contribution Plans (i.e. 401K's). Inflation skyrocketed during the Carter presidency, along with interest rates. Many parts of the country had real-estate meltdowns and a lot of people literally walked away from their homes and left the key in the lock.

As bad as that time was for many people, it pales in comparison to what is now taking place. The present-day derivatives market didn't exist in the same way back in the 70's. You can think of derivatives as intense gambling on steroids. When different financial sectors, such as housing, fall into crisis like they currently are, then the derivatives market takes a big hit. We currently have financial crises on a few different fronts, and the derivatives market is ready to take a massive tumble. If that happens, then Katie bar the door...

[Ron H.]

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’......

Yeah, I remember that as well. I found it not only interesting but very amusing as well at the whiners' and complainers'.

[tuckrdout]

Hey, but listen. God said he would have saved Sodom had there been but 10 righteous people there.

There are more than 10% righteous people in the United States. This week end we need to send the call out to fast and pray. We are the hope of the country. We need to do our job! Shall we?

[steve86]

I bought the China 25 Ultra Short fund today at 3 pm. (goes opposite of the market). I'm feeling pretty good about it right now.

Boy, I don't know about doing that a short time before the Olympics. The Chinese government is desperately trying to get Shanghai back above 3k.

[politicket]

Would 'those' possibly include George $oro$?

I would guess that George Soros would be included, but don't know that for a fact.

If you study the Fed from its inception you will see a course of action that took place over much of the 20th century that gradually centralized power in the hands of a few. The 1929 depression was not a "chance" occurrence IMHO.

[REDWOOD99]

In reality, he probably only expedited the end. However, when was the last time the MSM threw a dem under the bus by specifically naming him for ANYTHING bad?

[politicket]

You are writing about an insane and totally urealitsitc apocalyptic scenario about what is going to happen to us and you are advising people to stock on the ammunition and yet you want to camouflage your crazy ideas with the Christian cover.

I challenge you to quote where I said that an apocalypse was coming. I did say that God has lifted His hand from our country. Yes, I did say that it is wise for people to learn how to be more self and/or community dependent - and that includes the ability to defend one's family and property - which is entirely biblical.

I'm waiting for your insightful proof of where I am a complete lunatic. I'll be waiting...

[marshmallow]

OK, so if it all goes pear-shaped, banks go bust and nobody has any money, does that mean that the price of gas will come down?

[politicket]

There are more than 10% righteous people in the United States. This week end we need to send the call out to fast and pray. We are the hope of the country. We need to do our job! Shall we?

Are there 10%? I pray that you're right. Praying and fasting along with repentance is an excellent idea! Those who have been made righteous through the blood of Jesus Christ must stand boldly before the enemy.

[jveritas]

This post you just wrote is the proof.