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 ...
Thank you. I increasingly see uneducated, low-class, irresponsible minorities living in big houses in good neighborhoods. Now we have to pay out of pocket for it. Ain't the government great?!!
That would be The Big Money, by Rush.
Music tells the truth!
But it seems to me that a couple of banks (JP Morgan/Chase and Bank of America in particular) seem to in the market to buy out a lot of the larger companies that are distressed. By large stock purchases or out right purchases.
So it could well be that we will end up with just a couple of mega-banking institutions that will get very fat and happy from credit card use.
In today's time of wide spread corporate corruption..I wonder how many folks would pass a pension by (even with an employer match and control) and start and IRA on their own.
Myself, I would hesitate to participate in a plan that is controlled by a company. You are correct..anything outside of a 401K should be illegal.
I see what you were saying. And it is a very good point.
Good clarification - thanks.
Jefferson definitely lost. I’m sure Hamilton is a whole lot less miserable about modern USA than Jefferson was. If Jefferson lived in the USA today, he would either be in jail or have been Wacoed by now. Think about it. With all his accomplishments, all Jefferson would have been today is a nutty gun-toting libertarian holed up on his farm and taken out by a sniper from the ATF. America has fallen so far, and we have lost so many freedoms, it is enough to make me cry.
‘The banks weren’t forced to lend to anybody.’
Maybe....
If you are right about a ten-year depression the cities will burn.
Recently I haven't been noticing much "market growth above the 5-7% imputed rate", but that may be just my own cynicism.
I talked to my 19 year old Daughter yesterday, and she said no longer goes to malls. The price of gasoline has caused her to adjust all her spending.
The younger crowd has seen nothing but good times until now. Rainy days do come. These young adults are in shock.
The general market isn't showing 5-7% right now, but if you look at dividend paying stocks like FRO, or hard currency funds like MERKX, you can get 10%+.
> The libs told the banks that if you they didn’t loan money to sub-prime borrowers, the majority of whom were minorities, then they were “racist”. So the forced them to loan the money to people who couldn’t pay it back. And that’s where we are...
The banks didn’t do this because the libs told them to. That’s nonsense. They did it because their high-risk game was extremely profitable because of the rates being charged. The problem was that they felt there was no risk because of the bailouts mandated by FDIC.
Basically these banks were throwing the dice with heavy stakes, and they lost. And guess who gets to bail them out? We do. You ask me, all these risk-taking bastards need to reap what they sowed, pay out for the mistakes THEY made. You assume high-risk loans and make gazillions? When consequences happen, you OWN UP TO THEM. Deadbeats get thrown out of their houses, deadbeat bank leaders need to be stripped of any penny they can pay back for their bad decisions. But no, mark my words, these bastards will skate and keep their pricey beach house in the Bahamas with a hefty pension, so they can snicker at all us lackey taxpayers while they sip Mai Tais and flick cigar butts at the servants.
This is the one you missed while you were camping
Good word, aptly spoken.
ty
We see eye to eye on much. The other possible conclusion without collapse is perhaps equally worse: Attempt to socialize our way out of socialism until a major nation decides to attack us. That was the tale of the 1929 crash up until the Greatest Generation emerged by 1946.
I quoted Hamilton, although Jefferson (or was it Franklin) restated how Americans would wake up homeless and penniless in a letter written in 1802. Hamilton had came to these conclusions about our future American economy as far back as 1790.
Sounds like you have a very savvy daughter. :)
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