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. ...

[politicket]

Are you SERIOUS? Do you think they’ll let Freddie and Fannie go down?

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

[RightWhale]

Have no more than $100,000 in any one bank. This is not a problem for some.

[politicket]

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

LOL!!! That right there was funny my FRiend!

[RockinRight]

Nope.

Actually, the bank I work for is rather solid and never got deep in the unusual mortgages - in fact they never really did them at all.

I am more concerned about the value of my home falling 50% for the next 20 years, and being stuck in this declining school district, with the State continuing to pump more Section 8 Ghetto trash in the area.

[RockinRight]

It’s a great time to be broke!

[Michael Barnes]

Heard on a local talk station here that as many as 6000 banks are going under shortly,we’ll see.

I don't know who those banks are, but around here, they won't stop building new branch offices!

[Lonely Are The Brave]

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

What will the Fed DO when just printing money to bail out worthless business ventures no longer works because the Dollar is worthless...

Perhaps as your post suggests...

[RockinRight]

I'm not saying that it will definitely happen, but you don't want to be making plans the day it does. We're raising chickens and growing quite a bit of our own produce.

We live in a condo. How's that gonna work?

[WoofDog123]

also can set up panic opens on monday, if one has guts of iron or OPM to use.

[RockinRight]

Did He lift it in 1929 too? Or are you using a bit much hyperbole?

[xrmusn]

...as many as 6000 banks going under......
- - - - - - - - - - - - - - - - - - - - - - — - - - - - -
There aren’t 6000 banks left after all the mergers and buyouts are there?

As to the ‘forced loans’, these people (pols) apparently didn’t learn anything from the S&L and Credit Card scandals did they?
A few of the pols got to be fat cats then wrote legislation favorable to the lenders...

[the invisib1e hand]

my favorite writer has opined.

[WoofDog123]

i hear the fed has these really neat electronic printing presses that can do this in fairly short order.

[politicket]

Corzo's handpicked Wall Street manager found this gem. But...it is the NJNEA so screw 'em

You'd be absolutely amazed at many of these major investment consultants. My experience with them is that they got so wound up in new hedge fund strategies that they lost touch with reality. These have now been unwinding.

The investment consultants that I dealt with (hundreds) were some of the biggest procrastinators that I have ever known.

[Libertarian444]

      

Nice job, you f***ng moron

[proudofthesouth]

Yeah I'm in the same situation. I've got a teensy patio. My association board just recently allowed me to put an umbrella clothesline on the patio. They'd NEVER allow me chickens out there!

[politicket]

Have no more than $100,000 in any one bank. This is not a problem for some.

That is good advice for banks, but it doesn't apply to 401K accounts where most individuals have stashed their retirement income.

[Woodman]

OMG Union Bank of Switzerland is located in Sweden?

[Thinkin]

That will happen to a 401K when $$ is in
Money Market not stocks?

[politicket]

What will the Fed DO when just printing money to bail out worthless business ventures no longer works because the Dollar is worthless...

Inflation is here to stay for quite some time.