(a good read, BTW)
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 ...
“A bit of hyperbole... That $40 billion in 1984 would be $82.4 billion in 2007 dollars. If we survived the (in 2007 dollars) $82.4 billion bank failure in 1984, I think we can survive one that’s not even 40% of that value...”
Good point...
But, the question is: How much more is there to come?
After all that has already come...
I believe the debt the U.S. government has and the banks on shaky ground is why you will see the Dow go down to about 9000—maybe lower...
Follow the money...
I posted on another thread yesterday morning about the dire financial state we are in. There are far too many that are not taking this seriously. The one response I received to my post yesterday informed me that there were meds I could take to help me.
So I’m leery of saying anything more on the subject. Being ridiculed is not what I am here for.
I’ll say it one more time though. The situation is far more dangerous to Americans than the most of them realize.
But what the heck, I’m just a crazy gold bug, whose stock portfolio was up 5% today and 4% yesterday.
Appears that you "zero" key is stuck -- repeating
Sure we poke fun, but we also get into some kind of survivable position if we can. Will it be enough? Possibly not. Don’t panic, and afterwards nobody will remember those who warned any more than those who said it is paranoia anyway.
Wish I’d got the entire show,it’s a locale show here in South Alabama called Constutional America on 93.7 .Kind of doom and gloom,but we got to understand where we’re at,I reckon.Next Monday I’m going to call in and see if the dude will start posting here if it’s allowed.He does have good things to say.Could be that he was talking about branches.
Well, that’s the question, isn’t it? We are seeing a rise in world inflation, no doubt. It appears here to stay. I can see that possibility. But I am also reading quite a few articles form some seemingly bright financial people who are posing the serious possibility that net deflation and demand destruction is going to be unstoppable. Inflation should not exist if property values fall 60%, 25% of businesses close their doors, their is wholesale slaughter with bank failures, and if unemployment soars.
Deflation is nasty but it can’t result in inflation. I’m really struggling with trying to decide where we are heading — net deflation or net inflation. But some very bright people are convinced that deflation is going to win.
lol at the gallows humor.
We should test 9/11 lows, which will answer the questions I got about saying "7250" here a few weeks ago.
(a good read, BTW)
You sound like Jeremiah Wright -- whitewashed and watered down.
Script revealed long ago...
http://illuminati-overtime.blogspot.com/2007/11/collapse-of-major-banks-illuminati-to.html
You first. I asked you near the beginning of this thread to elaborate you prognostications on impending bank and "derivatives market" doom. Still haven't heard back.
Yeah... I’m thinking convert everything I can to cash.
Put your cash here:
It's corrected 7% so far this year, and will do another 15% in the next 8-15 months (it's done 16% over the last 12 months). A $1500 trip to Hong Kong can do wonders for your investments, just on the exchange rates.
Get your passport, a current utility bill (original one), and get thee to Hong Kong. Go to the HSBC just two blocks from the Central ferry terminal. Then open up a foreign currency private account in HKD, USD and CNY (Chinese Renminbi). Make deposits from USD and convert them to CNY.
You get the exchange rate, but you're in an economically open locale of Hong Kong, and have world-wide access to your funds via any HSBC office (several on the West Coast, and heavy in the North East), and via Internet access to your funds (can do a 24 hour transfer to any US account). And with the debit card, you can get your funds from ANY ATM worldwide.
Seriously, it's a free 15%; the 0.75% interest you can make on CNY denominations is just extra.
Oh, and while there go spend a day or two decompressing at the Silvermine Beach Hotel... You'll feel much better!
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