Second Largest Bank Failure In US History & 90 More Coming!
 

The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued at
http://www.latimes.com/business/la-f...,6071779.story

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.

Second Largest Bank Failure In US History & 90 More Coming!
 

On Jul 12, 10:46*pm, Tex wrote:
The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued athttp://www.latimes.com/business/la-fi-indymac12-2008jul12,0,6071779.s...

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" *by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.

hmmm 1929 all over again..... how did we get out of that
one??? WW II !!
If we all go that way again.... how will we get out of
it....... Another big war??

Second Largest Bank Failure In US History & 90 More Coming!
 

Tex wrote:

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.

Cato wrote:

hmmm 1929 all over again..... how did we get out of that one???
WW II !! If we all go that way again.... how will we get out of
it....... Another big war??

Huh? Another big war?

We -already- have TWO wars (Afghanistan and the big Trillion dollar Iraq
war) with W just itching to start a third war with Iran... You mean we
need yet more?

Hang on folks, it's going to be a rough ride ahead. :-(

Second Largest Bank Failure In US History & 90 More Coming!
 

Tex wrote:
The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued at
http://www.latimes.com/business/la-f...,6071779.story

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.

Well, that's what happens when we have a drug and alcohol addled
president that gives free rein to Big Business and starts an unprovoked
Trillion dollar bogus 'war'. Now, the rest of us get to pay the piper
for W's follies.

Heckuva job, Georgie! :-(

Second Largest Bank Failure In US History & 90 More Coming!
 

"Billy Burpelson" wrote in message
...
Tex wrote:
The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued at
http://www.latimes.com/business/la-f...,6071779.story

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.

Well, that's what happens when we have a drug and alcohol addled
president that gives free rein to Big Business and starts an unprovoked
Trillion dollar bogus 'war'. Now, the rest of us get to pay the piper
for W's follies.

Heckuva job, Georgie! :-(


Hey,, moron, the president doesnt make policy. Thats congress's job.
And since congress's approval rating is a whopping 9% the results are
obvious.

Second Largest Bank Failure In US History & 90 More Coming!
 

"Tex" wrote in message
...
The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued at
http://www.latimes.com/business/la-f...,6071779.story

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.


Gee it couldn't be predatory lending practices by all
these mortgage institutions for the last 5-10 years that are
now coming home to roost be the problem, could it ??
Giving an APR 100,000$ or more loan to someone
with a family of 3-4 on a 35,000$/ yr.income isnt a very
smart idea. This is just part 2 of the S&L scandel of the
80's, where loans were made based on land values with
little or no up front money. Land values went down and
tens of thousands of loans were istantly insolvent.

Second Largest Bank Failure In US History & 90 More Coming!
 

Benny Hill wrote:

Gee it couldn't be predatory lending practices by all
these mortgage institutions for the last 5-10 years that are
now coming home to roost be the problem, could it ??

Well, it could be...but don't forget this country's policy of borrowing
to the hilt and running up a *record* debt, thus devaluing the dollar.

And it may even relate to this Administration giving free rein to Big
Business and its -repealing- of some of the financial regulations that
were enacted after/because of the 1929 fiasco. You are obviously without
a clue as to just how far in bed this Administration is with Big Business.

Giving an APR 100,000$ or more loan to someone
with a family of 3-4 on a 35,000$/ yr.income isnt a very
smart idea.

No it isn't very smart at all, but don't forget the crooks that wrote
these mortgages. Unfortunately, its been repeated tens of thousands of
times for morons that think they should own a McMansion. A couple of
months ago, the Wall Street Journal had a front page article about about
a Californian female housekeeper (changing beds at the Holiday Inn?)
that grossed $24,000 a year and signed for and received a mortgage for
$734,000!!!!!!!!

Do you blame the 'happy homeowner'? The crook that knowingly wrote the
mortgage? The lack of (or repealing of) Federal legislation that would
have protected against this disaster?

Second Largest Bank Failure In US History & 90 More Coming!
 

"Billy Burpelson" wrote in message
...
Tex wrote:
The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued at
http://www.latimes.com/business/la-f...,6071779.story

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.
Well, that's what happens when we have a drug and alcohol addled
president that gives free rein to Big Business and starts an unprovoked
Trillion dollar bogus 'war'. Now, the rest of us get to pay the piper
for W's follies.

Heckuva job, Georgie! :-(

Benny Hill wrote:

Hey,, moron, the president doesnt make policy. Thats congress's job.


Oh, just when did the President's veto power break?

Sorry, 'moron', but the sign on Harry Truman's desk was right -- "The
Buck Stops Here". And if the person sitting in the Oval Office doesn't
have the balls to follow that precept, they shouldn't be president.

Second Largest Bank Failure In US History & 90 More Coming!
 

"Billy Burpelson" wrote in message
...

"Billy Burpelson" wrote in message
...
Tex wrote:
The federal government took control of Pasadena-based IndyMac Bank on
Friday in what regulators called the second-largest bank failure in
U.S. history.

Citing a massive run on deposits, regulators shut its main branch
three hours early, leaving customers stunned and upset. One woman
leaned on the locked doors, pleading with an employee inside: "Please,
please, I want to take out a portion." All she could do was read a two-
page notice taped to the door. Story continued at
http://www.latimes.com/business/la-f...,6071779.story

Ninety more banks are expected to fail within soon - but hush hush -
that isn't supposed to be public knowledge lest more "runs" by
depositors ensue. The question is WHICH ninety?

The American empire is crumbling - economically, politically,
socially, militarily, morally. The end is near, the fat lady hasn't
sung yet but she's damn sure warming up.
Well, that's what happens when we have a drug and alcohol addled
president that gives free rein to Big Business and starts an unprovoked
Trillion dollar bogus 'war'. Now, the rest of us get to pay the piper
for W's follies.

Heckuva job, Georgie! :-(

Benny Hill wrote:

Hey,, moron, the president doesnt make policy. Thats congress's job.


Oh, just when did the President's veto power break?

Please provide any or all bills signed into law by Bush in the last 7
years regarding home owners lending practices??

Second Largest Bank Failure In US History & 90 More Coming!
 

"Billy Burpelson" wrote in message
...
Benny Hill wrote:

Gee it couldn't be predatory lending practices by all
these mortgage institutions for the last 5-10 years that are
now coming home to roost be the problem, could it ??

Well, it could be...but don't forget this country's policy of borrowing
to the hilt and running up a *record* debt, thus devaluing the dollar.

And it may even relate to this Administration giving free rein to Big
Business and its -repealing- of some of the financial regulations that
were enacted after/because of the 1929 fiasco. You are obviously without
a clue as to just how far in bed this Administration is with Big Business.

Giving an APR 100,000$ or more loan to someone
with a family of 3-4 on a 35,000$/ yr.income isnt a very
smart idea.

No it isn't very smart at all, but don't forget the crooks that wrote
these mortgages. Unfortunately, its been repeated tens of thousands of
times for morons that think they should own a McMansion. A couple of
months ago, the Wall Street Journal had a front page article about about
a Californian female housekeeper (changing beds at the Holiday Inn?)
that grossed $24,000 a year and signed for and received a mortgage for
$734,000!!!!!!!!

Do you blame the 'happy homeowner'? The crook that knowingly wrote the
mortgage? The lack of (or repealing of) Federal legislation that would
have protected against this disaster?

Much of this fiasco has come from sub prime lenders which are not
covered by any federal supervision, they represent about 2/3's of the
market. This is not a "new phenomenon, I went to my financial consultant
close to 3 years ago now wanting to get in on the real estate market. His
reply was stay away from it, its going to come to a crunch soon. So analysts
knew this was coming as much as 3 years ago.