We are living in unstable times
photo from Old Pictures"On July 11, 2008, IndyMac Bank, F.S.B., Pasadena, CA was closed by the Office of Thrift Supervision (OTS) and the Federal Deposit Insurance Corporation (FDIC) was named Conservator. All non-brokered insured deposit accounts have been transferred to IndyMac Federal Bank, F.S.B., Pasadena, CA ("assuming institution") a new FDIC-insured Federal Mutual Savings Bank. No advance notice is given to the public when a financial institution is closed."
(from the Indymac website)
There was a run on the bank with depositors withdrawing a whopping $1.3 billion in less then 2 weeks.
I am no financial whiz but this doesn't sound good. Seems like we as a people are handling our money a bit like the government handles what goes through their hands. Buying more than we can afford and wanting more and more, bigger and better.
Comments
This could mean a lot of things, but two major things come to mind. Either they're pulling their money because we're about to invade Iran (which would really hurt us while we're down) or quite simply our economy is about to collapse.
Either way, this is frightening. I wasnt sure if I should believe it at first because only the smaller news sites were reporting it, but this just convinces me that we are, in fact, living in unstable times.
Jo Lynn
yes, times are hard but much of the problem with banks etc is due to the high rate of foreclosure which is DIRECTLY related to people purchasing homes beyond their actual means. Even if that means they got a loan with an ARM without researching the posibilites.