The chips are beginning to fall...

Did this story get released after the market closed? That's not a good sign.

The story was released at 6:59 p.m. EST. You’re right, IndyMac is just a precursor of what’s coming.

How bad do you think it will get?

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...

Back to you, Chet.

From the article:

In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said "the immediate cause" of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank's solvency.

Can't wait to see Shumie wiggle on this one.

Political correctness is rapidly killing this country.

I'm 51 years old. I NEVER thought I would live to see its destruction but I probably will. God help the children of this country.

How bad do you think it will get?

Fannie Mae and Freddie Mac will probably go under. The Fed's just allowed them access to the discount window today, but that is like putting out a forest fire with a squirt gun.

I also wouldn't be surprised to see Lehman, Citibank, and UBS either go under or suffer irreparable harm. UBS is located in Sweden.

The bank failures are going to seem small potatoes once the derivatives market starts unwinding.

Information for IndyMac Bank, F.S.B., Pasadena, CA [failed bank alert]

The bank failures are going to seem small potatoes once the derivatives market starts unwinding.

What can folks do to protect their assets?

Friday, too. Nothing happens on the weekend, but this story might make WSJ radio Saturday show.

can you develop your logic for the end of world a little bit better?

Last Fall I told my elderly Mom to get out of the market and sell everything she had. She didn’t listen to me and she may very well loose everything she has invested.

Always travel with towel.

The bank failures are going to seem small potatoes once the derivatives market starts unwinding.

This is "fire in a theater" talk. What rock have you been hiding under for the last year?

Thanks Democrats! Let's see if you can get that approval rating even LOWER now that you are actively running banks out of business and putting thousands out of work!

BTW, the director of the OTS is John Reich, who once served as Chief of Staff to Sen. Connie Mack. He is no wallflower and he's taking it to Schumer on this one. Schumer also had a lot to do with the collapse of Countrywide.

bttt

What can folks do to protect their assets?

Commodities. Own the oil well. If oil wells are nationalized, you will own the shirt on your back.

I hope you don’t work for this bank....

And you won’t hear Bush or any Republican state this fact, right David?

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

I’d be surprised.

Agreed, from this 54 yo.

"Although this institution was already in distress, I am troubled by any interference in the regulatory process," said OTS Director John Reich.

Everyone needs a little Federal on Federal now and then.

What can folks do to protect their assets?

I only play an investment counselor on TV. Seriously, my family went to cash last December. We're losing money due to the devaluation of the US Dollar, but not like we would have lost if we stayed in the market.

The other thing that I would recommend is to prepare your household for an economic collapse. 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. Keeping the ammo stocked probably isn't a bad idea either.

P.S.: This has nothing to do with the upcoming election - even though there are many on FR that will tell you that. It has to do with many bad financial risks and decisions that are rapidly collapsing.

"failed bank alert"

THANK YOU SMUCKY SHOOMER of NEW YORK!!!

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

In early or mid June someone posted here on FR that due to some kind of stock market or economical theory that the BIG, BIG crash will happen early next week. That this coming crash will make the Depression look like a walk in the park. I wonder if this is the beginning of that happening.

can you develop your logic for the end of world a little bit better?

I'm not predicting the end of the world. But my understanding of God's Word and the current environment of the United States shows that God has lifted His hand of protection from our country.

Pinging you on this thread for your comments, which are always appreciated.

You can thank Senator Chuck Schumer’s public letter for the $1.3 Billion run on IndyMac’s deposits this week.

They always close them on Friday. When a bank is having serious problems they know every Friday could be the day.

So the forced them to loan the money to people who couldn’t pay it back.

LOL! Forced them? The banks were falling all overthemselves to lend money to people who couldn't afford it. They thought the worst case scenario would be they could soak the their customers for a couple of years worth of interest payments then foreclose and sell the house to some other sucker.

This is "fire in a theater" talk. What rock have you been hiding under for the last year?

I have spent the last 8 years of my life heavily involved in the investment consulting industry. My involvement had to do with the certification and training of consultants dealing with high net-worth clients (many VP's, etc. from major financial houses).

What is your expertise?

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

I wonder if this is the beginning of that happening.

No.

Did this story get released after the market closed? That's not a good sign.

It's probably the best way to do it. It gives them a couple of days over the weekend to get situated and re-open on Monday.

Lehman...

Great pick by NJ Governor / Bozo: Corzine. The recent [2 mo. ago] teacher's pension fund investment in Lehman Brothers has now lost $120,000,000 as of today. That is a 66% loss in two months. 16% today alone.

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

I'm not predicting the end of the world. But my understanding of God's Word and the current environment of the United States shows that God has lifted His hand of protection from our country.

Amen !

Look up; the King is coming !

shalom b'SHEM Yah'shua HaMashiach Adonai

Ah...diversity and political correctness...

Let’s take care of ‘em...

The chicks have come home to roost and the shit smells...

I guess the sky really IS falling.

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.

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

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!

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.

It’s a great time to be broke!

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!

“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...

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?

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

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