second largest bank failure in U.S. history

lomiller

http://money.cnn.com/2008/07/11/news/companies/indymac_close.ap/index.htm?postversion=2008071118

 

Banking regulators just took over Indymac, the 7th largest mortgage lender in the US.  This ranks a the second largest financial failure in US history behind the Bear Sterns failure earlier this year. 

 

bluberryhaze

yea cabe. those numbers(facts) you threw out were surprising to me. big business does donate more to liberals than republicans.

banks are overrated. i keep my money under the mattress.

j/k i will say this is rough. serious business. i hope- i know we will come out of this ok, though.

no soup lines, yet.

bluberryhaze

Originally posted by lomiller


http://money.cnn.com/2008/07/11/news/companies/indymac_close.ap/index.htm?postversion=2008071118
 
Banking regulators just took over Indymac, the 7th largest mortgage lender in the US.  This ranks a the second largest financial failure in US history behind the Bear Sterns failure earlier this year. 
 

http://www.bloomberg.com/apps/news?pid=20601087&sid=atyF3ydPUlk8&refer=home

 

"The Pasadena, California-based lender specialized in so- called Alt-A mortgages, which didn't require borrowers to provide documentation on their incomes. IndyMac's home state, where Countrywide Financial Corp. was also located before it was bought last week, has been among the hardest hit by foreclosures"

ALT-A morgages? wow, thats astonishing.

hindsight. lets get rid of all ALT-A mortgages.

bluberryhaze

lomiller.

that CNN link of yours i just read was ridiculous. it left out alot of good info.

lomiller

Anyone with any sense knows business gives political donations to influence the winners.  That’s why they almost always give to *both* sides.  Republican donations are down because it’s blindingly obvious they can’t win.  All things being equal however they will normally give more to Republicans, which is why Republicans normally have 2X-3X as much money to spend on election campaign.

Now,  {Mod Edit} can we address the topic of the thread? 

Cabe2323

Originally posted by lomiller


Anyone with any sense knows business gives political donations to influence the winners.  That’s why they almost always give to *both* sides.  Republican donations are down because it’s blindingly obvious they can’t win.  All things being equal however they will normally give more to Republicans, which is why Republicans normally have 2X-3X as much money to spend on election campaign.
Now, can we address the topic of the thread? 

 

Considering they gave more in 2004 to Democrats your theory makes no sense.  The same thing happened in 2004 as 2008.  Why when Bush is so good for Big Business? 

Because the Democrats support Universal Healthcare which would be a much larger savings then any Tax Cut Bush or any Republican could ever give them. 

Vemoi

Never heard of that bank. Banks have been failing for a long time. I owned stock in one, a long time ago, that went to 0 in a day. There was a ton of S&L failures in the 80s. same ole same ole.

I think everyone should have to invest. It would get rid a great deal of panic at every headline.

Gazenthia

Originally posted by Vemoi


Never heard of that bank. Banks have been failing for a long time. I owned stock in one, a long time ago, that went to 0 in a day. There was a ton of S&L failures in the 80s. same ole same ole.
I think everyone should have to invest. It would get rid a great deal of panic at every headline.

I don't think you understand what is happening. All of our major banks will go insolvent unless we bail ALL OF THEM. Otherwise we WILL have another Great Depression as opposed to the 'maybe not' right now. The Federal Reserve already had to bail Bear Stearns because he (Bernanke) knew that it would lead to a stock market crash and bank runs. The British Northern Rock bank, another major player in our economy in the States, recently had a bank run anyway.



I suggest you read this lengthy but informative post: The Availability of Money and the Causes of Crash

http://survivingthecrash.blogspot.com/2006_09_01_archive.html

This isn't being caused by panic. If trillions of dollars are not there, they aren't there, and the system based on that money will collapse.  What has happened is that the housing bubble was a ponzi scheme that sucked in both our and the EU banks, save for the Bank of England (good for them), and an incredible amount of other companies you might not expect like E*Trade.



Hundreds and hundreds of people are now being arrested by the FBI. It will cost the american people billions and billions of dollars to pull the major banks out of insolvency. We have to, or the economy will collapse with them. It is still very likely to happen anyway.  Thats how bad it is.

BushMonkey

 

Originally posted by Gazenthia

Originally posted by Vemoi


Never heard of that bank. Banks have been failing for a long time. I owned stock in one, a long time ago, that went to 0 in a day. There was a ton of S&L failures in the 80s. same ole same ole.
I think everyone should have to invest. It would get rid a great deal of panic at every headline.

I don't think you understand what is happening. All of our major banks will go insolvent unless we bail ALL OF THEM. Otherwise we WILL have another Great Depression as opposed to the 'maybe not' right now. The Federal Reserve already had to bail Bear Stearns because he (Bernanke) knew that it would lead to a stock market crash and bank runs. The British Northern Rock bank, another major player in our economy in the States, recently had a bank run anyway.



I suggest you read this lengthy but informative post: The Availability of Money and the Causes of Crash

http://survivingthecrash.blogspot.com/2006_09_01_archive.html

This isn't being caused by panic. If trillions of dollars are not there, they aren't there, and the system based on that money will collapse.  What has happened is that the housing bubble was a ponzi scheme that sucked in both our and the EU banks, save for the Bank of England (good for them), and an incredible amount of other companies you might not expect like E*Trade.



Hundreds and hundreds of people are now being arrested by the FBI. It will cost the american people billions and billions of dollars to pull the major banks out of insolvency. We have to, or the economy will collapse with them. It is still very likely to happen anyway.  Thats how bad it is.

 

 Let them crash,too many think this is one big party and nothing bad can happen, fools living in a fools paradise , if you dont stir up the pot once in a while the scum rises to the top, and that is where we are at today.  And why these things are happening.

Kurush

Originally posted by BushMonkey


 
Originally posted by Gazenthia

Originally posted by Vemoi


Never heard of that bank. Banks have been failing for a long time. I owned stock in one, a long time ago, that went to 0 in a day. There was a ton of S&L failures in the 80s. same ole same ole.
I think everyone should have to invest. It would get rid a great deal of panic at every headline.

I don't think you understand what is happening. All of our major banks will go insolvent unless we bail ALL OF THEM. Otherwise we WILL have another Great Depression as opposed to the 'maybe not' right now. The Federal Reserve already had to bail Bear Stearns because he (Bernanke) knew that it would lead to a stock market crash and bank runs. The British Northern Rock bank, another major player in our economy in the States, recently had a bank run anyway.



I suggest you read this lengthy but informative post: The Availability of Money and the Causes of Crash

http://survivingthecrash.blogspot.com/2006_09_01_archive.html

This isn't being caused by panic. If trillions of dollars are not there, they aren't there, and the system based on that money will collapse.  What has happened is that the housing bubble was a ponzi scheme that sucked in both our and the EU banks, save for the Bank of England (good for them), and an incredible amount of other companies you might not expect like E*Trade.



Hundreds and hundreds of people are now being arrested by the FBI. It will cost the american people billions and billions of dollars to pull the major banks out of insolvency. We have to, or the economy will collapse with them. It is still very likely to happen anyway.  Thats how bad it is.

 

 Let them crash,too many think this is one big party and nothing bad can happen, fools living in a fools paradise , if you dont stir up the pot once in a while the scum rises to the top, and that is where we are at today.  And why these things are happening.

 

I agree with you in principle, man.  Here's the question.  Who are we hurting if we do that?  Most of the people who were the architects of this ridiculous situation aren't going to be hurt.  By the time this is over, those among them who will have suffered anything but slap-on-the-wrist financial penalties will probably be countable on two hands.

If we just let the economy collapse, it will only further hurt the American people, particularly the middle class.  America already has the worst wealth distribution by far of any industrialized nation.  If the Fed let this carry through to its natural conclusion with no intervention, the effects would have kept going down to the very bottom of the chain.  It would have been goodbye to America as you know it.

So yeah.  I don't like this situation.  But our only two choices are eat the bill for bailouts, as we have been doing, or be screwed.

Tuor7

The longer you wait, the worse this is going to get. You talk as if we can afford to bail out the banks. Sallie Mae and Fredie Mac account for over $5 trillion dollars in mortgages. That's trillion, with a T. How can we pay that off? Where is the money going to come from? Us? Many of us are already in debt up to our gills. Raise taxes? Come on. The rich will just move everything off shore and the poor will still be poor. The MIDDLE CLASS will be the guys being devestated.

Fact is, IMO, it's going to be bad regardless. The only question to me is how long we keep propping this up. The longer we wait, the worse it will be.