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Second largest financial institution failure in US history; GOP:"Nothing to see here"
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| Second largest financial institution failure in US history; GOP:"Nothing to see here"
- Click HERE to go to the original thread with graphics
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| Fdubya247 |
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| Rush Has AIDS |
It's all in your mind Folks!
It's all in your mind!
Don't believe this "recession myth"! |
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| Fdubya247 |
American "Whiners":
"Whining" Homeless Vets:
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| patcracker |
| We need more deregulation. |
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| Jackie's Career |
| Isn't life so much better with the Democrats in control of Congress? |
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| artechba |
Quote: Originally posted by Jackies Career
Isn't life so much better with the Democrats in control of Congress? |
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| Bist Meshugeh |
The immediate cause of the closing was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York. The letter expressed concerns about IndyMac’s viability. In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts.
Now they are trying to blame it on Schumer. Rich just rich.
http://latimesblogs.latimes.com/lal...cite-schum.html |
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| fantasticvoyeur |
Boy, am I glad I never subscribed to the 401k myth. Yep! No assets for me, I'm already living a $35k a year existence. Welcome to the lower/middle class, rich folk.
We're all serfs here, but our minds are free. |
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| Spinboy |
It definitely is a sad set of circumstances and my heart goes out to those who had more money invested than was FDIC insured. That being said, this is the United States of America and we will always rebound, just like we did after the S&L crisis, dot.com burst, etc. There was a glimmer of hope with that we will avoid a full recession...our exports are keeping us afloat.
U.S. trade deficit narrows in May
The falling dollar spurs exports, bringing the gap down to $59.8 billion.
From Times Wire Services
July 12, 2008
WASHINGTON -- The U.S. trade deficit narrowed in May as exports -- including industrial supplies and consumer goods -- climbed to an all-time high.
The latest snapshot of trade activity, reported by the Commerce Department on Friday, showed that the nation's trade gap decreased to $59.8 billion, thanks largely to the declining dollar. That was down 1.2% from April's trade deficit and was the best showing since March.
The improvement came even as imports -- including crude oil -- hit a record high. The trade deficit narrowed in May because exports grew faster than imports. Exports of U.S.-made goods and services totaled an all-time high of $157.6 billion, marking a 0.9% increase from April....
The stronger export figures should boost overall economic growth during the second quarter, which is shaping up to be better than the grim projections made at the start of the year, when many feared the economy might contract. Tax rebates have been energizing shoppers, which should also help the economy.
"The narrowing trade deficit may be enough to keep second-quarter growth in the black," said Joel Naroff, president of Naroff Economic Advisors.
The economy could have grown from an annualized rate of 1% to more than 2% in the second quarter, according to various projections.
http://www.latimes.com/business/la-...0,7973351.story |
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| Da Truth |
Quote: Originally posted by Jackies Career
Isn't life so much better with the Democrats in control of Congress? |
Not when there's a President blocking every piece of legislation that he comes across -- can't help that he stands in the way of the progress America wants. :dontknow: |
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| JTProcess |
| STOP WHINING AMERICA |
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| VacateTheWord |
Google "IndyMac" and "Chuck Schumer" to find out what really caused this.
Thanks, Chuck. |
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| VacateTheWord |
Quote: Originally posted by Fdubya247
:lol:
:shit: |
Chuck Schumer encouraged a run on the banks - can you dispute that fact? |
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| Bist Meshugeh |
| What is in it for him?? |
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| txcoltfan |
Quote: Originally posted by VacateTheWord
Google "IndyMac" and "Chuck Schumer" to find out what really caused this.
Thanks, Chuck. |
Wrong.
Using Google to get your news was your first mistake.
I'm no fan of Schumer, but he is certainly not responsible for IndyMac's failure. I can't reveal my sources, but IndyMac was going down no matter what. You can choose to believe me or not believe me, but it is the truth. I got this IndyMac news well before you and The Wall Street Journal did.
All Schumer did was speak the truth. Why do you think they were unable to get investors on board before the Schumer letter? Nobody has touched IndyMac for a while. They were a failing institution. Schumer didn't "really cause" this, just like he didn't "really cause" the collapse of Countrywide. Poor management and lax lending practices caused this.
In the end, though, this is better for the economy. We really should be getting back to the lending standards that were in place before the housing boom. |
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| artechba |
Quote: Originally posted by txcoltfan
Wrong.
Using Google to get your news was your first mistake.
I'm no fan of Schumer, but he is certainly not responsible for IndyMac's failure. I can't reveal my sources, but IndyMac was going down no matter what. You can choose to believe me or not believe me, but it is the truth. I got this IndyMac news well before you and The Wall Street Journal did.
All Schumer did was speak the truth. Why do you think they were unable to get investors on board before the Schumer letter? Nobody has touched IndyMac for a while. They were a failing institution. Schumer didn't "really cause" this, just like he didn't "really cause" the collapse of Countrywide. Poor management and lax lending practices caused this.
In the end, though, this is better for the economy. We really should be getting back to the lending standards that were in place before the housing boom. |
Unless it's on Pajamas Media I don't believe it |
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| Crazytree |
Quote: Originally posted by VacateTheWord
Chuck Schumer encouraged a run on the banks - can you dispute that fact? |
just like the guy who released the photos was responsible for the abu grahib scandal... and the new york times is responsible for the abuses in guantanamo.
the logic centers in your brain must be very heavily underdeveloped... either that or you've been brainwashed so completely that even the most basic brain functions are now impaired. |
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| Fdubya247 |
Quote: Originally posted by VacateTheTurd
Chuck Schumer encouraged a run on the banks - can you dispute that fact? |
Can you dispute the fact that all you do is parrot corporatist talking-points???
Jesus fucking christ are you a willing stooge (at best). |
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| BuddyChrist |
Quote: Originally posted by VacateTheWord
Chuck Schumer encouraged a run on the banks - can you dispute that fact? |
A failure of confidence in our banking system, which began roughly a year ago, encouraged a bank run.
Can you dispute this fact?
Let me rephrase. Can you logically dispute this fact? |
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| danrich03 |
| More proof that an unchecked "free market" just doesn't work. |
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| BuddyChrist |
This was already explained to you once.
Confidence in our banking system, like the confidence in currency, is at rock bottom. IndyMac WAS insolvent, they had their assets tied up in Alt-A mortgages.
If they were solvent, the FDIC wouldn't be estimating that the bailout will cost them $8 million.
Pointing the blame at a private letter (which was only pointing this out) from a Senator to Federal Regulators is idiotic, and does nothing to solve the financial crisis.
Then again, the current administration spends more time passing blame for crises than actually responding to them.
Your continuing insistance on shooting the messenger reminds me of the Simpsons episode where the town sets fire to the Observatory after Springfield is hit by a meteor. |
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| Fdubya247 |
Quote: Originally posted by BuddyChrist
This was already explained to you once. |
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| Marinolaw |
| oh hush, it's all in your head |
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