Looks like History repeating (insurance, student loan, bankruptcy)

[CESpeed]

Today the news announced that IndyMac Bank has gone under. The FDIC insurance kicks in on Monday. The people who had accounts there can use their ATM cards and Debit cards through the weekend and then on Monday the Feds take over and bail out the bank.

When the depression hit, people were going broke on stocks that were overpriced because they had wealth on paper only, much like today. Now we have a bank going under. Let's not forget Countrywide went under and now we have several major corporations declaring bankruptcy and going out of business. We also have another financial institution that has gone under or is about to and Fannie Mae, a financial student loan is announcing it is having trouble staying afloat.

Anyone wonder what direction we are heading in?

[marilyn220]

Originally Posted by CESpeed

Today the news announced that IndyMac Bank has gone under. The FDIC insurance kicks in on Monday. The people who had accounts there can use their ATM cards and Debit cards through the weekend and then on Monday the Feds take over and bail out the bank.

When the depression hit, people were going broke on stocks that were overpriced because they had wealth on paper only, much like today. Now we have a bank going under. Let's not forget Countrywide went under and now we have several major corporations declaring bankruptcy and going out of business. We also have another financial institution that has gone under or is about to and Fannie Mae, a financial student loan is announcing it is having trouble staying afloat.

Anyone wonder what direction we are heading in?

Which major corporations?

For the record I agree with you. It's amazing how Americans let their greed overtake their common sense or how Fannie Mae and Mac let these stupid housing loans go through.

It also amazes me how people STILL don't want to see the TRUTH or believe that our country is in the toilet financially. It hit the red states first and has been a factor in LA for a number of years (at least when I got here).

But watch somebody come in and paint some rosy picture that it's beautiful and "all is well" and that the "media" is making things up or blowing things out of proportion.

Not this time.

[matt345]

Originally Posted by marilyn220

But watch somebody come in and paint some rosy picture that it's beautiful and "all is well" and that the "media" is making things up or blowing things out of proportion.

Not this time.

I have friends who still say that this is a natural cycle and that everything will eventually work out on its own. What is wrong with these people? How low will we as a country have to sink before they finally acknowledge that we need some serious help and changes?!

[SandyCo]

Since we already have one thread on the recession, I'm closing this one. There are similar threads about Indymac on the Business, Finance, and Investing forum here:

http://www.city-data.com/forum/busin...nce-investing/

In fact, here is a thread specifically about IndyMac:

http://www.city-data.com/forum/busin...over-fdic.html