1. This Board Rocks has been moved to a new domain: CarolinaPanthersForum.com

    All member accounts remain the same.

    Most of the content is here, as well. Except that the Preps Forum has been split off to its own board at: http://www.prepsforum.com

    Welcome to the new Carolina Panthers Forum!

    Dismiss Notice

Down goes IndyMac...

Discussion in 'Money & Finance Forum' started by VA49er, Jul 12, 2008.

Page 2 of 3
  1. Jul 14, 2008 at 7:32 AM #11
    reb

    reb 1riot1reb

    Posts:
    31,047
    Likes Received:
    1
    Joined:
    Jan 7, 2003
    Location:
    juicy part of the mountains
    Yep, if no one says anything there is no problem.

    Jesus Christ :handjob:
     
  2. Jul 14, 2008 at 7:41 AM #12
    jazzbluescat

    jazzbluescat superstar...yo.

    Posts:
    22,696
    Likes Received:
    81
    Joined:
    Jan 7, 2003
    Location:
    Spring Lake, NC
    Nothing like a little socialist backup for bailing out "easy-money" assholes and dumbasses. good times, on my nickle
     
  3. Jul 14, 2008 at 8:07 AM #13
    wolfpac

    wolfpac Full Access Member

    Posts:
    1,014
    Likes Received:
    0
    Joined:
    May 27, 2003
    reb, Schumer's letter created a run on IndyMac. Only Schumer doubts that. My comment was made in jest as IndyMac was going to fail regardless. It just didn't have to happen the way it did this past week by having a run on their deposits and having to have the FDIC step in at this point. Without the letter, there were still chances someone could come in and buy them out and not need the FDIC to step in. Schumer's letter made sure that didn't happen.
     
  4. Jul 14, 2008 at 8:14 AM #14
    wolfpac

    wolfpac Full Access Member

    Posts:
    1,014
    Likes Received:
    0
    Joined:
    May 27, 2003
     
  5. Jul 14, 2008 at 8:55 AM #15
    chipshotx

    chipshotx Full Access Member

    Posts:
    13,048
    Likes Received:
    0
    Joined:
    Jan 23, 2007
    Location:
    Gondwanaland
    they are government sponsored enterprises
     
  6. Jul 14, 2008 at 8:57 AM #16
    wolfpac

    wolfpac Full Access Member

    Posts:
    1,014
    Likes Received:
    0
    Joined:
    May 27, 2003
    Here is the article I referenced earlier about the estimates of another 150 banks.

    http://www.iht.com/articles/2008/07/14/business/14bank.php

    God forbid Wachovia, or another large bank like that though I fear they are the most possible, fail. That would be pain like we just couldn't imagine right now (and I am a very optimistic person but it would be bad). I heard rumors that the FDIC was under-insured back in the early 2000s. That may come home to roost now. They simply aren't in a position to cover a large bank failing especially if a few Regionals and Community banks go down before.
     
  7. Jul 14, 2008 at 11:36 AM #17
    jazzbluescat

    jazzbluescat superstar...yo.

    Posts:
    22,696
    Likes Received:
    81
    Joined:
    Jan 7, 2003
    Location:
    Spring Lake, NC
    Gov sponsored enterprises...what exactly does that mean? Evidently it means that the gov backs up losses, while at the same time releasing the companies from fiscal responsibilities. "It's not my fault," Mae & Mac. "It's not my fault," gov.
    Sounds like Mae & Mac took advantage of the "Less gov is best" matra/climate of a few years back, and the gov allowed it.
     
    Last edited: Jul 14, 2008
  8. Jul 14, 2008 at 2:13 PM #18
    wolfpac

    wolfpac Full Access Member

    Posts:
    1,014
    Likes Received:
    0
    Joined:
    May 27, 2003
  9. Jul 14, 2008 at 4:34 PM #19
    Collin

    Collin soap and water

    Age:
    46
    Posts:
    31,223
    Likes Received:
    451
    Joined:
    Dec 10, 2004
    Any bank would be hard-pressed to weather a panic-inspired mass withdrawal, much less one that was already overextended. It's almost like Schumer intended for this to happen just so he'd have more to complain about.
     
  10. Jul 14, 2008 at 4:41 PM #20
    BigVito

    BigVito Splitting Headache

    Age:
    62
    Posts:
    22,728
    Likes Received:
    3
    Joined:
    Jun 4, 2003
    Location:
    Left of Center
    Apparently, Schumer is the most powerful man in America.
     
Page 2 of 3

Share This Page