Just a quickie. Thank goodness IndyMac is "back in business!" (according to CNN) - but things still seem a tad dicey- since they needed police today, to keep "angry customers" in line-
Just a little minor note there in the news.
And here Oliphant's input - on AuntFannie, etc-
So how do they keep up the fantasy, when our official court jesters proclaim the truths so loudly? It's a mystery.
I'm on my way out of town for several days- so input here will be slender; though ya never know, I might manage one from the road.
Hang in there.
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5 comments:
I saw this article, and believe it or not, I actually wondered if you'd post something about it. It sure is getting scary, isn't it? And the thing that struck me about that article was that they were trying to reassure people by stating that this was only one branch that it happened at.
I kept thinking of George Bailey and "It's a Wonderful Life" as I was reading this story, and realized that what got them through the run on their bank was their sense of community - and I just don't think we have enough of that anymore to get us through real tough times.
I think I'll go take some cash out now, while I still can...
Don't miss:
http://calculatedrisk.blogspot.com/2008/07/daily-show-its-stupid-economy.html
Or this:
http://www.nytimes.com/2008/07/20/business/20debt.html?em&ex=1216699200&en=860e3a210d31bb13&ei=5087%0
Given a Shovel, Americans Dig Deeper Into Debt - NYTimes.com
(The headline does _not_ convey the major issue discussed at all)
-----excerpt follows-----
... behind the big increase in consumer debt is a major shift in the way lenders approach their business. In earlier years, actually being repaid by borrowers was crucial to lenders. Now, because so much consumer debt is packaged into securities and sold to investors, repayment of the loans takes on less importance to those lenders than the fees and charges generated when loans are made.
Lenders have found new ways to squeeze more profit from borrowers. ...
“Today the focus for lenders is not so much on consumer loans being repaid, but on the loan as a perpetual earning asset,” said Julie L. Williams, chief counsel of the Comptroller of the Currency, in a March 2005 speech that received little notice at the time....
--------------
Yeek.
http://bigpicture.typepad.com/comments/2008/07/appraisers-wows.html
Another one bites the dust - 1st National Bank of Nevada
http://biz.yahoo.com/ap/080726/bank_takeover.html
Eric
Actually, Eric- they closed TWO -
http://tinyurl.com/5esa2f
Isn't it odd how they always sieze the banks on Fridays, just after the NY Stock Casino closes? I wonder why that is.
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