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U.S. Shuts Big Bank As Crisis Intensifies
Wall Street Journal ^
| July 11, 2008
| Damian Paletta and David Enrich
Posted on 07/11/2008 4:18:12 PM PDT by politicket
click here to read article
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The chips are beginning to fall...
To: politicket
Did this story get released after the market closed? That's not a good sign.
To: the invisib1e hand
The story was released at 6:59 p.m. EST. You’re right, IndyMac is just a precursor of what’s coming.
To: politicket
How bad do you think it will get?
4
posted on
07/11/2008 4:21:59 PM PDT
by
proudofthesouth
(Homosexuality IS a choice! There isn't any biological reason for it. They CHOOSE to be that way!)
To: politicket
The libs told the banks that if you they didn’t loan money to sub-prime borrowers, the majority of whom were minorities, then they were “racist”. So the forced them to loan the money to people who couldn’t pay it back. And that’s where we are...
Back to you, Chet.
5
posted on
07/11/2008 4:22:22 PM PDT
by
Signalman
To: politicket
From the article:
In a written statement, the Office of Thrift Supervision, which regulated IndyMac, said "the immediate cause" of the failure was statements made by Sen. Charles Schumer, a New York Democrat. Mr. Schumer in late June publicly raised concerns about the bank's solvency.
Can't wait to see Shumie wiggle on this one.
6
posted on
07/11/2008 4:23:25 PM PDT
by
groanup
(Most of my cliche's aren't original.)
To: Bobkk47
Political correctness is rapidly killing this country.
I'm 51 years old. I NEVER thought I would live to see its destruction but I probably will. God help the children of this country.
7
posted on
07/11/2008 4:24:43 PM PDT
by
proudofthesouth
(Homosexuality IS a choice! There isn't any biological reason for it. They CHOOSE to be that way!)
To: proudofthesouth
How bad do you think it will get?
Fannie Mae and Freddie Mac will probably go under. The Fed's just allowed them access to the discount window today, but that is like putting out a forest fire with a squirt gun.
I also wouldn't be surprised to see Lehman, Citibank, and UBS either go under or suffer irreparable harm. UBS is located in Sweden.
The bank failures are going to seem small potatoes once the derivatives market starts unwinding.
To: politicket
To: politicket
The bank failures are going to seem small potatoes once the derivatives market starts unwinding. What can folks do to protect their assets?
10
posted on
07/11/2008 4:28:20 PM PDT
by
Fury
To: politicket
Friday, too. Nothing happens on the weekend, but this story might make WSJ radio Saturday show.
11
posted on
07/11/2008 4:28:25 PM PDT
by
RightWhale
(I will veto each and every beer)
To: politicket
can you develop your logic for the end of world a little bit better?
To: politicket
Last Fall I told my elderly Mom to get out of the market and sell everything she had. She didn’t listen to me and she may very well loose everything she has invested.
13
posted on
07/11/2008 4:28:59 PM PDT
by
proudofthesouth
(Homosexuality IS a choice! There isn't any biological reason for it. They CHOOSE to be that way!)
To: the invisib1e hand
Always travel with towel.
14
posted on
07/11/2008 4:29:48 PM PDT
by
bvw
To: politicket; All
The bank failures are going to seem small potatoes once the derivatives market starts unwinding. This is "fire in a theater" talk. What rock have you been hiding under for the last year?
To: groanup
Thanks Democrats! Let's see if you can get that approval rating even LOWER now that you are actively running banks out of business and putting thousands out of work!
BTW, the director of the OTS is John Reich, who once served as Chief of Staff to Sen. Connie Mack. He is no wallflower and he's taking it to Schumer on this one. Schumer also had a lot to do with the collapse of Countrywide.
16
posted on
07/11/2008 4:30:24 PM PDT
by
Dems_R_Losers
(Obama is a Neocommunist)
To: politicket
17
posted on
07/11/2008 4:30:25 PM PDT
by
SE Mom
(Proud mom of an Iraq war combat vet)
To: Fury
What can folks do to protect their assets? Commodities. Own the oil well. If oil wells are nationalized, you will own the shirt on your back.
18
posted on
07/11/2008 4:30:26 PM PDT
by
RightWhale
(I will veto each and every beer)
To: RockinRight
I hope you don’t work for this bank....
19
posted on
07/11/2008 4:31:25 PM PDT
by
raybbr
(You think it's bad now - wait till the anchor babies start to vote!)
To: Bobkk47
And you won’t hear Bush or any Republican state this fact, right David?
20
posted on
07/11/2008 4:31:36 PM PDT
by
gathersnomoss
(General George Patton had it right.)
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