IndyMac is open for business today. If you don't know who they are or why it's a big deal that they are open, then you are lucky. They are a bank that specialized in mortgages for credit challenged individuals. The next time someone on the right says we should not bail out people who are loosing their homes because they got themselves into the mess, remind them of IndyMac. The government just stepped in to bail out a business that got it's self into trouble with questionable practices.
The federal government locked the doors Friday afternoon. No one could get their money. It is the second largest financial institution failure in the history of America.
Thats really saying something when you factor in the great depression and the 80's disaster with Savings & Loans.
Accounts $100,000 or less are insured by the Federal Government. Anything over the $100,000 mark, and you might get half of that. Might.
Last week, Phil Gramm, senior advisor to the John McCain election, was quoted as saying that we are not in a recession. In fact, he said it was all in our heads by saying we are in a "mental recession" and America has become a "nation of whiners." Good to know that McCain is surrounding himself with the same reality based group of experts that Bush had on the payroll.
I don't know if Gramm is aware that we just had the second largest collapse of a bank in America or that gas prices have risen faster in the last eight years than at any other time in our history. I don't think any of this is in our heads. Do you?