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To: Skywatcher who wrote (37878)	7/12/2008 11:14:27 AM
From: Bucky Katt	Read Replies (1) \| Respond to of 48461

To me, Paulson & Bernanke have a look of panic on their faces. Of course they do all they can to cover it up, but the US financial system is in a total free fall, and is a hair away from collapse, and they know it. Ironic that while things were good all these dick heads were slappin' each other on the back, the pols talking up record high home ownership for the mortgage slaves, (Joe 6 Packs) and the regulators, banksters & Wall Street pimps (one in the same) sitting back and enjoying the grandeur and profit from what they created and let happen. A larger bunch of greedy idiots the world seldom sees. I have had it pegged for some time> Message 24694190 I suppose they will do some of 'rescue' of Freddie & Fannie over the weekend, so things look good for Monday. Might work, might not. Bottom line, taxpayers will pay, for all of it, yet again.

To: Skywatcher who wrote (37878)	7/12/2008 11:18:35 AM
From: Bucky Katt	Read Replies (2) \| Respond to of 48461

Uh-Oh> IndyMac Seized by Regulators>>> IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators, in the third-largest bank failure in U.S. history. IndyMac is the biggest mortgage lender to go under since a fall in housing prices and surge in defaults began rippling through the economy last year -- and it likely won't be the last. Banking regulators are bracing for a slew of failures over the next year as analysts say housing prices have yet to bottom out. The collapse is expected to cost the Federal Deposit Insurance Corp. between $4 billion and $8 billion, potentially wiping out more than 10% of the FDIC's $53 billion deposit-insurance fund. The Pasadena, Calif., thrift was one of the largest savings and loans in the country, with about $32 billion in assets. It now joins an infamous list of collapsed banks, topped by Continental Illinois National Bank & Trust Co., which failed in 1984 with $40 billion of assets. The second-largest failure was American Savings & Loan Association of Stockton, Calif., in 1988. The director of the Office of Thrift Supervision, John Reich, blamed IndyMac's failure on comments made in late June by Sen. Charles Schumer (D., N.Y.), who sent a letter to the regulator raising concerns about the bank's solvency. In the following 11 days, spooked depositors withdrew a total of $1.3 billion. Mr. Reich said Sen. Schumer gave the bank a "heart attack." "Would the institution have failed without the deposit run?" Mr. Reich asked reporters. "We'll never know the answer to that question." Mr. Schumer quickly fired back. "If OTS had done its job as regulator and not let IndyMac's poor and loose lending practices continue, we wouldn't be where we are today," Sen. Schumer said. "Instead of pointing false fingers of blame, OTS should start doing its job to prevent future IndyMacs." online.wsj.com