IndyMac?? I had just gotten used to saying Fannie Mae and Freddie Mac. (Or was it Fannie Mac and Freddie Mae?)
Holy Christmas!! Now, I hear on Sunday night TV that the U.S. Federal Deposit Insurance Corporation has suspended service at IndyMac Bank, one of the largest U.S. mortgage originators, after a bank run from depositors. I wasn't watching the news that carefully this past week although I was aware that the stock prices of two leading mortgage companies, Fannie Mae and Freddie Mac, were dropping every day through Friday.
with banking service at IndyMac now suspended after the bank ran out of cash due to mass withdrawals by scared customers, IndyMac is the third-largest U.S. bank to ever fail.
As I sang woefully in my last posting ...
"Yesterday ... all our troubles seemed so far away ..."
posted by Dr. Joe @ 10:26 PM
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"Banking establishments are more dangerous than standing armies." - Thomas Jefferson
And I'd wager that if ol Tom was still alive, he'd probably add " and especially the Federal Reserve!"
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