
Bank regulators close IndyMac - mixmax
http://money.cnn.com/2008/07/11/news/companies/indymac_fdic/index.htm?postversion=2008071120
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mynameishere
[http://www.thepatrioticgentleman.com/TheGreatDepression/TheG...](http://www.thepatrioticgentleman.com/TheGreatDepression/TheGreatDepression1.html)

 _After the panic of 1929, and during the first 10 months of 1930, 744 banks
failed. In all, 9,000 banks failed during the decade of the 30s._

Those were small banks, but still...this _one failure_ will cost the FDIC
about 10 percent of its reserve fund. That 10 percent evidentally is going to
cause them enough trouble. It wasn't any bank run that caused this collapse,
and it's clear that the FDIC is not going to be able to deal with the mortage
crisis if it continues.

Marginal mortage owners are already causing serious problems...and we're just
now moving into a recession that hasn't effected the employment rate at all. A
defensive investment portfolio is recommended, needless to say.

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MaysonL
Actually, the _employment_ rate has fallen significantly: the number of people
in the labor force has dropped. The _unemployment_ rate has not changed much.

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raganwald
I warned everyone about going Mac, but would they listen? No....

