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Blog Archive

Saturday, July 12

Hey Indy Mac- You Ain't a Coming Back!

Indy, Indy hey Indy Mac,
You ain't a coming back;
Mortgage, tell me mortgage,
your mortgage's going bad;
That's not the worse you had;
Hey now Indy!

With the collapse of the California-based Indy Mac. It was taken over by the FDIC. The soft landing is over, the party is over, time to get a bankruptcy reorganization and save the people. Also, note that this was a hard landing, a crash, not a semi-disguised crash like the Bank of America takeover of Countrywide and the Chase takeover of Bear Stearns. And this is a big one, at $32 billion in assets, the first or second biggest bank to collapse-- ever.

Posted by Howiecopywriter at 3:24 PM

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