IndyMac fails. This is not the last bank failure we will see. How many fail depends a lot on how bad the economy gets. The reason the Fed waited until Friday night to do this was to keep it from roiling the markets even further than they already are.
2 comments:
I read that there were a combined 127 bank failures in the US during the last decade or so with a combined loss of around 4 billion dollars. Pretty amazing that IndyMac's failure alone surpasses the combined total of 127 failures! Kinda scary...
I read today that somebody said 150 will fail in the next year and with people seeing lines of depositors waiting outside IndyMac to withdraw their money, it certainly doesn't engender confidence in the banking system. Ugly days.
Post a Comment