That’s Right Nate

Thoughts from a right thinker.

Imaginary Recession Claims Another Victim

with 5 comments

This evening IndyMac Bankcorp became one of the largest bank failures in American history.   During this past week IndyMac tried to get its act together by refusing to make new loans and laying off half its employees, but a run on the bank by worried customers was the final nail in the coffin.

“It’s the biggest failure in 24 years,” said Chip MacDonald, a banking lawyer at Jones Day in Atlanta. “You haven’t had a lot of failures of that size, yet.”

Perhaps, its California location had something to do with the failure.  Afterall, California is very much a state all about feelings where the type of harmful whining that Phil Gramm warned about is likely to take place.  It is the deregulation of banks like IndyMac by Phil Gramm that have helped contribute to the robust economy we currently have bank failure not wishtanding.  It is the Gramm and McCain team that will show us further prosperity in the years to come.

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Written by thatsrightnate

July 11, 2008 at 8:29 pm

5 Responses

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  1. really? whining caused a bank to collapse? and not financial mismanagement?

    how robust is the storage industry these days? renting a lot of units to people to live in after their homes have been foreclosed upon? i know you enjoy selling the items of customers that have defaulted on their storage contracts. do you try on the clothes before you sell them? just curious

    thatswrongnate

    July 13, 2008 at 1:08 pm

  2. Oh, most of those clothes wouldn’t fit Nate.

    steve

    July 13, 2008 at 1:24 pm

  3. plus, they probably aren’t all stained tank tops, ripped jean shorts and trucker hats.

    thatswrongnate

    July 13, 2008 at 2:28 pm

  4. Not a problem. Nate is used to sweat-stained shirts, if you know what I mean.

    steve

    July 13, 2008 at 4:13 pm

  5. […] – bookmarked by 4 members originally found by imveryhungry2 on 2008-07-26 Imaginary Recession Claims Another Victim http://thatsrightnate.com/2008/07/11/imaginary-recession-claims-another-victim/ – bookmarked by 3 […]

    Bookmarks about Imaginary

    August 15, 2008 at 10:31 am


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