Powder Blue Report

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Friday, July 11, 2008

Indy Mac Bank Is Done

They got taken over today by the FDIC. I like how they saved this news until after the stock market closed. Boy they really pulled a fast one on us there. Wouldn't want to release market crashing news while trading is still happening. Good luck to all you Indy Mac customers out there. I guess you'll find out firsthand if FDIC insurance is what its cracked up to be. Hell if they don't have the money they'll just print it for you and screw over all the people like they have been since the Fed was created. Treasury Sec. Paulson has also been out there saying there is no solvency problem with Fannie and Freddie. If he has to say there is no solvency problem for these two...well let me translate that for you, run for the hills! Bear Stearns said they were fine a few days before they were no more. My advice, don't believe anything the government says going forward about this crisis.

I really just don't care anymore. This story has put me over the top. This is probably the start of the dominoes all collapsing on our monetary/financial system. I have a feeling in my gut that Monday is not going to be pretty for the financial stocks and the DOW/S&P in general. It's ruining my vacation plans to. I'll probably end up canceling it to make sure I'm in the office next week. I'm really in a foul mood at the moment.

I'm sure there will be strategy sessions all weekend for Federal Reserve & Treasury people. It will be funny to see how they rationalize all the new "term lending facilities" and any other trick they may have up their sleeze. I'm out.


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