Word: indymac
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Dates: during 2000-2009
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...Also, the fact that every big FDIC deal so far in this crisis has been different - IndyMac was allowed to fail, with only insured deposits safe; WaMu was seized, but all depositors were protected; and Wachovia was sold in a deal that protected both depositors and owners of the company's bonds but left shareholders with very little - has left investors guessing about the fate of the rest of the banking world. Hardest hit in today's market sell-off were regional banks like Sovereign Bancorp and National City, perhaps because they seem too small to get special FDIC treatment...
...although since they were made by the Federal Reserve--which can print its own money--it's not a direct cost to taxpayers. Then there are the $4.5 trillion in bank deposits insured by the FDIC. The first big bank bust of the current crisis, that of mortgage specialist IndyMac, cost an estimated $8.9 billion, leaving the FDIC with just $45 billion on hand to cover a likely rash of failures. But while the agency may hit up taxpayers for a loan, this would eventually be paid back with interest by surviving banks. "It becomes an issue only...
JULY 15 Police are dispatched to some IndyMac branch locations to keep the peace...
...some extent, every economic transaction is psychological. There's no inherent value to a house, a stock or even the U.S. dollar--just the value on which a buyer and seller can agree. IndyMac bank failed because of a perception that it was dangerously overextended. Once the panic began, the reality was irrelevant. McCain himself has argued that eliminating a moratorium on offshore drilling would have a positive "psychological impact" that could reduce gas prices...
...Phil. They've got a point too. Unemployment, inflation, a $9 trillion national debt and $4-per-gal. gas are very real phenomena. It's no mere figment of our imagination that prices are rising at their fastest rate in 27 years. It also just so happens that IndyMac really was dangerously overextended. The panic was ultimately justified...