Irvine_Lurker_IHB
New member
I like LaLand's <a href="http://latimesblogs.latimes.com/laland/2008/07/waiting-in-line.html">take</a> on the lines at IndyMac today.
Siyonara Indymac
- Thread starter lendingmaestro_IHB
- Start date
NEW -> Contingent Buyer Assistance Program
bltserv_IHB
New member
[quote author="usctrojanman29" date=1216091570][quote author="graphrix" date=1216090499]<a href="http://www.ocregister.com/articles/bank-people-time-2093028-federal-indymac">Gotta love the Register for staking out the IMB in Leisure World</a>. Oh... the stories they must hear...
http://images.ocregister.com/newsimages/2008/07/14/indymac.0714.eg2.lrg.jpg
<em>Aaaahhhh... gimmie my money you dirty bastards!</em></blockquote>
I hate to laugh, but I can't help myself. hahahaha</blockquote>
Hey Trojanman. Thats real bad Karma man. Be careful. If something bad happens to you this week you will know why.
How would you feel if this was your Father or Grandfather ?
And guess what. You were his only heir. So your the one that lost all the money.
Still laughing ?
http://images.ocregister.com/newsimages/2008/07/14/indymac.0714.eg2.lrg.jpg
<em>Aaaahhhh... gimmie my money you dirty bastards!</em></blockquote>
I hate to laugh, but I can't help myself. hahahaha</blockquote>
Hey Trojanman. Thats real bad Karma man. Be careful. If something bad happens to you this week you will know why.
How would you feel if this was your Father or Grandfather ?
And guess what. You were his only heir. So your the one that lost all the money.
Still laughing ?
graphrix_IHB
New member
[quote author="skek" date=1216090880]I don't think anyone wants to see people like the gentleman in the photo get hurt by this. Putting your money in a CD at a bank was <em>supposed</em> to be safe. This photo is the kind of image that makes me angry. While I don't have much sympathy for the house flippers and real estate speculators who are getting burned, I have endless sympathy for senior citizens who now have to fight for their life savings and wonder if they will get it back.</blockquote>
<blockquote><em>*skek makes a mental note not to hire someone who laughs at old people worried about losing their life savings.*</em>
Trojanman, there?s a reason why senior citizens are more vulnerable to scams than younger folks. The world has changed tremendously during their lifetimes and I?m sure they don?t all surf the internet on their blackberries reading IHB and Calculated Risk for the latest on bank insolvencies. I wouldn?t call that ignorance?just one of the inconveniences of getting older in a chaotic world. I think you might cut at least the senior citizens some slack. </blockquote>
I want to be clear that my intention was not to poke fun at senior citizens, but to point out how the MSM, the OCR in particular, have a habit of being at the location closest to Leisure World, whenever there is any bank run like trouble. Why? Because it is more sensational, and anyone a heart the size of peanut would feel sorry for them and that is what they want. My interpretation of what the man in photo is saying is... well... probably somewhat true. And, IMB are dirty bastards for luring people of all ages in with their high deposit rates, when they hold, er held a giant steaming pile of mortgage crap on their books. IMB's CEO not only lied to shareholders, but the depositors.
My mom could be considered a senior citizen, but not as old as the gentleman in the photo. She does read the newspaper, and she is aware of what is going on, maybe not to the in depth extent that I have, but she isn't clueless. She knows not to have more than $100k in one bank, and she knows better that if a bank is paying a higher rate than everyone else then there has to be a catch. I get her to read CR when their is great must read post. However, her using a Crackberry would be a miracle, actually it would be a miracle if I could get her to learn how to press and the 1 key to check her VM. I think it helps that my mom does get advice from me on what to do with her finances, and she thanks me every quarter when the statements show up. But, their are many other kids who do not help their parents at all for various reasons. There are also kids who drink the Kool-Aid and spike their parents drinks with the Kool-Aid powder every chance they get. I'm just glad that I have earned my mom's trust, and I recommend that if you can do the same, then you will feel better about your parents financial well being.
/rant over
<blockquote><em>*skek makes a mental note not to hire someone who laughs at old people worried about losing their life savings.*</em>
Trojanman, there?s a reason why senior citizens are more vulnerable to scams than younger folks. The world has changed tremendously during their lifetimes and I?m sure they don?t all surf the internet on their blackberries reading IHB and Calculated Risk for the latest on bank insolvencies. I wouldn?t call that ignorance?just one of the inconveniences of getting older in a chaotic world. I think you might cut at least the senior citizens some slack. </blockquote>
I want to be clear that my intention was not to poke fun at senior citizens, but to point out how the MSM, the OCR in particular, have a habit of being at the location closest to Leisure World, whenever there is any bank run like trouble. Why? Because it is more sensational, and anyone a heart the size of peanut would feel sorry for them and that is what they want. My interpretation of what the man in photo is saying is... well... probably somewhat true. And, IMB are dirty bastards for luring people of all ages in with their high deposit rates, when they hold, er held a giant steaming pile of mortgage crap on their books. IMB's CEO not only lied to shareholders, but the depositors.
My mom could be considered a senior citizen, but not as old as the gentleman in the photo. She does read the newspaper, and she is aware of what is going on, maybe not to the in depth extent that I have, but she isn't clueless. She knows not to have more than $100k in one bank, and she knows better that if a bank is paying a higher rate than everyone else then there has to be a catch. I get her to read CR when their is great must read post. However, her using a Crackberry would be a miracle, actually it would be a miracle if I could get her to learn how to press and the 1 key to check her VM. I think it helps that my mom does get advice from me on what to do with her finances, and she thanks me every quarter when the statements show up. But, their are many other kids who do not help their parents at all for various reasons. There are also kids who drink the Kool-Aid and spike their parents drinks with the Kool-Aid powder every chance they get. I'm just glad that I have earned my mom's trust, and I recommend that if you can do the same, then you will feel better about your parents financial well being.
/rant over
No_Such_Reality_IHB
New member
Correct me if I'm wrong, but there's no point in lining up today.
Once the Fed took over, there's no more point in lining up. If you're under $100,000, you're insure and will get the money. If you're over $100,000; it's already gone. You can wait with the rest of the creditors in back for the flotsam to clear before you'll get a check, if ever.
If you see lines like this, it is what should end up causing the Fed's to step in.
Once the Fed took over, there's no more point in lining up. If you're under $100,000, you're insure and will get the money. If you're over $100,000; it's already gone. You can wait with the rest of the creditors in back for the flotsam to clear before you'll get a check, if ever.
If you see lines like this, it is what should end up causing the Fed's to step in.
biscuitninja_IHB
New member
[quote author="graphrix" date=1216098674][quote author="skek" date=1216090880]I don't think anyone wants to see people like the gentleman in the photo get hurt by this. Putting your money in a CD at a bank was <em>supposed</em> to be safe. This photo is the kind of image that makes me angry. While I don't have much sympathy for the house flippers and real estate speculators who are getting burned, I have endless sympathy for senior citizens who now have to fight for their life savings and wonder if they will get it back.</blockquote>
<blockquote><em>*skek makes a mental note not to hire someone who laughs at old people worried about losing their life savings.*</em>
Trojanman, there?s a reason why senior citizens are more vulnerable to scams than younger folks. The world has changed tremendously during their lifetimes and I?m sure they don?t all surf the internet on their blackberries reading IHB and Calculated Risk for the latest on bank insolvencies. I wouldn?t call that ignorance?just one of the inconveniences of getting older in a chaotic world. I think you might cut at least the senior citizens some slack. </blockquote>
I want to be clear that my intention was not to poke fun at senior citizens, but to point out how the MSM, the OCR in particular, have a habit of being at the location closest to Leisure World, whenever there is any bank run like trouble. Why? Because it is more sensational, and anyone a heart the size of peanut would feel sorry for them and that is what they want. My interpretation of what the man in photo is saying is... well... probably somewhat true. And, IMB are dirty bastards for luring people of all ages in with their high deposit rates, when they hold, er held a giant steaming pile of mortgage crap on their books. IMB's CEO not only lied to shareholders, but the depositors.
My mom could be considered a senior citizen, but not as old as the gentleman in the photo. She does read the newspaper, and she is aware of what is going on, maybe not to the in depth extent that I have, but she isn't clueless. She knows not to have more than $100k in one bank, and she knows better that if a bank is paying a higher rate than everyone else then there has to be a catch. I get her to read CR when their is great must read post. However, her using a Crackberry would be a miracle, actually it would be a miracle if I could get her to learn how to press and the 1 key to check her VM. I think it helps that my mom does get advice from me on what to do with her finances, and she thanks me every quarter when the statements show up. But, their are many other kids who do not help their parents at all for various reasons. There are also kids who drink the Kool-Aid and spike their parents drinks with the Kool-Aid powder every chance they get. I'm just glad that I have earned my mom's trust, and I recommend that if you can do the same, then you will feel better about your parents financial well being.
/rant over</blockquote>
QFT! I have pledged to help my remaining parent with whatever she needs in the future. During a talk with my other brothers it was quite entertaining to see each one of us wanting the other to take the lead. We essentially wanted nothing to do with the money (we all felt that it was not us to profit from a parents death). Hopefully things will go well when the time does come....
Take it easy
-bix
<blockquote><em>*skek makes a mental note not to hire someone who laughs at old people worried about losing their life savings.*</em>
Trojanman, there?s a reason why senior citizens are more vulnerable to scams than younger folks. The world has changed tremendously during their lifetimes and I?m sure they don?t all surf the internet on their blackberries reading IHB and Calculated Risk for the latest on bank insolvencies. I wouldn?t call that ignorance?just one of the inconveniences of getting older in a chaotic world. I think you might cut at least the senior citizens some slack. </blockquote>
I want to be clear that my intention was not to poke fun at senior citizens, but to point out how the MSM, the OCR in particular, have a habit of being at the location closest to Leisure World, whenever there is any bank run like trouble. Why? Because it is more sensational, and anyone a heart the size of peanut would feel sorry for them and that is what they want. My interpretation of what the man in photo is saying is... well... probably somewhat true. And, IMB are dirty bastards for luring people of all ages in with their high deposit rates, when they hold, er held a giant steaming pile of mortgage crap on their books. IMB's CEO not only lied to shareholders, but the depositors.
My mom could be considered a senior citizen, but not as old as the gentleman in the photo. She does read the newspaper, and she is aware of what is going on, maybe not to the in depth extent that I have, but she isn't clueless. She knows not to have more than $100k in one bank, and she knows better that if a bank is paying a higher rate than everyone else then there has to be a catch. I get her to read CR when their is great must read post. However, her using a Crackberry would be a miracle, actually it would be a miracle if I could get her to learn how to press and the 1 key to check her VM. I think it helps that my mom does get advice from me on what to do with her finances, and she thanks me every quarter when the statements show up. But, their are many other kids who do not help their parents at all for various reasons. There are also kids who drink the Kool-Aid and spike their parents drinks with the Kool-Aid powder every chance they get. I'm just glad that I have earned my mom's trust, and I recommend that if you can do the same, then you will feel better about your parents financial well being.
/rant over</blockquote>
QFT! I have pledged to help my remaining parent with whatever she needs in the future. During a talk with my other brothers it was quite entertaining to see each one of us wanting the other to take the lead. We essentially wanted nothing to do with the money (we all felt that it was not us to profit from a parents death). Hopefully things will go well when the time does come....
Take it easy
-bix
Priced_Out_IT_Guy_IHB
New member
[quote author="awgee" date=1215898770][quote author="Shooby" date=1215854484]So...say I have an online account with WAMU, around 15K, should I be going and taking that money and putting it under my pillow since Wamu seems to be next? What bank do you guys use that would be deemed "safe" for now?</blockquote>
I am not picking on the Shoob, but his question just seemed to push my little button.
I have been saying for over a year now. This is not a subprime problem. This is not a mortgage problem or a real estate bubble problem. This is a debt problem with based on leverage with miscalculated risk or non-calculated risk. The financial system is de-leveraging. The Federal reserve will and is reacting to monetary deflation by printing money.
This is not a time to be concerned with the interest rate on your CD. This is a time to be concerned with asset preservation. When the FDIC runs out of fiat currency to pay depositors, (and they will pay), the Federal Reserve will print money to supply the FDIC.
To figure out which bank is safest, forget about interest rate and research reserves percentage.
The only money I keep in banks is the money I need for personal liquidity, and I prefer Farmers and Merchant. Their CD interest rate sucks, but they have the highest percentage reserves in California.</blockquote>
Awgee,
Check this article out about reserves:
<a href="http://www.thestreet.com/newsanalysis/ratings/10375529.html">http://www.thestreet.com/newsanalysis/ratings/10375529.html</a>
The chart for WaMu is from last year. Their non-performing assets were at 1.4%, double what they were in '06.
Do you have any good resources for finding these figures, ie on yahoo finance or the like?
I need to open a new savings account and move some $$ from wamu and I want to make sure it is in good standing.
I am not picking on the Shoob, but his question just seemed to push my little button.
I have been saying for over a year now. This is not a subprime problem. This is not a mortgage problem or a real estate bubble problem. This is a debt problem with based on leverage with miscalculated risk or non-calculated risk. The financial system is de-leveraging. The Federal reserve will and is reacting to monetary deflation by printing money.
This is not a time to be concerned with the interest rate on your CD. This is a time to be concerned with asset preservation. When the FDIC runs out of fiat currency to pay depositors, (and they will pay), the Federal Reserve will print money to supply the FDIC.
To figure out which bank is safest, forget about interest rate and research reserves percentage.
The only money I keep in banks is the money I need for personal liquidity, and I prefer Farmers and Merchant. Their CD interest rate sucks, but they have the highest percentage reserves in California.</blockquote>
Awgee,
Check this article out about reserves:
<a href="http://www.thestreet.com/newsanalysis/ratings/10375529.html">http://www.thestreet.com/newsanalysis/ratings/10375529.html</a>
The chart for WaMu is from last year. Their non-performing assets were at 1.4%, double what they were in '06.
Do you have any good resources for finding these figures, ie on yahoo finance or the like?
I need to open a new savings account and move some $$ from wamu and I want to make sure it is in good standing.
no_vaseline_IHB
New member
I just got back from a weekend of spending time with my 91 year old grandmother and 67 year old (recovering from cancer and not exactly the same) dad and I found an bunch of humor in the picture.
Being around the not totally congnitive will do that to you. Or, I could just be a sick bastard. Meh, either one.
Being around the not totally congnitive will do that to you. Or, I could just be a sick bastard. Meh, either one.
FairEconomist_IHB
New member
I found it funny and I didn't think it made fun of old people at all. I thought it was making fun of workers at the bank cowering behind locked doors and federal security guards from an 80+ year old man cussing up a blue streak at the crooks who took his money.
EvaLSeraphim_IHB
New member
[quote author="No_Such_Reality" date=1216099283]Correct me if I'm wrong, but there's no point in lining up today.
Once the Fed took over, there's no more point in lining up. If you're under $100,000, you're insure and will get the money. If you're over $100,000; it's already gone. You can wait with the rest of the creditors in back for the flotsam to clear before you'll get a check, if ever.
If you see lines like this, it is what should end up causing the Fed's to step in.</blockquote>
This is what really annoyed me about the photos and stories. The Rubicon was crossed on Friday. Grabbing cash today won't make one bit of difference. In fact, it may be worse. You stuff your manilla envelope full of the cash you withdrew from a now safe bank (or as safe as any bank can be), hope you don't get robbed on your way to your car, and wind up depositing the cash with those nice folks at Downey Savings. People are doing far more harm than good by ratcheting up the hysteria. Moreover, it further compromises people's faith in the banking system at a time when such faith is needed, and what the FDIC's mission partially is.
Why the FDIC didn't print out 10 sheets of paper explaining this and have the "next 10" read it before they came in the branch for their turn is beyond me.
Once the Fed took over, there's no more point in lining up. If you're under $100,000, you're insure and will get the money. If you're over $100,000; it's already gone. You can wait with the rest of the creditors in back for the flotsam to clear before you'll get a check, if ever.
If you see lines like this, it is what should end up causing the Fed's to step in.</blockquote>
This is what really annoyed me about the photos and stories. The Rubicon was crossed on Friday. Grabbing cash today won't make one bit of difference. In fact, it may be worse. You stuff your manilla envelope full of the cash you withdrew from a now safe bank (or as safe as any bank can be), hope you don't get robbed on your way to your car, and wind up depositing the cash with those nice folks at Downey Savings. People are doing far more harm than good by ratcheting up the hysteria. Moreover, it further compromises people's faith in the banking system at a time when such faith is needed, and what the FDIC's mission partially is.
Why the FDIC didn't print out 10 sheets of paper explaining this and have the "next 10" read it before they came in the branch for their turn is beyond me.
awgee_IHB
New member
[quote author="Priced_Out_IT_Guy" date=1216101167]
Do you have any good resources for finding these figures, ie on yahoo finance or the like?
</blockquote>
Sorry, no. I researched this a couple of years ago. My findings were that Farmers and Merchants Bank was the safest in California at that time.
Do you have any good resources for finding these figures, ie on yahoo finance or the like?
</blockquote>
Sorry, no. I researched this a couple of years ago. My findings were that Farmers and Merchants Bank was the safest in California at that time.
No_Such_Reality_IHB
New member
[quote author="EvaLSeraphim" date=1216112948]This is what really annoyed me about the photos and stories. The Rubicon was crossed on Friday. Grabbing cash today won't make one bit of difference. In fact, it may be worse. </blockquote>
Interestingly, I heard on the radio today that what drove them under was a run on the bank last week of larger depositor/investors taking $1.3 billion out after some congressman fired out a letter pointing out that they were potentially a failure.
Ah, here's a link.
<a href="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html">Feds cite Schumer</a>
That's a net $250,000,000 a day outbound because of a congressman, ouch.
Interestingly, I heard on the radio today that what drove them under was a run on the bank last week of larger depositor/investors taking $1.3 billion out after some congressman fired out a letter pointing out that they were potentially a failure.
Ah, here's a link.
<a href="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html">Feds cite Schumer</a>
That's a net $250,000,000 a day outbound because of a congressman, ouch.
EvaLSeraphim_IHB
New member
[quote author="No_Such_Reality" date=1216118092][quote author="EvaLSeraphim" date=1216112948]This is what really annoyed me about the photos and stories. The Rubicon was crossed on Friday. Grabbing cash today won't make one bit of difference. In fact, it may be worse. </blockquote>
Interestingly, I heard on the radio today that what drove them under was a run on the bank last week of larger depositor/investors taking $1.3 billion out after some congressman fired out a letter pointing out that they were potentially a failure.
Ah, here's a link.
<a href="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html">Feds cite Schumer</a>
That's a net $250,000,000 a day outbound because of a congressman, ouch.</blockquote>
Yeah, he's trying to say "They were unsound; it's not my fault," but the FDIC and OTS people have been pissed at him since that letter came out. Yes, IndyMac was unsound, but there was the possibility that the FDIC / OTS could have unwound them sans panic and rush like they did Fremont. Nobody better put Schumer on any defense or intelligence committees.
Interestingly, I heard on the radio today that what drove them under was a run on the bank last week of larger depositor/investors taking $1.3 billion out after some congressman fired out a letter pointing out that they were potentially a failure.
Ah, here's a link.
<a href="http://latimesblogs.latimes.com/laland/2008/07/feds-cite-schum.html">Feds cite Schumer</a>
That's a net $250,000,000 a day outbound because of a congressman, ouch.</blockquote>
Yeah, he's trying to say "They were unsound; it's not my fault," but the FDIC and OTS people have been pissed at him since that letter came out. Yes, IndyMac was unsound, but there was the possibility that the FDIC / OTS could have unwound them sans panic and rush like they did Fremont. Nobody better put Schumer on any defense or intelligence committees.
FairEconomist_IHB
New member
The Schumer business shows the regulators were being criminally negligent. The FDIC is estimating a 60-80% recovery for deposits. They had already lost a THIRD of the money deposited with them! It's a total outrage that such a bank was operating - never mind that it was paying above-market savings rates while continuing to make bad loans. And - get this - IT WASN'T EVEN ON THE WATCH LIST!
So what exactly is Schumer supposed to do? Hypothetically he's on the oversight committee - but the Bush adminstration won't even respond to subpoenas, so there isn't much they can do, and they're clearly ignoring their responsibilities, since IndyMac should have been shuttered ages ago. So he either lets them continue to sit on their hands while IndyMac racks up billions more in losses the feds will eventually pay for anyway, or he goes public. Well, he saved the country a billion or two on IndyMac since they're closed now and no longer adding to losses, so bully for him. What we need now is an investigation of why the FDIC and OTS were ignoring a hopelessly insolvent bank. That, though, will have to wait for a president who will recognize and obey the law and subpoenas.
So what exactly is Schumer supposed to do? Hypothetically he's on the oversight committee - but the Bush adminstration won't even respond to subpoenas, so there isn't much they can do, and they're clearly ignoring their responsibilities, since IndyMac should have been shuttered ages ago. So he either lets them continue to sit on their hands while IndyMac racks up billions more in losses the feds will eventually pay for anyway, or he goes public. Well, he saved the country a billion or two on IndyMac since they're closed now and no longer adding to losses, so bully for him. What we need now is an investigation of why the FDIC and OTS were ignoring a hopelessly insolvent bank. That, though, will have to wait for a president who will recognize and obey the law and subpoenas.
PadreBrian_IHB
New member
LOL, yeah it's bullshit to say 1 congressman that was tiring to sound the warning bells that 90 banks are UNDER funded is getting the blame. Blame the cheap money of 2002-2007, regulators, congress, Dubya, stupid banks, stupid flippers, stupid mortgage brokers, but do NOT blame a whistle-blower.
PadreBrian_IHB
New member
That's like Irvine Ranch blaming this exact forum for Irvine housing prices. 
BLUE FIRE_IHB
New member
Should I be concerned that I just logged into my TD Ameritrade brokerage account and it is telling me that my "balance information is currently unavailable. Please try again later."?
Also, none of my positions are listed because the system is "temporarily unavailable."
I am an active trader and log into this account multiple times per day and have never experienced this...
Also, none of my positions are listed because the system is "temporarily unavailable."
I am an active trader and log into this account multiple times per day and have never experienced this...
Daedalus_IHB
New member
[quote author="BLUE FIRE" date=1216122734]Should I be concerned that I just logged into my TD Ameritrade brokerage account and it is telling me that my "balance information is currently unavailable. Please try again later."?
Also, none of my positions are listed because the system is "temporarily unavailable."
I am an active trader and log into this account multiple times per day and have never experienced this...</blockquote>
LOL I just checked and got the same thing. I wouldn't worry just yet. <i><*Daedalus makes quick plans to begin camping out in front of his computer at 4AM to start taking money out of his brokerage account*> </i>
Also, none of my positions are listed because the system is "temporarily unavailable."
I am an active trader and log into this account multiple times per day and have never experienced this...</blockquote>
LOL I just checked and got the same thing. I wouldn't worry just yet. <i><*Daedalus makes quick plans to begin camping out in front of his computer at 4AM to start taking money out of his brokerage account*> </i>
BLUE FIRE_IHB
New member
[quote author="Daedalus" date=1216123972][quote author="BLUE FIRE" date=1216122734]Should I be concerned that I just logged into my TD Ameritrade brokerage account and it is telling me that my "balance information is currently unavailable. Please try again later."?
Also, none of my positions are listed because the system is "temporarily unavailable."
I am an active trader and log into this account multiple times per day and have never experienced this...</blockquote>
LOL I just checked and got the same thing. I wouldn't worry just yet. <i><*Daedalus makes quick plans to begin camping out in front of his computer at 4AM to start taking money out of his brokerage account*> </i></blockquote>
I'm starting to worry...especially after reading yesterday's thread about margin accounts!
Also, none of my positions are listed because the system is "temporarily unavailable."
I am an active trader and log into this account multiple times per day and have never experienced this...</blockquote>
LOL I just checked and got the same thing. I wouldn't worry just yet. <i><*Daedalus makes quick plans to begin camping out in front of his computer at 4AM to start taking money out of his brokerage account*> </i>
</blockquote>I'm starting to worry...especially after reading yesterday's thread about margin accounts!
PadreBrian_IHB
New member
Don't worry. TD Ameritrade has ZERO mortgage paper. 
Just a fun coincidence.
Just a fun coincidence.