Indy Mac bank collapse

http://seattletimes.nwsource.com/html/businesstechnology/2008047114_webindymac11.html

The Feds have captured another bank...nice!

Chuck Schumer has been crowing for a couple days now that this bank was on the verge of collapse. Well, Chucky, ya done it. You killed a bank. Your cavalier comments caused the understandably jumpy public to "make a run on the bank", a run so big that they had to limit withdrawals to what you could get through the ATM machine (normally $200, about enough for a tank of gas and a couple bags of groceries). The withdrawals caused the bank, which would have been fine had you not opened your big yap, to slide into oblivion, and right into the FDIC's hands. This will be the costliest bank collapse in history, because there are so many other banks that are woefully overexposed to the sub-prime mortgage fiasco.

To fund this takeover, we the sheeple will have to come up with $40 billion, which is on top of our Iraq war bill, our Afghanistan bill, and our skyrocketing gas and electricity bills. For this I say "Thank You, Chuck!" Really nice of you to go around causing mass panic. Had they been left alone, and had you been silent, they likely would have suffered a further dip in their stock prices. Instead, you yanked the rug out from under them, and will probably do it again next week. So which one are you going after next, Chuck? Freddie or Fannie? Both are under severe pressure, and neither is in a position to adequately defend themselves from a smear campaign. If either of them go under, it could (and quite possibly will) cause a collapse of the entire Federal Reserve System, rendering the dollar worthless, and making inflation hit three-digit numbers, possibly four. You think gas prices are high now? Wait until Freddie and Fannie turn out the lights, causing a domino effect with bank runs all over the place. The Great Depression will look like a "slight softening of the economy".

This is bad, people. You all need to wake up and start demanding a return to a gold-backed currency, or at least silver. Something tangible, instead of derivatives and fractional fiat money. When the collapse happens, you might as well just wipe your butt with dollar bills, they'll be cheaper than the toilet paper that is about $1000/roll.

I have started to invest in silver, it's fairly cheap now, and I can't afford gold at the moment. It is still under $20 for the moment, but I look for it to climb significantly in the coming months (gold, too, but not platinum- not as much demand as the catalytic converters aren't being used as much since they're shutting down car and truck production).

I'm seeing reports of people giving up their health insurance to be able to scrape by for a while, to buy gas and food. Wages are under downward pressure, but prices are rising faster and faster. So go ahead, Bernanke, print us up some more money to bail out Indy Mac. You're really good at flipping the switch on the printing presses, and that devalues our currency by a noticable amount every time you do it. So print up! Maybe you can print a couple hundred billion bucks, and flood the market. That'd be sweet! Our money would be worthless, and you will have made us all slaves (except the elite, they have most of the money and transfer it to their shell corporations anyway).

Look out for the "Amero". It's coming, and maybe sooner than everyone thought!