Regulators close U.S. bank
12 July 2008 - 10 תמוז 5768 by Huw
ELCOME To a recession. We’re now having Bank Runs. I’d say “Depression” but I realise the vast majority of us are better off now than my Grandparents were 80 years ago.
U.S. banking regulators Friday swooped in to take over mortgage lender IndyMac Bancorp Inc, the second-largest bank failure in U.S. history and the fifth bank to close this year.
Yes, I know the runs in the 20s were caused by rumours and fears. This one was sparked by a letter from a congressman. But that’s only a “rumour” in another form: the fears are the same.
