US depository mortgage bank COLLASPES!!

[Emily]

IndyMAC,Los Angeles - this is the first depository bank(second largest) servicing joe public to collapse. People lined the streets to withdraw their bilions as in NR in the UK. No rescue from the Feds. They just put it out of its misery.

Didn't the press say the world wide credit crunch is over..we have seen the bottom of the 'well'. It is not over till the fat lady sings...It really make me want to hit the bottle when I hear officials say we people are 'thinking themselves into a depression'.

A big Bank like Indy MAC going out at this time means the problem is real. it is growing redundancies now that's feared in the US and UK...it was the high unemployment that brought the recesion in the UK in the past..and this 'final' toxic ingredient is slowly added to the current 'TNT' mix

[kallis3]

I get sick of hearing that 'officially' we are not heading into a recession. Of course we are! Inflation going up, house values plummeting, mortgages nigh on impossible to get, utilities going up, car tax etc., etc., etc.

I wonder just how gullible the governent think we really are?

It's about time they admitted that things are going from worse to catastrophic!