Behind the IndyMac meltdown (includes important U.S. banking history)

[John Kettler]

With the IndyMac meltdown and federal takeover rocking the news and the financial markets, I believe many of you here will find the lead article at the link of considerable interest, especially when juxtaposed against the history of earlier large scale financial manipulations involving U.S. banks. The information presented here, especially on the latter, is highly unlikely to ever appear in the mass media. Nor is this a political issue per se. The moneyed have their lackeys on both sides of the aisle and, indeed, in many unexpected places.

http://www.jonchristianryter.com/News_Folder/Behind.html

Regards,

John Kettler

[MarkEzra]

Who is Jon Christin Ryter: I looked around and found this...

"According to his website, it’s a pseudonym for a one-time reporter for the Parkersburg, West Virginia Sentinel, who wrote a syndicated column called “Answers From the Bible,” and who is now an advertising executive at the Washington Times. He is a contributor to a far-right wing website called News With Views, and writes stuff like “When America Was A Real Place To Be Proud Off” (I think he means “of”). " (Alan Combs...Hanity and Combs)

The failure of IndyMac has everything to do with Banking deregulation laws of the 1990's (Yes, signed by President Clinton ) which dismantled the the 1930's New Deal Bank protection laws. IndyMac came out of Countrywide Mortgage to become a bank. It's number and amounts of deposit are dwarfed by its actual capital base...Bundling and re-selling Home Mortgages. When that went South, so did they. IndyMac could not have existed prior to deregulation. My personal opinion is:

The idea that unfettered markets are ALWAYS best is in need of re-evaluation.

you can sign me: Ex-employee of IndyMac....I got out 3 years ago

[Wilhammer]

Free markets aren't.

[mike_the_wino]

Who is Jon Christin Ryter: I looked around and found this...

"According to his website, it’s a pseudonym for a one-time reporter for the Parkersburg, West Virginia Sentinel, who wrote a syndicated column called “Answers From the Bible,” and who is now an advertising executive at the Washington Times. He is a contributor to a far-right wing website called News With Views, and writes stuff like “When America Was A Real Place To Be Proud Off” (I think he means “of”). " (Alan Combs...Hanity and Combs)

The failure of IndyMac has everything to do with Banking deregulation laws of the 1990's (Yes, signed by President Clinton )

Heresy!!! Bill Clinton was a saint and only Hillary can save us now!!!! You must be a Bush apologist.

The idea that unfettered markets are ALWAYS best is in need of re-evaluation.

That's the razor's edge between enough and too much gubmint. Too bad we are getting such a wrenching gut-check.

Ex-employee of IndyMac....I got out 3 years ago

Was this because of bad working environment, sucky co-workers or did you see the meltdown coming?

[dieseltaylor]

Precisely the same in the UK - easy credit - as in lie and get a loan for a house. Supervision gone and just to make it more fun the restriction on shorting Banks [fundamental bedrock for confidence] was removed sp hedge funds and speculators could benefit.

Certainly there is now a class of people with no loyalty other than to making money. You may think this is normal but in the days when a Bank created its staff through employing young and promotion there was a symbiotic relationship - particularly the final pension. Nowadays executives are helicoptored in and out for a few years so there is no loyalty and of course every incentive to make money from your inside position. Or if you have friends you wish to use later then they can benefit too.

This is all aggravated by outsourcing large amounts of work to third parties whoo gain privileged insights that are useful to "dealers"

To cap it all the politicians are now in on the act flitting between Govt and commerce using information and contacts to screw the public. We used to have rules preventing such things .... : (

[Stalins Organ]

We had easy credit here too, because banks could get cheap credit easily offshore and so passed it on to consumers ASAP - they make money by getting you to borrow after all.

Not sure where it all came from - but it certainly wasn't generated in NZ.

[John Kettler]

The Spanish economy is in big trouble right now, too, and for much the same reasons. Improperly regulated major banks issued loans to the unqualified, and those loans, to the tune of billions, are now in default. This, in turn, has hit the Bourse there hard, according to Ambrose Evans-Pritchard, resulting in something like a 26% drop. As for Jon Christian Ryter, I'm interested in the information he presents. Would venture to say most people here know little at best of the U.S. banking history he cites, and neither the mass media nor the government is likely to correct that defect in our knowledge base. Would also observe for the record that control techniques which have worked in the past tend to be dusted off and used again and again.

Regards,

John Kettler