Today, it got ugly in my own backyard

Today, it got ugly in my own backyard. Indymac Bank was seized by FDIC this afternoon. Bloop, no more. Insolvent. They are yet another company affected by making bad subprime loans. About 8,000 people will loose their jobs over this mess. NPR said it was the #2 largest private bank failure in the U.S. They are or should I say were based in Pasadena, California, one of the cities I pass on the way to Countrywide. And don't forget Indymac Bank was a spin-off of Countrywide, which is now owned by Bank of America.

Not to be outdone, there was rumours that Freddie Mac and Fannie Mae were tanking, their credit ratings were reduced to junk bond status and the companies may need a government bailout. They are now involved in 70% of the loans made in the U.S. But hey, it pays the bills. My bills. Until my contract is over. Sigh.