I wonder how many of those kids in line for IPhones are using their birthday money from their grandparents who are standing in line to at least rescue a small portion of their holdings. Next year when gramps can't afford to give them anything, I wonder how long the Wii, or IPhone lines will be. Sad commentary on Bush's legacy. I think we will all remember him.
Both lines. The first line is an example of committed consumerism, and the second is the same. The second line is an example of people committed to consumerism beyond their own means.
As long as you allow other people to manage and hold your wealth, you are at their mercy. I've been anti-bank my whole life because I refuse to be made a slave of. I control my own money, and I don't own anybody one red cent. Consumerism is a drug that is pushed upon the American population like nobody else on earth. It appeals to people who like to keep up with the Jones's. It has become our religion. Our landfills are already full of crap we didn't need to begin with. Our cars sit out in the driveway because there's no more room in the garage for it. It's an addiction, and it needs to be treated as one. Things like Iphones are a fad. What kind of value will they have 6 months from now? I'm betting you could buy one in a pawn shop for a $100 and still impress your friends just as much as those sheeple in line expect to. x
Up to $100,000, because it's federally insured to that amount. If you had a million dollars in there, you're having a bad day. x
The iPhone line. The iPhone is simply a toy. A device to make phone calls with.You can live without it. Its just another way for several big company's (mainly Apple and ATT) to milk you for even more money for years to come. While indymac is an example of poeple not living withen their meens and trying to finance it and corporate america exploiting people, the picture is of the victumes - the poeple.
What Aristartle is on about is IndyMac's Mortgage lending side. Indy was a creative mortgage pioneer in the early 90's Indymac Bank had a lot of great non-conforming programs for borrowers with under-the-table income or side job income or hard to trace self-employed income. With good credit and some cash in the bank these previously shunned purchasers could buy a home with 10% down. In the 80's these same borrowers had to have a 35% downpayment to purchase a house. The whole system crashed when more and more players got in to the lending game. As home values climbed, the standards used to evaluate purchasers became more lax in a great chase for market share and profits. The Purchasers became more greedy as a home purchase morphed from a domain, to a tax shelter and investment vehicle. The bullshit component in these applicants increased. People financed more than they could afford in the expectation that they would sell the home at a profit in the future.
Exactly, and banks played the same game. While real estate continued to grow every year, even if borrowers defaulted the banks still showed increasing profits each year, through the appreciation of property holdings. Thus they preyed on individuals overlending without caution.
Yes most if not all of those people are depositers trying to rescue their desposits before they disappear. I saw one lady interviewed that had the funds for her small business deposited there, all but 100,000.00 had disappeared from her account online overnight. She's responsible for 20 employees and the overhead of her company. But the bank has made unavailable to her the money she has deposited for safe keeping and the day to day operations of her business. She's not one of the lucky corporate chieftans that have their funds safely secured offshore.
Here's a story that will probably bore most of you. My first boss when I was in my twenties, which was in the seventies told me how each year she received a ten dollar check for what was owed on her deposits when her bank failed during the thirties. I asked her how close she was to receiving everything she had lost...she just laughed and then said it would never be allowed to happen again in this country. Guess her generation never foresaw the greed of new generations and administrations allowing it to happen again. I think in a way they hoped we'd learned a valuable lesson, guess we haven't.
