Been watching.
Some is interesting. What would/will I do? How am I attached? Even, what
is this me that feels some panic?
Daydreaming a few weeks ago of skinning a squirrel. I've never even seen
such an event. Where did such a daydream come from?
Yes, woods, garden.
Compassion.
----- Original Message -----
From: "Heather Perella" <[EMAIL PROTECTED]>
To: <[EMAIL PROTECTED]>
Sent: Sunday, July 13, 2008 8:33 AM
Subject: Re: [MD] fyi
Here's another fyi:
Last night I heard on CNN about this Indymac bank situation. I had
heard about it earlier, but haven't made the opportunity to sit down and
find out any details. I guess the details I was able to hear last night
are as follows:
Indymac was allowing homeowners to get mortgages without any back-up
investments (bear with the noneconomic terms), thus, the homeowners if
they couldn't pay their mortgage they didn't have any capital to pay back
the bank. The bank, which is overseen by the gov't (all banks are),
thought they could just sell the houses to get their mortgage hand-out
back if need be, well, now the country is in the middle of a mortgage
breakdown, houses are getting foreclosed, and the market is not a housing
market. A Senator, not sure who (can't remember), publicly mentioned to a
committee or something, that this bank, Indymac, had all these
foreclosings on mortgages within their bank, but the bank couldn't resell
the houses to break even or make a profit. He, the senator, wanted an
investigation into this bank before it was too late. Well, now that the
information was made public, investers heard about this, and pulled money
out of Indymac and a run on the
bank happened. It was too late. Indymac then went belly up this week as
the investors took their money. This is being reported as possibly the
largest banking closure (loss of money within a bank, unless somebody buys
the bank and restocks the investors money back into the bank) in U.S.
history, but much of what is happening is not out yet and people,
including reporters are trying to investigate. They (CNN) were showing
pictures of people at the bank doors looking to go in, like so many people
go to banks across the country, but only found locked doors with signs
taped to the door about the banks closing, thus, their money lost. Now,
here's the big hitch on this whole situation. The reporter on CNN was
talking about how the FDIC, gov't banking insurance company, will only
back up 100,000 dollars lost in a bank's closing. The immediate impact by
Indymac's closing is heard to effect 90 other banks across the U.S. - 90.
So, the reporter said to
the public on CNN you might want to get any $'s you have over 100,000
dollars out of the bank so you don't lose that money for these other
banks, if found out will cause a run, and the ripple in this already
downward economy will, as we all have figured out by now, disastrous.
This is very shaky ground, very shaky. Even for the reporter to say this
is cause for fear.
Think about the woods. Think about gardens. Hopefully creative
generative morals are streaming onward shining something helpful.
sincerely good luck,
SA
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