Articles

It's not just subprime mortgages which are in trouble. Alt A mortgages brought down Indymac and a bigger wave of Prime mortgage defaults threatens to wash over us soon.

With recessionary forces fighting against inflationary forces, central bankers in the US and Europe don't know what to do, so they aren't doing anything.

PASADENA, Calif., Aug 01, 2008 (BUSINESS WIRE) -- On Friday, August 1, 2008, IndyMac Bancorp, the former holding company of IndyMac Bank filed for bankruptcy protection under the U.S. Bankruptcy Code (Title 11, Chapter 7 U.S.C). This action has no effect on the operations of IndyMac Federal Bank, FSB, which came into existence on July 11, 2008, when IndyMac Bank was removed from its holding company, IndyMac Bancorp, and IndyMac Federal Bank was placed into conservatorship by the Federal Deposit Insurance Corporation (FDIC). Other than a similarity of name, IndyMac Federal Bank has no relationship, nor does it share any employees, with IndyMac Bancorp.

Ever wonder why gas prices seem to rocket up when oil prices rise, sometimes rising a few cents in a day, but then take forever to come back down? A theory called Rockets and Feathers explains why and shows how you can help bring gas prices down faster.

The bureau of economic analysis released its preliminary GDP numbers today and they looked pretty good. 1.9% quarterly growth is not a recession. But a closer look at the numbers shows reason for concern.

WaMu now offers an online savings account with 4% APY.

Ascencia Bank took the #1 spot on the BestCashCow 6 month CD rate tables with a rate of 4.07% APY.

Lest we all think that we were out of the woods with the credit crisis, the Fed announced today that it was extending several pieces of the assistance it has provided to investment banks.

Everyone wondered at what gas price we (American consumers) would stop driving. The answer is in - $4.00/gallon. Car usage has dropped for the first time in over 20 years and that softening in demand has started a decline in oil prices.

Probably not. This capitulation sale may be the end of the fall for Merrill, but it has real implications for the rest of the banking industry.

Home prices continue to fall. The media says there is a silver lining because prices aren't falling as fast. I think they still have plenty to go.

Those who still believe that social networking is the future are sorely misled.

After making news as one of the largest bank failures in US history, Indymac is back as a Federal Savings Bank now run by the FDIC. They are looking for deposits. Is there a safer place to put your money than an FDIC run bank? The rates are competitive. Just remember that all bank deposits are insured up to $100,000 per person.

It probably doesn't come as a great surprise that after inflation you'll be making less in 2009 then you did in 2007. Maybe that's why everyone has turned so glum.

The US budget deficit is expected to grow to $490 billion in 2009 from an estimated $400 billion this year. This huge and growing deficit will put further pressure on interest rates and constrict the next President's economic policy.