More records for the Bush Administration to be proud of.
Iraq will be the longest and most expensive war in American history, the national debt has never been higher, and now Bush can crow about his economic achievements.
Crisis Deepens as Big Bank Fails
IndyMac Seized In Largest Bust In Two Decades
July 12, 2008
Wall Street Journal
IndyMac Bank, a prolific mortgage specialist that helped fuel the housing boom, was seized Friday by federal regulators, in the third-largest bank failure in U.S. history.
IndyMac is the biggest mortgage lender to go under since a fall in housing prices and surge in defaults began rippling through the economy last year -- and it likely won't be the last. Banking regulators are bracing for a slew of failures over the next year as analysts say housing prices have yet to bottom out.
The collapse is expected to cost the Federal Deposit Insurance Corp. between $4 billion and $8 billion, potentially wiping out more than 10% of the FDIC's $53 billion deposit-insurance fund.
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