Trocaventure

Times are tough on the road, as evidenced by the collapse of IndyMac. In what is probably the failure of the bank the most expensive ever, troubled mortgage loan IndyMac Bank is the regulator of the federal government Friday, July 11, 2008.

All activities of the Pasadena, Calif., bank, once one of the largest American home lender, were closed at 15:00 hours of the Office of Thrift Supervision and the Federal Deposit Insurance Corp. (FDIC). It is estimated that the cost of acquisition of the FDIC up to eight U.S. dollars billionth

“It is possible, what will the bankruptcy of the bank the most expensive in history, but it is too early to say,” Sheila Bair said the FDIC chairman in a conference call Friday. She added that the IndyMac failure could also affect premiums paid by all banks for deposit insurance.

According to the records of the FDIC IndyMac marks the largest bank collapse since 1984, Continental Illinois Bank, which had assets of $ 40 billion failed.

When a bank shuts down, traditional bank accounts FDIC insured to at least $ 100,000. Some accounts such as annuities and mutual funds are not insured. Individual retirement account funds are insured to $ 250,000. According to the FDIC, IndyMac 10,000 customers could be up to 500 million dollars in losses from uninsured deposits.

If you have a large applicant is an excellent idea, your deposits over several banks. It is also an excellent idea to an important part of your account holdings of gold. Nobody knows exactly what kind of financial blood bath on the road, but you can bet it will probably not pleasant.

Fractional Reserve banking system which is that we usually think of as a sound banking and financial system are increasingly uncertain. The regulators do not expect an edition of Black Swan events, we now experience. If Fannie Mae and Freddie Mac fail, and then by the stress of government that would result in financial markets would be difficult to control.

Certainly, there is a high risk of further bank failures large and this next year. Because the FDIC has a relatively small amount of resources for a large amount of insured deposits to an account that you are not completely dependent on the FDIC, if you over in the event of bank failures. The FDIC could run out of funds.

Do not assume that the federal government can control the case. The dominoes began to fall. Black Swan events that should not form a statistically hundred thousand years, are out of control.

We live in a time of financial ties in the world, so you can more catastrophic event Black Swan, triggering a financial collapse of the system can cause.