Tuesday, July 15, 2008

Wall Street Fears Wave Of Bank Failures



Last night's evening news broadcasts included warnings that the collapse of IndyMac bank is likely only the first of a series of such failures. NBC Nightly News reported, "Luckily, most Americans don't know much more about bank failures than we all learned from watching the Christmastime classic 'It's A Wonderful Life' with Jimmy Stewart. ...
So when a big bank failed in California just a few days ago and, given some uneasy rumors about others, there are worries in this era of mortgage meltdowns that there could perhaps be more on the way."

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