It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Originally posted by ALightinDarkness
reply to post by TruthWithin
You think 100 million Americans make minimum wage? Have you even done your research? The number is more like 2 million. You were off by just a bit, give or take 98 million. A grand total of 2 out of 300+ million make minimum wage, and large portions of those are teenagers in temporary/part time job where they admit in surveys they just want the job for spending money.
On to the topic of the thread: Since everyone wants to be hysterical about the economy, the failure of IndyMac had nothing to do with the bank and everything to do with a (gasp) democrat Senator:
"The immediate cause of the closing," the OTS wrote in a press release, "was a deposit run that began and continued after the public release of a June 26 letter to the OTS and the FDIC from Senator Charles Schumer of New York." The OTS added: "In the following 11 business days, depositors withdrew more than $1.3 billion from their accounts."
The only thing that is causing hysteria in the economy are the people themselves who prefer to buy into the doom and gloom than do their research. Thousands of them lined up outside of IndyMac branches so they could panic in front of the media cameras when all they needed to do was withdraw their money online (online banking is a wonderful thing).
[edit on 15-7-2008 by ALightinDarkness]
Originally posted by gl2
The US economy is like a house with a broken, slanting foundation. Rather than re-design and re-do it, Bush is simply pouring concrete into the rubble. Worse yet, he's trying to bulldoze the surrounding ground to match the slanting foundation (he's been doing that for years).