On Friday, July 11, The Office of Thrift Supervision (OTS) closed the $32 billion IndyMac Bank, headquartered in Pasadena, California, and transferred operations to the Federal Deposit Insurance Corporation (FDIC).
My Mom, who is 88 years old, has a CD at Indymac Bank. She lives off the interest. Thanks to the Democratic Party and Franklin Delano Roosevelt, my Mom didn't lose her money when the feds seized the bank in the second largest federal takeover in US history. I haven't told my Mom about the takeover. She has Alzheimer's. If you can't figure out how to find the bologna in the refrigerator I figure you can go without knowing you almost got wiped out financially.
I, on the otherhand, am a wreck. I got her into Indymac! For years they paid the highest CD rate around--if you opened it online. Whoohoo. I've even got a little money stashed there.
The woman I talked to at Indymac today--who works for the FDIC--said people have been weeping on the phone. They had more deposited there than the FDIC will insure. If you are above $100,000 that money is out the door.
I was speechless on Friday. When I could put two words back to back they were x-rated:
Holy fu*king shit! What a fu*king disaster. Jesus H. Chist, Dad, you were right. I mean you were RIGHT!!!.
And then --even though he has been gone for 10 years-- I whispered:
It was my Dad when I was 18 who drummed the FDIC into my head with tales of the Great Depression and how people were wiped out and jumped from skyscrapers. And then he would explain how FDR and the Democrats fixed it so if the banks failed again, no one would be wiped out.
But c'mon, banks fail?? I didn't think it could happen again. And I certainly flirted over the years with money ventures and institutions that were not FDIC insured. But my Dad really pounded something into my thick head. Why flirt with disaster when the Democratic Party has provided a safety net? Over and over, in countless different ways he brought the point home.
Why? For a little extra money--you could lose it all. Stick with the FDIC. You'll be fine. Don't color outside the lines, Ok?
I'd nod my head, bored and despairing of his interminable lectures. Now, I find out that these lectures from my depression era papa shaped my behavior with Indymac.And so my Mom and I are among those who are lucky this Monday.
Many others are not.
I supported Hillary Clinton for the nomination for the Democratic Party, and a cast of sore losers--unlike the woman they profess to support who has been gracious in defeat-- cannot understand why I now support the Dem nominee, Barack Obama. It is so fuc*king simple. It ain't the head of the party that matters above all else. It is the Party!!!
And I am living proof right now today that the Party matters. Ok. Sure. The dem leadership hasn't been exactly angelic in the primary struggle. But I will take this party and these "fu*k-ups" over the Republicans any day.
Remember, it was Herbert Hoover who fired on the vets when the marched on the White House demanding their pay. And this is the same party that has backed our Coward in Chief from showing the coffins of our soldiers as they come home in body bags from Iraq.
Hillary knows what is at stake in this election. In Chicago Saturday for the American Federation of Teachers conference, she said:
The Republicans should hold a press conference and apologize to the country and say they're just not going to run anyone for president.
I am newly grateful to the Democratic Party today. And I urge you to think of this Party and it's long and grand tradition of standing up for the rights and welfare of working people. The Republicans for the last eight years have done nothing but gut every protection they could get their hands on.
Isn't it time to put the Party back in power that brought us the FDIC.