What happens when we borrow trillions to pay interest? »

Posted By populist 1 year, 3 months ago in Business & Finance

Some of the hundreds of customers waiting in line to get into an IndyMac Bank, open for the first time since the July 11 federal government takeover of the thrift, are reflected in the outside windows of the bank on July 14, 2008 in Pasadena, California. IndyMac, which was already in trouble because of it's subprime mortgages with people with bad or no credit history, was shut down three hours early on a Friday and remained closed over the weekend after customers withdrew $1.9 billion. Regulators say it is the second-largest bank failure ever in the US. As all 33 IndyMac branches reopen, customers with home-equity credit lines will reportedly find their accounts frozen while transactions involving deposit accounts will be conducted as normal under the name, IndyMac Federal Bank. Over the weekend, the Federal Reserve also worked on shoring up lenders Fannie Mae and Freddie Mac which control almost half of the national mortgage debt and are in danger of collapse as well. (Photo by David McNew/Getty Images)

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Many are warning about the coming liability calamity, but the incentive of politicians is to keep pushing the problem to the future, when the government chief has retired and is receiving his unfunded government pension.

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