If you’re one of those wondering how we ended up in the current banking crisis, you should take a look at my friend Bill Heisel’s stories on mortgage provider IndyMac. Which, incidentally, was the bank that financed my first house. Now I’m even more glad we sold and paid off our loan before everything went pear-shaped. Bill outlines how federal regulators were asleep on the job, and how it ended up costing regular people millions of dollars.
This might serve as a reminder to those free-marketeers who bitch endlessly about government intervention. Unsurprisingly, some of those folks are the same ones spending billions in bailout cash now.
