When I heard the FDIC was taking over IndyMac bank my first thought was, "What happens in Pasadena?" The bank is headquartered here with 3,000 employees, 500 of whom presumably received pink slips last Monday. They got 30-60 days' notice.
I like to look on the bright side if there is one. I watched the video linked in the FDIC article above. In it the spokesperson says the FDIC has taken over IndyMac and is going to continue to run it as a full service bank, and to do that they'll need employees. I wonder if they'll need all 3,000. Maybe those 500 with the pink slips just got a reprieve. Maybe that's wishful thinking.
Of course this has larger implications than just for Pasadena, and I'm not qualified to discuss them—well, we're all qualified to discuss them, but you're better off reading this or this if you want the facts. But although the banking and housing industries are in lousy shape right now I know certain sectors of our economy are doing fine: retail, fashion, restaurants, and don't get me started on oil. Some folks are still making money in this country.