The Third Largest Bank Failure in U. S. History

Jim Cramer told Chris Matthews on MSNBC on June 10 that the banks in this country are basically insolvent. On June 11, federal regulators seized IndyMac Bank in what the Wall Street Journal is calling the third largest bank failure in U. S. History. Phil Gramm and Lawrence Kudlow would have us know that the economic picture has never been rosier.