IndyMac, which has $32 billion in assets, was seized by the government on Friday. The loss-ridden mortgage lender had faced a run on the banks since Schumer, on June 26, made public a letter he sent to the Office of Thrift Supervision and the FDIC, saying he was “concerned that IndyMac’s financial deterioration poses significant risks to both taxpayers and borrowers.”
Once again a politician uses their ability to yell fire, and causes damage through the ensuing panic. When will our politicians realize that the constant drumbeat of bad news, and talk of doomsday will ultimately create a self-fulfilling prophecy?
What was so compeling that Sen Schumer felt the need to comment on something that he apparantly knows little about? Regulators had specifically fingered Schumer for IndyMac’s failure. The OTS said that “the immediate cause of the closing was a deposit run that began and continued” after Schumer went public with his concerns. “This institution failed due to a liquidity crisis. Although this institution was already in distress, I am troubled by any interference in the regulatory process”
Nice work Schumer,it looks like you cost us, the tax-payers, about $4-8 billion (with a B).
Filed in Financial, Politics
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Also tagged bad news, crisis, doomsday, FDIC, IndyMac, liquidity crisis, mortgage lender, office of thrift supervision, panic, politician, politicians, regulators, self fulfilling prophecy, Sen. Schumer, taxpayers
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Was traveling North on I95 between Washington and Baltimore yesterday when at about 75MPH noticed a change in engine note. Let off throttle, noise went away, back on throttle, definitely something not right. As I worked my way over to the right lane, the oil pressure light came on. Clutch-in, and started coasting. Light flickered a few times, then solid on. Once it was on full, I turned off engine and coasted off the Rt175 ramp all the way to a gas station at the end of the ramp. The time the engine was on and first noticed issue until I shut down was approx 1 minute (probably less).
As I got out of the car, I was greeted to the whole left side of the car covered in oil, with more flowing from the oil cooler location.
Took four hours to get a tow truck that would tow it to Criswell, most wanted nothing to do with towing the Lotus. One guy came by and said he would never trust the tow ring to pull it onto flat bed.
Waiting to hear back from Criswell today…
Similar Tales of Woe
Oil Cooler Disaster
Recall Oil Coolers
Delayed Oil Cooler leakage
Hose to Oil Cooler Failure
Filed in Lotus
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Also tagged Baltimore, clutch, Cooler, Criswell, disaster, gas station, Lotus, oil cooler, oil coolers, oil pressure, ramp, tow ring, tow truck, Washington
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Wednesday, January 9, 2008
One of the interesting aspects of the Internet is the ability for car enthusiasts to share information about their vehicles. I am always amazed how many people have similar issues with their car, however when discussing with a dealer, the dealer acts as if no one else has an issue.
Recently the folks on LotusTalk.com have identified a potentially serious issue with the overhead oil feeds in the camshaft cover. This is believed to be causing a failure of the camshaft, which ultimately results in a broken rocker arm. Multiple people have now confirmed that their car also shows evidence of a problem. So far, Lotus, and Toyota who manufacturer the 2ZZ-GE engine are silent…. You can read more here.
What other cars have similar issues? I would love to hear other folks experience, I have included a few well known issues that I currently know of.
Ford Spark Plug Issue
Toyota Oil Sludge Issue
BMW Engine Failure
Filed in Lotus, Repair
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Also tagged BMW, bmw engine, camshaft, Cars, engine failure, Ford, Internet, Lotus, oil, rocker arm, spark plug, Toyota, toyota oil sludge
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