Ask Phil Gramm if this is just part of our "mental recession"

The federal government took control of Pasadena-based IndyMac Bank on Friday in what regulators called the second-largest bank failure in U.S. history.

Citing a massive run on deposits at the $32-billion bank, regulators shut its main branch three hours early, leaving customers stunned and upset. One woman leaned on the locked doors, pleading with an employee inside: "Please, please, I want to take out a portion." All she could do was read a two-page notice taped to the door.

The bank's 33 branches will be closed over the weekend, but the Federal Deposit Insurance Corp. will reopen the bank on Monday as IndyMac Federal Bank, said the Office of Thrift Supervision in Washington. Customers will not be able to bank by phone or Internet over the weekend, regulators said, but can continue to use ATMs, debit cards and checks. Normal branch hours, online banking and phone banking services were to resume Monday.

Federal authorities said, based on a preliminary analysis, the takeover of IndyMac would cost the FDIC between $4 billion and $8 billion. Regulators said all deposits of up to $100,000 were safe and insured by the FDIC.

I don't know exactly what Obama and the Democrats can propose that will slow down this crumbling economy but it is crystal clear that the Republicans have no fucking idea whatsoever where to begin to solve this crisis.

And somebody needs to take McCain advisor Phil Gramm out into the streets and let him explain to the frightened citizens of Pasadena how this is all imaginary, and how they just need to get over it. They will kick his ass all the way back to Washington.