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James Turk: America's second-biggest bank failure
5:30p ET Saturday, July 12m 2008
Dear Friend of GATA and Gold:
GoldMoney founder James Turk, editor of the Freemarket Gold & Money Report and consultant to GATA, analyzes the U.S. government takeover of IndyMac Bank and concludes that the value of sub-prime and Alt-A mortgage debt still in the U.S. banking system is less than 50 percent of book value. This implies that government insurance of bank deposits can't handle the problem without massive money creation. Turk's new analysis is headlined "America's Second-Biggest Bank Failure" and you can find it in the "Founder's Commentary" section in the third column of the GoldMoney home page here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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