The big story here in California (other than the wildfires) is the failure of Indymac Bank, the largest savings and loan in the L.A area and the 7th largets mortgage originator in the US.
The collapse of Indymac is the second largest banking failure in American history!
On NBC Evening News last night:
"Luckily, most Americans don't know much more about bank failures than we all learned from watching the Christmastime classic 'It's A Wonderful Life' with Jimmy Stewart. ... So when a big bank failed in California just a few days ago and, given some uneasy rumors about others, there are worries in this era of mortgage meltdowns that there could perhaps be more on the way."
"IndyMac is the bank which has failed. It's the second largest banking failure in American history. ... I just came from the stock exchange where the question isn't whether another bank will fail but which one and when."
And in the meantime McCain's central economic plan is to extend the Bush tax cuts, pile other tax breaks and revenue reductions!