At last night's Independent Neighborhood Democrats meeting Assemblywoman Joan Millman gave us a grim outlook for next year's state budget. I hear the same issue was discussed at Central Brooklyn Independent Democrats as well. This comes the same day the MTA forcasts an equally grim picture (but in their case we always have to question the numbers of an agency that keeps two sets of books depending on whether they want to show a surplus or a deficit). And from Governor Paterson we are hearing ideas like raising CUNY and SUNY fees and cutting education and health programs (our biggest outlays).  read more »

Got a message from my brother. He saw the run on the IndyMac Bank in Duarte, California.

Let me introduce this with dueling headlines. From the Pasadena Star-News:

IndyMac appears close to collapse: US regulators may not be ready to protect bank

And from the LA Times:

IndyMac denies that it's close to collapse: "Depositors have been pulling money from the Pasadena-based thrift, whose share price is down 90% this year."

Today, my brother saw a crowd at the Duarte IndyMac Bank desperately trying to get their savings out. Many elderly people were claiming that they are being offered dollar for dollar on the first $100,000...after that only fifty cents on the dollar.  read more »