This week was pretty hard on a vast number of everyday people who relied on IndyMac bank to hold and manage their funds. It seems that one of the leading California banks whose strong suit lay in mortgages and loans has been appropriated by the government in an action to save investors and account for some major miscalculations. The bottom line for most customers of Indy Mac Bank is that your funds are protected and insured by the FDIC for up to $100,000. Anything past that you’re on your own, meaning that many people sitting on large nest eggs are out of luck in seeing any more of their money past that $100k mark. The AP (Associated Press) showed customers of Indy Mac waiting in lines numbering in the thousands, waiting for a bank that wasn’t going to open. An interesting thing happened in the following days on the stock market… The price of oil “corrected” by over 16 dollars and is still dropping. As I see it, more banks will fail, and the weak will get weeded out from the strong to help our economy become a more fortified machine. It’s going to take some major “corrections” to see a massive rebound, but the chain of events is definitely set in motion and we should see a strong recovery from the maladies in the last 5 or so years.
In recent times, New Condos Online has forged some very unique and strong advertising partnerships that have overcome many of the hurdles that the U.S based recession is going through. Partnerships for advertising new condos developments with DayStar properties in Costa Rica, who have an awesome series of developments and a one of our international features. They boast over 6 properties in beautiful Jaco Beach Costa Rica and will be adding new developments over the next 6 months.
Another very cool project is Milagro Del Mar down in Nicaragua. This fantastic project is a part of a new development phase in Latin America. While The U.S dealing with this depression, international development is growing by leaps and bounds on a quarterly basis.