It was probably all mental though and had nothing to do with basic economics. Dr Phil knows all, after all so maybe he can clarify his links to creating our current credit crisis.
One of the largest US mortgage lenders, the California-based IndyMac Bank, has collapsed amid a growing credit crisis.CNN Money has more on the FDIC rescue and what it may mean both to customers and the government.
Federal regulators seized the bank's assets, fearing it might not be able to meet withdrawals by depositors.
It is the second-largest financial institution to fail in US history, regulators say.
The failure came on a day when shares in the two biggest US home loan institutions - Freddie Mac and Fannie Mae - fell at one stage by almost 50%.
IndyMac had been struggling to raise funds and stay in business in one of the states worst hit by the US housing market slump.
According to the FDIC, 10,000 IndyMac customers could lose as much as $500 million in uninsured deposits. The agency says the failure will cost the Deposit Insurance Fund between $4 billion and $8 billion, based on preliminary estimates.
"It's possible this will be the most costly bank failure in history, but it's too soon to say," FDIC Chairman Sheila Bair said in a conference call late Friday night. The failure could also affect premiums paid by all banks for deposit insurance, she added.
