Have We Hit Rock Bottom?

IndyMac Federal Bank's customers listen to Burbank Police Sgt. Matthew Ferguson's instructions as he reads names from a sign up sheet, July 14, 2008. AP

This column was written by CBS News Early Show co-anchor Harry Smith.
Are we there yet? This economic slide doesn't seem to have a finish line. One day's bad news is followed by another … and then another.

As we learned this week, the banks are in worse trouble than we thought. IndyMac, the $30-billion California financial institution that specialized in writing mortgages for people who weren't qualified was taken over by the FDIC this week. And depending on who you ask, there are either a handful or dozens or even scores of other banks out there awaiting a similar fate.

Meanwhile we read today of even more scaling back at General Motors, where the stock price is the same as it was in 1950s. News appears and web sites are filled with columns about cost cutting ideas like brown bagging your lunch. Or eliminating your Starbucks Skim Latte. No wonder Starbucks is closing 600 stores.

If there's a smart person out there who really knows, I'd like an answer. Have we hit bottom? Or is there still a long, long way to go?
By Harry Smith
  • Harry Smith

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