In normal times the second-largest U.S. bank failure in history would be the lead story in the mainstream media.

But we’re not living in normal times, says Dan Denning in The Daily Reckoning Australia. What we’re experiencing is a financial quagmire caused by the loud popping of an unprecedented credit bubble.

The collapse of IndyMac (IMB) has been overshadowed by the threat of insolvency at Fannie Mae (FNM) and Freddie Mac (FRE). The rescue plan for the twin mortgage giants is nothing more than backdoor nationalization, says Dan. Expect runaway inflation as a result of the government’s meddling…

HP Buys EDS; St. George Agrees to Westpac Takeover; UPS Fights Uphill Battle Against Gas Prices; Cameco Profit’s a “Cake” Walk; Petrobras Post 68% 1Q Profit; High Cost of Oil Dampens Demand; AIG Raises Capital; Yahoo Jumps on Possible Proxy Battle.