Washington Mutual Fails

Posted on 09/25/2008 at 10:15 pm by Bob Cesca

Seized by the government.

This as the Republicans sabotage the bailout plan — because they want tax cuts and more deregulation.

Tomorrow is going to be asbolutely bloody on Wall Street.

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  • cminri

    Should we head out to the ATMS tonight?

  • J M Ashby

    My prediction for tomorow’s headlines:Stocks down 500 pointsRepublicans: Its the dems fault because they wont take our new planMcCain: My Friends, Our new plan is putting the country first

  • Bob_Cesca

    >>Should we head out to the ATMS tonight?Nah. Unless you have more than $100,000 in your account. And if so, can I have some?

  • PackyJ

    Can I skip my WAMU credit card payment this month?

  • http://livefreeordie08.wordpress.com LiveFreeOrDie08

    Um, I wouldn’t be so quick to steer people away from those ATMs.

  • cminri

    Bob – I’d throw you a couple of bucks if I had $100K! I dont even trust the FDIC at this point…

  • cminri

    Just watching a commercial on CNN for Schwab Bank…they want my money! I’ll rush right over there tomorrow after I raid the ATMs (and throw Bob a couple of fivers).

  • http://livefreeordie08.wordpress.com LiveFreeOrDie08

    Tomorrow is gonna be a blood bath on Wall St.It won’t take much to send a whole bunch of smaller banks into insolvency. The Feds won’t be able to keep up with the pace of failures, which means the FDIC will be taking hit after hit. The FDIC (which is a corporation, mind you) doesn’t have enough reserves to cover more than 2-3 mid-sized banks. When the FDIC can’t fulfill claims….well, have you ever burned an old Christmas Tree??Unlikely this would all happen tomorrow, but it wouldn’t hurt to squirrel away some cash.

  • amaraya

    The $100,000 limit doesn’t apply to this situation. Everyone’s money is safe at present. Relatively speaking

  • jane

    Is my no money not safe?

  • http://livefreeordie08.wordpress.com LiveFreeOrDie08

    HA! Best quote of the night Jane!! =o)

  • ceu

    Fuck.What happened to the story about JP Morgan taking over WaMu? Or was that only to buy its assets?LiveFree’s right – bloodbath – FDIC was already below its mandated minimum limit after covering the IndyMac failure.

  • http://livefreeordie08.wordpress.com LiveFreeOrDie08

    I think the JP Morgan/Chase story is accurate. I’ve heard nothing to the contrary. WaMu depositors aren’t at risk. It’s the other smaller banks that are gonna be the ones to watch tomorrow.Unbelievable that we’re going to have a Presidential debate on the night of (likely) the worst financial disaster in post-great-depression history.

  • ceu

    I still think it was a good move to swtich the focus of the debate to foreign policy (that happened a few weeks ago, before…) and having the economy be the last debate. The last topic will stick in their minds and, if there’s no plan in place by then, Obama can hammer the GOP for refusing to negotiate. Even if the Dems plan was crap (I have no opinion as I haven’t seen that proposal) the GOP still shouldn’t have walked out. (I’m furious about that)Gotta have the debate, though. They’ve been held in times worse than these. Now is not the time to cut off the public’s access to the candidates.

  • http://livefreeordie08.wordpress.com LiveFreeOrDie08

    Just did some reading. Things are looking especially ominous tonight. I’m reading economist’s blogs and they’re using words that economists just don’t use. They’re just not the sort prone to hyperbole.I pulled a few excerpts and posted them on my blog, should anyone care.And btw, I’m typically not one to claim that the sky is falling…but this is pretty serious stuff.http://livefreeordie08.wordpress.com/2008/09/25/9262008-reaganomics-rip/

  • odoralwayscold

    In case anyone here hasn’t read The Shock Doctrine I would advice you protect yourself by doing so very quickly.

  • http://www.shitheadery.com/blog The Caped Shithæder

    How does a bank that charges 29% interest get into this much trouble? WTF is going on with these douche bags and why are we letting them get away with it.http://www.shitheadery.com/blog/2008/09/horray-for-the-holidays/

  • oyeneyak

    It’s so strange, it’s one bank after another. What is going to happen to the sharholders of the stocks of such companies as Washington Mutual and Wachovia?