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Post subject: Whoo Hoo?
 Posted: Sep 26, 2008 - 03:45 PM
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Joined: Sep 18, 2004
Posts: 5199
Location: standing here shaking my head in disbelief....
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More like "Oh Crap"....... 
NEW YORK - As the debate over a $700 billion bank bailout rages on in Washington, one of the nation's largest banks — Washington Mutual Inc. — has collapsed under the weight of its enormous bad bets on the mortgage market.
The Federal Deposit Insurance Corp. seized WaMu on Thursday, and then sold the thrift's banking assets to JPMorgan Chase & Co. for $1.9 billion.
Seattle-based WaMu, which was founded in 1889, is the largest bank to fail by far in the country's history. Its $307 billion in assets eclipse the $40 billion of Continental Illinois National Bank, which failed in 1984, and the $32 billion of IndyMac, which the government seized in July.
http://news.yahoo.com/s/ap/20080926/ap_ ... ual_future
Well, considering they also announced on the news this morning that heating prices will be increasing by as much as 31%, we might just be able to use those Wa Mu stocks for firewood........  |
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When you try to make others look small, you only show how truly tiny your own spirit is.
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Post subject:
Posted: Sep 26, 2008 - 05:20 PM
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Joined: Dec 12, 2005
Posts: 10561
Location: Never you mind where I'm at! You don't need to be knowing! Snoops!
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That reminds me of how the devaluation of Confederate money came about. After the Civil war people would place Confederate bills on top of loaves of gingerbread to cut out servings. That's all it was good for, useless as legal tender. I guess WaMu stock could save on the cost of toilet paper, too, if you get right down to it.   |
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Post subject:
Posted: Sep 27, 2008 - 12:48 AM
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Member
Joined: Sep 18, 2004
Posts: 5199
Location: standing here shaking my head in disbelief....
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| Well, as toilet paper, Wa Mu stock would have the value of about .001 cents, which would make it about .001 cents more valuable than it is now....... |
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When you try to make others look small, you only show how truly tiny your own spirit is.
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Post subject:
Posted: Sep 27, 2008 - 01:41 AM
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Member
Joined: Dec 12, 2005
Posts: 10561
Location: Never you mind where I'm at! You don't need to be knowing! Snoops!
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| Do they still sell paper stock anymore? Or is it all computerized? |
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Post subject:
Posted: Sep 27, 2008 - 02:06 AM
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Joined: Oct 24, 2002
Posts: 5682
Location: Corn country in Illinois
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It sounds like it would be all computerized by the way the stocks are distributed all over the world...but you would think that there would have to have something on paper some where in case there was a crash....or a foul up like there is now. 
DianaG |
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LT. Star Fleet Ship's Chaplain/Councelor, USSBlackhawk
"Jesus said to her I am the Resurrection and the Life ..." John 11:25
"O Death where is thy sting?.... the Victory is thru Jesus Christ." I Cor. 15:54-56
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Jami |
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Post subject:
Posted: Sep 27, 2008 - 02:59 AM
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Member
Joined: Feb 27, 2005
Posts: 1604
Location: California
Status: Offline
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| What's driving me crazy is that they want to blame it all on Bush, but any true expert will tell you this whole thing started during the Bill Clinton presidency. Bush had nothing to do with it. |
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~Jami JoAnne Russell~
www.jamisings.com
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Post subject:
Posted: Sep 27, 2008 - 03:24 AM
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Joined: May 21, 2003
Posts: 5764
Location: Apple Valley, CA.
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This whole situation is soooo convoluted...I think all debts should be forgiven...world wide...and start all over again. Barter sounds good.  |
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_________________________
Wisdom is knowing how little we know - Socrates
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Post subject:
Posted: Sep 27, 2008 - 03:26 AM
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Member
Joined: Dec 12, 2005
Posts: 10561
Location: Never you mind where I'm at! You don't need to be knowing! Snoops!
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| Jami wrote: | | What's driving me crazy is that they want to blame it all on Bush, but any true expert will tell you this whole thing started during the Bill Clinton presidency. Bush had nothing to do with it. |
http://www.youtube.com/watch?v=9NSCteV6obo
Don't know if you've seen this thing that I put on another thread that has to do with the bailout, but I think it's funnier than hell! Why don't everybody just blame Bush for their hemorrhoid flair ups while they're at it?!?  Blame him for natural disasters, blame him for everything! It's fun, it's cathartic, it's the life goal of every uptight keester on the planet! Too bad those uptight keesters can't produce diamonds then that would bail out all those banks! 
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rdb |
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Post subject:
Posted: Sep 27, 2008 - 05:11 PM
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Joined: Oct 13, 2005
Posts: 735
Location: Lakeland Florida
Status: Offline
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| Jami wrote: | | What's driving me crazy is that they want to blame it all on Bush, but any true expert will tell you this whole thing started during the Bill Clinton presidency. Bush had nothing to do with it. |
Actually, it started before Clinton (who, as a neoliberal, did nothing to stop it). The deregulation under Reagan was the starting point. The Graham-Rodman (I think I have it right) act started the ball rolling and it's finally crashed.
This has been forecast to happen for a LONG time. If you don't have government oversight of Big Business and STRICT rules to keep them honest, they'll screw everyone they can every time.
I could give the names of several good books about this situation- "Debt for Sale" by Williams is a good starting point. |
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Post subject:
Posted: Sep 27, 2008 - 07:24 PM
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Joined: Oct 24, 2002
Posts: 8173
Location: CA
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Yeah...I love how every situation comes down to partisan BS....
it is pure unadulterated GREED, from the Very Rich, of BOTH parties, that has made this situation...and don't expect it to be fixed by either Candidate...we have gone TOO FAR this time.... |
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Nostromo |
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Post subject:
Posted: Sep 27, 2008 - 08:49 PM
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Joined: Sep 18, 2005
Posts: 1898
Location: Ottawa, Canada
Status: Offline
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Wish somebody on Pennsylvania Avenue would've asked this guy for his opinion. N
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"Not bad .... for a human"
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Post subject:
Posted: Sep 27, 2008 - 09:26 PM
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Joined: Oct 24, 2002
Posts: 3529
Location: New Jersey USA
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I agree 100% with Nostromo.
What was strange was when I signed onto Chase to check my balances and pay some bills earlier, and across the top of the page was a huge "Welcome WaMu Customers" banner.
Now that was weird. |
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Speaking as an enourmously unlikable person, I find it difficult to maintain grudges against all those that want to kill me, don't you? - Alan Shore
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Post subject:
Posted: Sep 28, 2008 - 02:21 AM
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Joined: May 28, 2003
Posts: 3013
Location: ohhhh here and there
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| "Not Me" has shown up in Congress.. everyone is saying it.. OH the finger pointing. sheesh... |
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~When Words Are Not Enough~
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