Washington Mutual went under today, biggest Bank failure in US history. Was this what Bush was warning about?

QuestionsWashington Mutual went under today, biggest Bank failure in US history. Was this what Bush was warning about?
asked 10 years ago

Washington Mutual, the largest U.S. savings and loan, has been one of the lenders hardest hit by the nation’s housing bust and credit crisis, and had already suffered from soaring mortgage losses.

Washington Mutual was shut by the federal Office of Thrift Supervision, and the Federal Deposit Insurance Corp was named receiver.

spider replied 10 years ago

Yes. Citi Bank and Wachovia Bank are the next in line.

Me M replied 10 years ago

The fundamentals of our economy are strong!

louie666pwu replied 10 years ago

Yes. Things are getting scary. FDIC has only so much in the way of assets to insure bank customers.

ZEDEKIAH replied 10 years ago

you got that right

lakoonshia J replied 10 years ago

You can also look for Citi bank and Chase to fold in the coming week/s

alex replied 10 years ago

So , one more ……

downwithsocialists replied 10 years ago

All these clowns would rather talk politics than do anything to save this country. They are all, both Democrats and Republicans so sickening. And meanwhile Rome burns while they fiddle like Nero.

lmhs45 replied 10 years ago

bush is a crazy fucking lunatic with no concept of what we need to do to repair the economy

his big fucking political theater show today should be ample evidence that he doesn’t give a SHIT what happens to this country

jesus god damned fucking christ, americans are too stupid to continue as a civilization

Obama Rocks replied 10 years ago

Yeah well, its Bushes fault they’re in the mess that they are in.

Greenspan's money replied 10 years ago

No, there is much more to come. This crap has been happening in every state. coast to coast. so much of this yet to be announced. you havent seen much yet. it will be a year before they have any idea the extent of all this corruption and ripoff. much worse than WaMu and those mentioned thus far. you will learn it bit by bit.

Choc1 replied 10 years ago

Yes, they’re dropping like flies. This is my bank, too. We definitley can NOT get another Republican in office. They have turned this country upside down worrying about the war. And I can’t believe McCain still wants to go on with the war.

bluechristy12 replied 10 years ago

After the Bank closure in CA I no longer have a bank account .

I'm surrounded by idiots replied 10 years ago

I am so happy I took my money out of there. Now if my other bank goes under, the only place I’ll be able to keep my money is in my mattress.

panurge replied 10 years ago

You’ll know it’s really bad when your bank card doesn’t work in the cash machine! Maybe by next week…..

Armywife2248 replied 10 years ago

That’s why we use credit unions. WAMU kept calling us wondering when we were going to put our money with them. I’m glad we never got around to it.

John M replied 10 years ago

Things are way past scary….Americas wheels are about to fall off…If foriegn investors pull out we will be in huge trouble…prepare for the worst depression…

This didnt just happen in 8 years…this is the result of allowing congressman to be in office for more than 2 terms…we have been sold out by our own …wake up and smell the coffee Americans!!! because its too late for us…

wwpetcemetery replied 10 years ago

Yes..and because of all bickering by the idiots in washington to try and take credit for saving the rest…others will most likely fail and some other businesses may go under because they cant get credit at another institution in time to keep in business.
They keep talking about having to think of the taxpayers and people having problems with mortgages…and even one dumbass senator tossed some health care bs into it. People who have stock such as I and those that have 401ks that are invested in it are screwed.
I am a taxpayer and I got screwed and I don’t care about deadbeat homeowners.

McLame replied 10 years ago

Pretty amazing how one man can run the country in to the ground in 8 years. The US dollar has fallen 40% since he’s been president. I bet by the time it’s over the dollar will be worth about 50% of what it was in 2000.

Disgusting..

rhsaunders replied 10 years ago

Indeed it was. WaMu got badly burned with bad mortgages, and it (and other institutions which bought the things) could no longer extend credit to people who need it — which includes most of us.
Postscript: there is lots of rock-throwing at Bush. But the Administration had almost nothing to do with this mess; it was a joint effort of the Federal Reserve (which made credit too cheap) and the Democratic Congress, and especially Rep. Barney Frank (D, Mass.) who badgered both Fannie Mae and Freddie Mac to make and buy a pile of bad paper. If you write a mortgage with 3% down, even a slight downturn in the market can lead to foreclosure.

Ramze replied 10 years ago

yeah, give bush’s baby another 4 years, and you will see china pass-through the USA within that 4 years time frame.

begetta replied 10 years ago

There is no assurance the bail out money will make a difference.
things can be worse the they appear.
to much has been hidden from us.

Senator Bush W. McCain replied 10 years ago

The short answer to your question is YES it is what Bush was warning about.

Banks and S&L are failling at an alarming rate. In order to prevent small commericial banks from failing, they are being forced to to merge with more stable institutions by various Gov’t agencies (FDIC – Comptroller of the Currency) . These ‘shotgun’ marriage make local headlines, not national headlines.

The problem is real, and iit is bad. Greed and deregulation are the root causes.

Helios replied 10 years ago

As crooked as these banks have been, I find it surprising that they got SO CROOKED AND GREEDY that they actually put themselves out of business. It’s odd that crooked people are often very stupid too.

But luckily here comes the main crook with $ 700,000,000,000 – borrowed from the Chinese. What happens when we run out of credit? Bush moves to Argentina, I bet, and lives in his “gated community” guarded by his Blackwater murderers.

canam replied 10 years ago

I thought someone purchased WAMU?

Steve C replied 10 years ago

Back in 2006 a democratic congress was voted in and boy did we get a change!

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