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.
Yes. Citi Bank and Wachovia Bank are the next in line.
The fundamentals of our economy are strong!
Yes. Things are getting scary. FDIC has only so much in the way of assets to insure bank customers.
you got that right
You can also look for Citi bank and Chase to fold in the coming week/s
So , one more ……
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.
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
Yeah well, its Bushes fault they’re in the mess that they are in.
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.
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.
After the Bank closure in CA I no longer have a bank account .
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.
You’ll know it’s really bad when your bank card doesn’t work in the cash machine! Maybe by next week…..
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.
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…
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.
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.
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.
yeah, give bush’s baby another 4 years, and you will see china pass-through the USA within that 4 years time frame.
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.
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.
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.
I thought someone purchased WAMU?
Back in 2006 a democratic congress was voted in and boy did we get a change!