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WAMU Becomes Largest Bank Failure in American History

Updated on September 25, 2008

WAMU falls hard; who's next?

Washington Mutual falls: No More Wamula

 

Today WAMU became the largest bank failure in American History. I wonder what the true market value is of the $307 billion of assets and $188 billion of deposits that WAMU sold to JPMorgan Chase & Co for $1.9 billion on this fine day. This acquisition makes a total of 5,410 branches in 23 U.S. states, as well as the largest U.S. credit card business for JPMorgan.

Thank goodness for the stall in the $700 billion bailout meetings.

How fortunate that I waited to call my representatives until tomorrow; for now we can discuss how the holder of my first, and my entire family banking have fallen as the next level in the deck of cards, and the importance of what is happening today, and that an unstructured rush job of a bailout plan will not address the root of the problem. Our politicians had better take some time to do things right this time, think it over for the weekend, and not be bullied into something on a false timeline- like what happened with the war. Speaking of the war, which to date has cost "only" about $500 billion...now we're talking about a $700 billion dollar bailout (though now rumored to have been slashed to half that amount) had better include help for those who are in danger of losing their homes, a healthcare program, and stimulus programs. What could be a better time than now to commence with new, alternative energy programs that create jobs and a promising future for people everywhere?

 

2/3 of Americans are having trouble paying their bills right now

As an American I want to once again be respected as a country, be respected as a citizen by my elected officials, and be able to demonstrate the same for my daughter so that she may see that the government can be a good thing. Pity that tomorrow she will listen to me on the phone with my elected officials, explaining the plight of Americans everywhere; about those who are losing their ability to tread water for themselves and their families as the price of food continues to skyrocket, the price of gas remains completely inflated, unemployment continues to rise, the housing market continues to dip- leaving opportunity only for those who are in the 33rd percentile, as 2/3 of Americans from all walks of life are having trouble paying their bills right now. She will hear the firmness in my voice and see me biting my lower lip as I do when I am angry; she will ask me if we are going to lose our house. I'll tell her not to worry, because worrying doesn't help- but taking the time to think things through always does.

Who Should The Goverment Bail Out?

Who should the government bail out with billions of taxpayer dollars?

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