With the news of the failure of Washington Mutual Inc., the largest bank ever to be seized by the federal government, alongside information that the $700 billion bailout is losing steam, is today the worst day in banking history?
Every time a new piece of bad news hits the wire, I think that it’s the last straw. But with each new day, I am proved to be too optimistic. Where is the bottom? Is another Great Depression really a plausible scenario and no longer a cautionary tale meant to invoke action in Congress to continue Secretary Paulson’s socialistic takeover of the banking industry?
Now the question is: Will $700 billion be enough to save the world?
WAMU had two charters. One in Henderson, NV which was the $307B and another in Park City, UT which accounted for another $46B. This is huge!
As much as I know that people will be hurt by this, I wonder if we should take our medicine. This is sadly the end result when an overly partisan government has their hand in everything. In the name of politics they establish and prop up monstrosities like Fannie and Freddie to create false economies in the credit and by extension housing markets. And instead of ;learning from this, they are looking to ACORN, another obviously bankrupt federal monstrosity to be a major part of the Bailout. Will we ever learn our lesson?
Very sad.
Tim