Bye Bye Banks and Wall Street

[blueerica]

Because he's Chicken Little - LMFAOZOMGIGGLEZ

[Morrigoon]

Because Bernanke just had a "Come to Jesus" meeting (behind closed doors, meaning the economy would suffer from hearing what he had to say) with Congress (and presumably POTUS) about the state of the economy and told them they have to take action immediately to avoid complete collapse.

[Tom]

Among the least-surprising news articles of recent times:

Students are turning away from careers in banking

[Cadaverous Pallor]

Yay! For the first time in a long time, I applaud the Republicans.

And just to show how un-partisan I can be, let me say it's really distressing that the Democratic controlled Congress can get that close to passing it. Yeech.

[€uroMeinke]

Part of me is curious to see what it would be like to have the economy completely collapse

[Kevy Baby]

How many people here bank at Washington Mutual?


JPMorgan Chase buys Washington Mutual
The nation's largest thrift is seized by federal regulators and immediately sold.

Washington Mutual Bank, the country's largest savings and loan, was seized late today by federal regulators and immediately sold to JPMorgan Chase & Co., the New York banking giant that has long coveted the thrift's California and Florida branches.

With assets of $307 billion and deposits of $188 billion, Washington Mutual is the largest bank to fail in U.S. history.

<snip>

As news of the bank's deteriorating condition spread, nervous Washington Mutual depositors withdrew $16.5 billion of their money in the last 10 days, prompting the seizure by regulators.

Story

[€uroMeinke]

Hmmmm

[Alex]

I know one person who works there.

[Andrew]

Originally Posted by Alex

I know one person who works there.

I hope the person who works there either is not affected or at least bounces back quickly.

[katiesue]

Am I incorrect in understanding that the bailout or whatever you want to call it is just at the financial institution level. It does nothing to help mortage holders directly?