Bye Bye Banks and Wall Street

[innerSpaceman]

Originally Posted by Ghoulish Delight

God I hate Congress. HATE.

I think I'll watch Mars Attacks! tonight just to see that scene where the Martians destroy Congress and Silvia Sydney cackles in glee.

[bewitched]

Geez, having not read (in detail) the conservative Republicans' proposal...I think I might actually agree with them.









Will someone please hold my hand? I'm scared.

[innerSpaceman]

The deal announced early today Falls Apart This Evening.


Good.


Unfortunately, it won't completely fall apart. For once, I applaud conservatives in Congress, those who are balking at government interference in private business.


I'm sorry for all the people who were suckered into mortgages they could not afford to pay, and for people who invested with institutions that liked to gamble dangerously with their money. Sorry, but why should I pay to bail the likes of you out? I didn't buy a house I couldn't afford. I didn't have my money invested with charletans. Dems da breaks.


As for the cascading chain reaction of doom ... well, if that's what's to come, then why try putting our fingers in the breaking dam? I hope the so-called deal goes nowhere and we let the chips fall where they may.


It's easy for me to say, because I'm not a gambling man. This is why.


If there were no way of losing, I would have played along all this time.

[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.

[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?

[BarTopDancer]

I'm glad I'm not bailing out people who couldn't afford to buy the house they bought. I do hope that penalties are issued for predatory lending practices but the people who signed the loans they could barely afford should have known better.