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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:31 PM
Original message
WAMU putting itself up for auction, per CNBC
and they are now talking FDIC insurance...

FUCK

ANOTHER domino comes down
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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:32 PM
Response to Original message
1. Everyone knew this was coming.
And anyone that left money there is a fool.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:33 PM
Response to Reply #1
3. Look I knew the whole meltdown was coming
still does not mean I am not kind of shocked...

Still
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AlCzervik Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:32 PM
Response to Original message
2. and they hold 19 billion in bad mortgages.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:33 PM
Response to Reply #2
5. Yeah... I will miss the commercials
They are funny

WOOHOO (they use this often)
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slewfoot Donating Member (50 posts) Send PM | Profile | Ignore Wed Sep-17-08 03:33 PM
Response to Original message
4. This would break the FDIC. N/T
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:34 PM
Response to Reply #4
8. Yep... talk about being fucked
Money under mattress comes to mind increasingly
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Renew Deal Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:40 PM
Response to Reply #4
17. Wouldn't the best thing to do is pull money out of the bank?
Then the FDIC doesn't have to cover it. :shrug:
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:41 PM
Response to Reply #17
19. At this point I fear a run on banks will drive the final
nail
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tridim Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:33 PM
Response to Original message
6. OK, at this point I want to know which companies AREN'T in trouble.
Might as well just put it all out on the table so we know where we really stand as a country.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:35 PM
Response to Reply #6
11. This is not only the US... this is world wide
why they have been trying to hold this off... HARD

Only bright news, happening NOW and not the day after the election
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AlCzervik Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:42 PM
Response to Reply #6
20. ok here is the leader board of losers this week so far-
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Maven Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:34 PM
Response to Original message
7. I was about to post the Times article in LBN.
Edited on Wed Sep-17-08 03:34 PM by Harvey Korman
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:34 PM
Response to Reply #7
9. Go fer it
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Disturbed Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:36 PM
Response to Reply #7
14. Can the new buyer change the Loan Contracts on Homes?
:scared:
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MissB Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:42 PM
Response to Reply #14
21. No.
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JDPriestly Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:46 PM
Response to Reply #7
22. The plague spreads.
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tigereye Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:35 PM
Response to Original message
10. wow, it's been bizarre days in the financial sector -
what aggravates me is that they were permitted to write all these bad loans with little or no oversight and no foresight as to the disasters that would follow.

Infuckingcredible.

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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:36 PM
Response to Reply #10
13. All the regulations from 1929 were removed
why we find ourselves back there
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tigereye Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:57 PM
Response to Reply #13
24. is that true?
Edited on Wed Sep-17-08 03:58 PM by tigereye
I know they changed the trading structure of the Stock Exchange after that to prevent a simlar stock market collapse, right?, but I really don't have much sense of what other changes have been made.


I don't know much about economics or Wall Street practice other than what I read or hear on Fresh Air, Marketplace or NPR. I do know that there were some financial companies that wisely steered clear of unorthodox loan practice/sub-prime market stuff and they are not in as dire straits...
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:01 PM
Response to Reply #24
26. Yes... Glass Steegal was removed by Phill Gramn's bill and signed
by Bill Clinton.. that started it... and the last seven years have seen the rest of them go away

Why I have said for years that the fundamentals were those of 1929 and why I am shocked to be this right now
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tigereye Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:10 PM
Response to Reply #26
28. there was a mortgage expert of some sort on Fresh Air a while back
and he basically said that when he saw those "pick how little you want to pay per month" mortgages (I forget the term he used), he knew things had gone over the edge.


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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:11 PM
Response to Reply #28
29. Smart guy
those are the last five years... starting with Greenspan... bless his heart, he lived to see his handywork
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tigereye Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:15 PM
Response to Reply #29
30. more irrational exuberance
I forget the name of the guy - I think he wrote a book recently about the mortgage morass.



Betting Robert Reich would have an interesting take on the whole sorry mess.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:37 PM
Response to Reply #30
31. Him and Paul Krugman
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WeDidIt Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:36 PM
Response to Original message
12. Damn, this is going to damage Morgan Stanley
and J.P Morgan Chase.
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:37 PM
Response to Reply #12
16. Yep... and those who celebrate this, are idiots
:-)
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nadinbrzezinski Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:36 PM
Response to Original message
15. Morgan Stanley in talks with Wachovia
for a merger
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BurtWorm Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:41 PM
Response to Original message
18. I bid $1!
:bounce:
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haele Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 03:48 PM
Response to Original message
23. From what I've read, it's the mortgage side of the company that brought it down -
The commercial side was still pretty solvent and might be what will allow them to get a "buyer" for the merger they're looking for.
But it was mainly the mortgages - as usual, poor quality mortgages approved way too quickly with not enough "insurance" built in for those locations that were going through a difficult economy and turning a blind eye to flippers - all around poor management there - that brought this thrift down.

What is it about Republicans and "Savings and Loan/Thrift" type organizations that makes such a toxic economic package? WaMu was considered a "Savings and Thrift" corporation, not a bank proper.

Haele
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Riddler Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:00 PM
Response to Original message
25. Why don't they just let Sarah put them on Ebay?
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movie_girl99 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 04:02 PM
Response to Original message
27. so should I take my money out of the bank?? n/t
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seemunkee Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-17-08 05:16 PM
Response to Original message
32. Who is holding the mortgages of the banks that go under?
Just wondering where I'm going to be sending my mortage payment next month
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